OMDA Oil and Gas, Inc. Announces 23% Increase in Quarterly Production Revenues
MIAMI, Aug 19, 2004 (BUSINESS WIRE) -- OMDA Oil and Gas, Inc., an oil and gas
production company (OTC.PK:OMOG), through its chairman, Adam Barnett, today
announced that gross revenue for all oil and gas wells contained on leases in
which the company participates totaled $477,270.55 for the second quarter of
2004, which represents a 23% increase over first quarter 2004 revenues. Revenues
were derived from approximately 115 wells which represent 32% of the total 355
producing and shut in wells the company maintains an interest in. Due to a
varying interest percentage the company holds in its wells, the company has
elected for the purpose of this press release, to report an average net
ownership of its working interest rather than trying to break it down on a well
by well basis. The average ownership at the end of the quarter was 47%.
"We are very pleased with the second quarter production 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. "With the 'sea change' in
the oil and gas markets that we have been so lucky to be part of, we spent most
of the past several months working with our operator in evaluating the best way
to maximize production from our already producing wells, rather than open any
significant amount of new wells. With what we have learned and the proceeds of
our increased cash flow, we anticipate to start adding new wells over the next
several months."
We are making headway regarding our prior announcement attempting to increase
our percentage ownership in many of our existing wells. However, the dramatic
increase in oil and gas prices over the past several weeks, while overwhelmingly
beneficial to the company, is, as might be suspected, making the negotiation a
bit more difficult and time consuming. We will keep our shareholders informed as
appropriate."
The Company also recently announced its online newsletter, which now has over
1,000 subscribers, will be sent via e-mail to subscribers. The newsletter is
free and may be subscribed to at the Company's web site, www.omogoil.com Subscribers will receive important updates about the Company in a timely manner.
Perhaps due to some technical difficulties with the interface on our web site,
some subscribers may not be getting their updates. If you were a subscriber
prior to the last PR and did not receive it from the Company, please go back to
the site and re-subscribe. We apologize for the problem and feel we now have it
fixed.
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
omoilandgas@aol.com
www.omogoil.com |
