OMDA Oil and Gas, Inc. to Retire an Additional 58 Million Common Shares and Further Reduce Its Outstanding Shares by an Addition

   OMDA Oil and Gas, Inc. (PINKSHEETS: OOAG) approves the retirement of an additional 58,000,000 common shares of its stock which will further reduce its outstanding share count by an additional 25%. Earlier this week OMDA announced a reduction of 12,000,000 common shares which is 5% of the outstanding share count. Upon the completion of all of the announced share retirements the new outstanding share count will stand at 172,610,100. In total OMDA will have reduced its outstanding share total nearly 30% from the original 242,610,100. Upon completion of all pending share cancellations OMDA's insiders will collectively hold less than 10% of the common vote. With 50.1% of the common vote required to approve all major corporate governance matters, OMDA would be required to secure consent from more than 40% of the its shareholders to reach a majority approval. Majority shareholder approval is necessary for such issues as share issuances, changing the authorized shares, and splits of any kind. OMDA has confirmed with its securities attorney that the cancellation of shares does not require a shareholder vote. The company is able to retire shares at its discretion without shareholder consent. As previously stated, neither OMDA, nor its officers and directors have any preferred shares since their recent cancellation.

OMDA has been operating and growing on a total cash basis and has not issued any new shares of any kind in over 17 months, nor does the company have any intentions of issuing shares of any kind in the near future. All shareholders of record of OMDA Oil and Gas, Inc. can expect to receive a mailer shortly from the company Transfer Agent and Broadridge with all of the recent corporate governance changes that were announced and completed.

Mr. Barnett said, "All of our recent corporate developments that we have announced are part of our continuing effort to rebuild OMDA and to better position our shareholders for our anticipated growth. In each of our recent initiatives, our board of directors was unanimous in their vote and commitment to increase shareholder value and provide our investors with tangible benefits. When all the dust finally settles, our outstanding share total will be nearly 30% lower than it is at this moment." Mr. Barnett went on to say, "Aside from these very important share structure changes we have initiated, we have been very busy evaluating several other projects that we feel will improve OMDA's value. Additionally we are currently working on some other very productive corporate improvements. Further significant company updates on these initiatives will be forthcoming 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) [e-mail] www.omogoil.com