OOAG OMDA Oil and Gas Inc (CE)

OMDA Oil and Gas, Inc. (PINKSHEETS: OOAG) announces the retirement of 12 million common shares of its stock, representing nearly 5% of the entire company's outstanding shares. The retired shares were originally issued to a third party in the latter part of 2008 as part of an agreement to arrange financing for OMDA. Since those financing efforts were never completed, OMDA and the third party funding agent have mutually agreed to void the transaction and return 12 million shares.

OMDA has chosen to retire those shares and reduce the company's outstanding share count. Upon completion of this transaction OMDA's new outstanding share count will be 230,631,100. While this share retirement increases the difference between the new outstanding share count and the recently reduced 250 million authorized shares, OMDA is still unable to issue new shares by virtue of the cancellation of last week's preferred shares formerly held by management. Any new share issuance would require a proxy vote by a majority of OMDA shareholders. The company is currently reviewing other ways to make further retirements of stock.

"Since getting our long legal battle behind us, one of our top priorities has been to put our shareholders in a stronger position to benefit from OMDA's progress," stated OMDA Oil and Gas President Adam Barnett. "As I have said before, our shareholders have stuck by us for years as we were forced to make some very tough and unpopular decisions that were necessary in order to keep the company going during the lawsuit. This most recent retirement of shares is part of that continuous effort to radically transform the company's share structure and restore shareholder confidence. I will continue to assess other similar opportunities as they present themselves."

Mr. Barnett also said, "Over the past several weeks our board of directors has been very busy evaluating various developments and some prospective initiatives. Further updates on some of these projects are imminent. I hope to provide more information later this week."

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