OMDA Oil and Gas, Inc. Announces Interim Service Company; Interim Operator is Latest Step in Company's Restructuring Plan
MIAMI, Apr 28, 2004 (BUSINESS WIRE) -- Oil and Gas, Inc., an oil and gas
production company (OTC.PK:OMOG), today announced that it has contracted Thrash
Oil Field Specialty Company to act as the Company's interim operator.
"Having worked with Thrash in the past, we are confident that the Company's oil
and gas production properties will be operated in a professional and efficient
manner," said Adam Barnett, Chairman of the Company. "Thrash has a proven track
record of increasing production in our wells and we are pleased to have them on
board until a decision can be made regarding a permanent operator. In addition,
for the past 20 years, Thrash has maintained their reputation in the industry
for being knowledgeable, honest, and dependable."
Company management intends to work closely with Thrash to achieve the most cost
efficient production that will translate to maximum long-term income. The
Company's strategic plan calls for increased focus on its natural gas
production, which costs less to produce, requires less in-field maintenance, and
produces more income per dollar invested.
Thrash will continue to work on the Company's leases and does not expect to have
any significant downtime as a result of the termination the Operating Agreement
with SHWJ Oil & Gas, Inc.
The Company has also launched a search for qualified executive management
personnel to oversee certain key components of the Company's business. The
Company expects to fill key positions in the coming months.
As the Company has progressed through its strategic restructuring plan, the
Company has remained focused on its commitment to increase stockholder value.
During the past nine months, the Company has not issued any additional shares of
capital stock, including as a result of the conversion of any convertible debt
or equity securities. On the contrary, during that same period of time, the
Company has reduced the number of issued and outstanding shares of its common
stock by approximately 20% to 799,952,715 shares.
About OMDA Oil and Gas, Inc.
OMDA Oil and Gas, Inc. is an oil and gas production and lease acquisition
company. Currently the Company owns participation interests in 355 oil and gas
wells in Louisiana and Texas.
SOURCE: Oil and Gas, Inc.
CONTACT: Oil and Gas, Inc.
Adam Barnett, 305-609-2345
omoilandgas@aol.com
www.omogoil.com
. |
