OMDA Oil and Gas, Inc. Has Retained a CPA Auditing Firm to Bring the Company to Fully Audited Status
25 May 2010 - 8:00PM
Marketwired
OMDA Oil and Gas, Inc. (PINKSHEETS: OOAG) is pleased to announce
that it has retained the CPA firm of De Joya & Griffith and
Company LLC www.dejoyagriffith.com to audit the company's
financials. De Joya & Griffith were selected for several
reasons including their specialization in public company audits and
their expertise with the oil and gas industry. Initial retainer
fees have already been paid in cash, as will all subsequent
payments. OMDA will not be using stock of any kind to pay for these
auditing services, or any other future services rendered. OMDA is
operating on a cash basis and is unable to issue new stock without
a proxy and a majority vote of its shareholders.
OMDA has made previous attempts over the years to be properly
audited, including hiring and paying another CPA firm at one time,
but several factors together with the recently resolved lawsuit
have severely hindered those efforts. Among those factors were
incomplete and/or nonexistent information which was never turned
over to OMDA from previous management. Until the resolution of the
lawsuit OMDA's books were essentially impossible to properly
audit.
"This is a monumental announcement for OMDA and for all of our
shareholders," stated Adam Barnett, Chairman and President of OMDA
Oil and Gas. "For several years it has been our objective to become
a fully audited company and now we are able to take this big step
towards realizing that goal. With the lawsuit behind us and a clear
picture of OMDA's true assets we are finally able to undertake this
task." Mr. Barnett also said, "Among the criterion I had in mind
when selecting an auditing firm, it was important that they agree
to provide weekly status updates on the progress of the audit in
order for me to pass that on to our shareholders. Each shareholder
has a stake in the company and I want them to be fully informed
every step of the way. We expect this audit to be completed by year
end or sooner, at which time we anticipate being able to transition
off of the Pink Sheets and onto the Bulletin Board."
OMDA management has also reiterated its promise to release a
more detailed Concord Dome update within the next few days. When
asked about this project, Mr. Barnett commented, "There are many
stages of compiling the massive amount of information for a
detailed and accurate Concord Dome update. The first stage will be
released this week. Many more substantial updates will follow and
include reports, revenue numbers, timeframe for paying back
investors, etc. and will be forthcoming before mid-June. With the
various partners we have in these wells gathering complete and
detailed information is very complex and time consuming, but I want
to ensure that we answer every possible question about what we own
and the history of that ownership. The history of the prospect is
very extensive. Drilling has taken place many times during our
ownership of the program and production has been on and off and has
endured many changes over the last seven years. The thorough and
extensive report on Concorde will include a detailed history, and
will leave no stone unturned." Mr. Barnett also said, "I want to
thank each of our shareholders and express my appreciation for
their patience during this long process. We are committed to making
OMDA a strong and transparent company in every way possible."
About De Joya Griffith & Company, LLC
De Joya Griffith & Company, LLC, a full service accounting
firm based in Henderson, Nevada offers a wide range of audit, tax
and business services that include preparation of audited financial
statements, tax compliance, and various consulting services for
individuals and business entities.
De Joya Griffith & Company specializes in serving both
public companies under the Securities and Exchange Commission rules
as well as privately held companies. Professional affiliations with
organizations like Russell Bedford International and the American
Institute of Certified Public Accountants (AICPA) allow the Firm to
provide a wide range of services utilizing international, local and
global resources.
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.
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
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