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Published in Stocks and Investing on Tuesday, April 7th 2009 at 6:48 GMT, Last Modified on 2009-04-07 06:49:02 by Market Wire
HOUSTON, TX--(Marketwire - April 7, 2009) - OMDA Oil and Gas, Inc. (
At a recent status conference on March 23, in Harris County, Texas, the judge in the case of OMDA v. Lanza et al., determined that a ruling date will be set within two weeks concerning the motion for partial summary judgment. As stated in the June 18th press release, this summary judgment would establish that: (1) OMDA Oil & Gas Management, Inc. and OMDA Oil & Gas Services, Inc. were set up as subsidiaries of OMDA; (2) that as of September 9, 2003, the date that Adam Barnett acquired control of OMDA, OMDA was, and still is, the parent company of those two subsidiaries; and (3) OMDA, as the parent company of those subsidiaries, is the rightful owner of any and all assets that were on those subsidiaries' books as of that September 2003 date, including the oil and gas properties in both Texas and Louisiana, and any proceeds from those properties. The judge indicated that in the event that any further evidence is needed in this matter, he would give the parties a week's notice to come before him and present further arguments.
The May 4th trial date has been postponed and is expected to be reset shortly after the judge renders his decision in this matter.
"We are extremely pleased this motion will be ruled upon very soon," stated Adam Barnett, Chairman of OMDA. "This ruling could likely signify the beginning of the end of our long and hard fought legal battle. The outcome of this summary judgment proceeding will determine long fought ownership rights, and will greatly aid in the concluding disclosure process before the final trial. We are anxious to put the lawsuit behind us once and for all, and to put one hundred percent of our focus on growing our oil and gas business, as well as expanding into other profitable ventures."
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.
