OMDA Oil and Gas, Inc. Announces Continuance in Lanza Lawsuit
Tuesday September 25, 10:30 am ET
HOUSTON, TX--(MARKET WIRE)--Sep 25, 2007 -- OMDA Oil and Gas, Inc. (Other OTC:OMOG.PK - News) announces continuance in the lawsuit against Lanza et al.
The September trial setting in the Lanza lawsuit has been continued to accommodate the addition of multiple new parties. Most of the new defendants who were recently added have now been served with process in the case. Once those parties appear and file their answers to the Fifth Amended Petition, OMDA expects discovery, including additional document production and depositions, to proceed quickly.
OMDA's legal team intends to not only position the case for ultimate trial, but also to work toward resolution of various legal claims that may narrow the issues that ultimately have to be decided. The motion for partial summary judgment that was granted in February 2007 is an example of how such a resolution of legal issues can move the case along.
The immediate goal is to identify and stake a legal claim on the myriad of oil and gas properties in both Louisiana and Texas, and their proceeds, that rightfully belong to OMDA. That process has been complicated by various "straw man" and other transactions that have made it difficult to trace the properties, which is part of the reason why the new parties were added to the lawsuit. The ultimate goal is to actually recover possession of those oil and gas properties, and we believe those additions will position us to do so.
Adam Barnett, Chairman, stated, "As soon as we learn of the new trial setting, we'll let our shareholders know. We remain confident of our legal position and strategies in the lawsuit."
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