OMDA Oil and Gas, Inc. Addresses Incorporation Issues and Discusses Future Plans and Announces Being Upgraded to Limited Tier on
23 September 2010 - 8:00PM
Marketwired
OMDA Oil and Gas, Inc. (PINKSHEETS: OOAG) would like to address an
administrative issue pertaining to its incorporation with the state
of Delaware.
Recently, OMDA Oil and Gas's corporate filings in the state of
Delaware inadvertently lapsed due to an administrative oversight in
failing to timely file and pay its annual franchise taxes. Upon
discovering this omission, OMDA immediately took action to pay all
past due taxes, and reinstate the corporation, which it has
successfully done. While reinstating its status in Delaware the
company discovered that when the corporation lapsed, a third party
took the name OMDA Oil and Gas Inc., and incorporated under that
name. In order for OMDA to become current with Delaware, the
Company was required to be reinstated under the new name, (OMDA
Inc.). The reinstatement was successfully completed although the
original name was lost. The actual company was not affected and
remains completely intact. OMDA Inc. brings with it all of the
history, resolutions, share structure changes and corporate
governance, etc it had in place under the name OMDA Oil and Gas
Inc. The Company's audit, which is underway, is also not affected
in any manner by this situation.
"Upon discovering this filing lapse, we took action to correct
the situation immediately," stated Adam Barnett, OMDA President and
Chairman. "This was an error on our part that while it causes us
some degree of embarrassment, will not have any negative impact on
our shareholders whatsoever. We are now fully compliant with the
state of Delaware, and our shareholders have absolutely nothing at
all to worry about. I want to take this occasion to apologize for
any confusion or inconvenience this situation may have caused. We
are taking measures to assure something like this will never repeat
itself."
OMDA also announced that as of September 22, 2010, the company
was upgraded to the Limited Information level on the Pink Sheets
OTC Market Tiers classification system. "Moving up through the
tiers on Pink Sheets is a significant step forward for our
company," said Mr. Barnett. "By no means is this our final
objective. Our goal continues to be to reach fully reporting status
and to move off of the Pink Sheets. This move, however, is a nice
recognition of the steady progress we have been making over the
past several months. It is important to note that the published
financials do not yet take into account the resolution of the
lawsuit or the very valuable assets and production that were
involved in that resolution.
About OMDA Inc.
OMDA 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
OMDA Oil and Gas (CE) (USOTC:OOAG)
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