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Published in Stocks and Investing on Thursday, February 19th 2009 at 9:03 GMT, Last Modified on 2009-02-19 09:05:01 by Market Wire🞛 This publication is a summary or evaluation of another publication
HOUSTON, TX--(Marketwire - February 19, 2009) - OMDA Oil and Gas, Inc. (
As reported in January, OMDA's long legal battle with former management may be nearing an end. With this news on the horizon, the company is turning its attention to some new and existing projects, as well as exploring alternative business ventures.
One of the many decisions management is addressing regards the Panola County Property. OMDA is currently in discussions with several entities concerning this property and is weighing the benefits of commencing drilling operations on the site versus selling the interest to another company. The recent fluctuations in the price of oil and the costs associated with drilling operations have created conditions in which drilling may not be the clear-cut best choice. At the moment, OMDA is keeping its options open as it studies the matter closely. Management will be carefully assessing the situation over the coming weeks in order to decide on a plan of action which will best serve the interests of its shareholders.
Management is also directing its attention toward its ownership in the Concord Dome lease. Recently, a new operating permit was granted for this site. This permit will allow some of the wells to go into operation as soon as possible. OMDA is guaranteed a working interest in the 12 wells on the property. This interest is set between a minimum of 7.5% and a maximum of 37.5%. OMDA will begin receiving revenues once initial investments have been recouped.
As OMDA's current well projects continue to take shape, the company is looking for new leases and potential partnerships. Management is in the process of researching several companies, properties, and acquisitions. OMDA, while maintaining its primary focus on oil and gas, is looking to establish new business enterprises in other natural resource markets. Several potential joint ventures have been targeted and negotiations have commenced. Expanding the company's current business plan will permit OMDA to diversify its revenue streams and not be tied solely to the instability of oil prices. This expansion will also allow OMDA to retain key personnel that would offer additional expertise to the current board of directors and management team. The company will make further announcements once current discussions are finalized.
"I am pleased to be discussing OMDA's future with our shareholders," stated Adam Barnett, Chairman of OMDA. "We are very eager to turn the page on all of the legal matters we have had to address over the past few years. We are now in a position to concentrate our attention to the business of oil and gas production and other possible projects. I look forward to sharing more news and updates about these endeavors as they develop."
About OMDA Oil and Gas, Inc.
OMDA Oil and Gas, Inc. and its wholly owned subsidiaries, OMDA Oil & Gas Management, Inc. and Texas OMDA Drilling & Operating, Inc. and OMDA Oil & Gas, Inc. (Texas), are in the business of oil and gas production and lease acquisition. Currently the Company owns average participation interests approaching 47%, in 355 producing and non-producing oil and gas wells in Louisiana and Texas. Current acreage interests include a 15% working interest in 800 acres in Shelby County, TX and a Carried back-in working interest of at least 7.5% up to 37.5% in a 12 well work over play in the Concorde Dome Field in Andersen County, TX.
This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, statements relating to the future anticipated direction of the Oil and Gas Industry, plans for expansion, various business development activities, planned capital expenditures, future funding resources, anticipated sales growth and potential contracts. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
