OMDA Oil and Gas, Inc. Announces Stock Repurchase Plan;
Company to Repurchase Shares of Common Stock as Part
of Continuing Restructuring Plan
MIAMI, May 4, 2004 (BUSINESS WIRE) -- OMDA Oil and Gas, Inc., an oil and gas
production company (OTC.PK:OMOG), today announced that it will repurchase shares
of its common stock, par value $0.00001 per share ("Common Stock"), through open
market purchases. The initial phase of the repurchase will commence on
Wednesday, May 12, 2004, on which date the Company intends to purchase a minimum
of 10,000,000 shares of Common Stock. All Common Stock repurchased will be
retired and cancelled by the Company, which will decrease both the issued and
outstanding and the authorized number of shares of the Company's Common Stock.
"We feel that the stock repurchase plan is a very visible way to show our
stockholders that we believe in the Company and its future," said Adam Barnett,
Chairman of the Company.
The Company intends to repurchase up to an aggregate maximum (including the
shares repurchased on May 12th) of 100,000,000 shares of Common Stock during the
next quarter. All repurchased shares of Common Stock will be retired and
cancelled. The Company expects to publish the results of the repurchase plan
from time-to-time.
In addition, the Company is in final negotiations with a permanent service
operator and expects to make an announcement within the coming weeks. Once a
permanent service operator is hired, the Company's interim operator will
continue to work with the new service operator to ensure continuity of the
Company's production interests.
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: OMDA Oil and Gas, Inc.
CONTACT:
OMDA Oil and Gas, Inc.
Adam Barnett, 305-609-2345
Email: omoilandgas@aol.com
Web site: www.omogoil.com
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