OMDA Oil and Gas, Inc. Announces 52% Increase in Quarterly Production Revenues
MIAMI, May 19, 2004 (BUSINESS WIRE) -- OMDA Oil and Gas, Inc., an oil and gas
production company (OTC.PK:OMOG), today announced that gross revenue for all oil
and gas production wells contained on leases in which the Company participates
totaled $386,995.04 for the first quarter of 2004, which represents a 52%
increase over fourth quarter 2003 revenues.
"We are very pleased with the first quarter revenues, which are a direct result
of the combination of improved efficiency and rising oil and gas prices," said
Adam Barnett, Chairman of the Company. "We are committed to continuing to
improve our operational efficiency while we activate more wells to sustain our
long-term growth."
The Company also recently announced its online newsletter, which will be sent
via email to subscribers. The newsletter is free and may be subscribed for at
the Company's web site, www.omogoil.com. Subscribers will receive important
updates about the Company in a timely manner.
In addition, the Company today announced that it is continuing to implement its
stock repurchase plan, which was initiated on May 12, 2004 when the Company
purchased ten million shares of its common stock through open market purchases.
Those shares are currently being canceled by the Company's transfer agent,
Signature Stock Transfer. The repurchase plan will continue for the remainder of
the second quarter during which the Company intends to repurchase an aggregate
maximum of up to 100 million shares of its common stock.
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, 305-992-0151
omoilandgas@aol.com
www.omogoil.com
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