OOAG OMDA Oil and Gas Inc (CE)

OMDA Oil and Gas, Inc. (PINKSHEETS: OOAG) is pleased to announce that it is currently finalizing joint venture negotiations with a publicly traded, gold mining company.

As discussed in recent press releases, OMDA has been exploring business ventures outside the oil and gas sector. One of these targeted prospects has extended an offer to participate in a joint venture opportunity. This opportunity will focus on gold production in numerous geologically tested lease sites in central Arizona. OMDA has verbally committed to a percentage purchase of one of these leases through a non-stock, cash transaction. The two companies are currently completing the due-diligence process and expect to have a signed agreement soon. When finalized, OMDA will announce the specific details of the agreement, including the percentages and total costs involved.

"We are extremely pleased to be entering the gold sector at this time," stated Adam Barnett, Chairman of OMDA. "Recently, many investors have turned to the gold markets causing a worldwide surge in the demand for the commodity. Capitalizing on this trend and expanding our business model should provide us with both growth and stability during these uncertain economic times. It is of the utmost importance to broaden our potential revenue sources, and I expect this new partnership will be very rewarding and beneficial for OMDA and its shareholders."

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.

Contact: OMDA Oil and Gas, Inc. Investor Relations 877-441 OMDA(6632) IR@omogoil.com www.omogoil.com