CORRECTING and REPLACING OMDA Oil and Gas, Inc. and Subsidiaries File Amended Pleadings in Multi-Million Dollar Fraud Lawsuit against Former Management; Scope and Damages Increase Dramatically
HOUSTON, Jun 02, 2005 (BUSINESS WIRE) -- Please replace the release with the
following corrected version due to multiple revisions.
The corrected release reads:
OMDA OIL AND GAS, INC. AND SUBSIDIARIES FILE AMENDED PLEADINGS IN MULTI-MILLION
DOLLAR FRAUD LAWSUIT AGAINST FORMER MANAGEMENT; SCOPE AND DAMAGES INCREASE
DRAMATICALLY
OMDA Oil and Gas, Inc. (OMOG), an oil and gas production company (OTC.PK:OMOG),
through its Chairman, Adam Barnett, announced today that it has approved and had
filed an amended pleading to the initial suit filed on March 29th 2005, seeking
Declaratory Judgment in The District Court Of Harris County, Texas, 215 Judicial
District. Cause No. 2005-23020, captioned Omda Oil And Gas, Inc.; Omda Oil And
Gas Management, Inc. and Omda Oil And Gas Services, Inc. Plaintiffs Vs. Joe
Lanza, Morgan Wilbur, III, And Richard I Michael, Trustee Of "007 Trust", Monte
Anderson, Tom Neely And David Taylor, Defendants.
During the ensuing two months, though depositions have not yet begun, Plaintiffs
have obtained evidence proving fraud, conversion and misappropriation of their
assets and determined that it was prudent to immediately amend pleadings.
PLAINTIFFS' FIRST AMENDED COMPLAINT FOR BREACH OF FIDUCIARY DUTY, CANCELLATION
OF INSTRUMENTS, CONSPIRACY, CONVERSION, EMBEZZLEMENT, FRAUD, MISAPPLICATION OF
FUNDS, MISREPRESENTATION, NEGLIGENCE, NEGLIGENT MISREPRESENTATION, SECURITIES
FRAUD, THEFT, THEFT OF CORPORATE OPPORTUNITY, TORTIOUS INTERFERENCE WITH
CONTRACT, UNJUST ENRICHMENT, CLAIM TO INTERPLEADER, AND DECLARATORY JUDGMENT was
filed on Friday, May 27, 2005.
The Company is seeking return of assets plus actual damages in the amount of at
least Thirty Six Million Five Hundred Thirty Thousand Two Hundred Sixty One
Dollars and 10/100 cents ($36,530,261.10)) and Exemplary damages and Declaratory
Judgment that Omda Oil and Gas, Inc., is the sole shareholder of Omda Oil And
Gas Management, Inc., Omda Oil And Gas Services, Inc., and SHWJ Oil And Gas Co.,
Inc., each a Texas Corporation; and, Declaratory Judgment that Plaintiff, Omda
Oil and Gas, Inc., either directly or by and through its wholly owned
subsidiary, Omda Oil And Gas Management, Inc., is the owner of those certain 314
leases set forth on the Consolidated Financial Statement submitted to Barnett on
or about July 9, 2003.
Complete copies of both the initial filing and amended pleadings can be found on
the company website located at. omogoil.com
Adam Barnett stated, "As many know, I took control of OMDA some 20 months ago on
an unfriendly basis by buying over 50% of the then outstanding shares. For these
many months I have been trying to get all the records of OMDA from prior
management. Most of my requests were met with worthless promises of 'they are
being assembled" or some such response or excuse why they could not be
delivered. In the meantime, particularly in earlier months, I kept receiving and
paying bills that numbered into the hundreds of thousands of dollars that prior
management mandated need be paid to maintain the vast amount of properties that
prior management had disclosed to shareholders as being owned by OMDA. Late last
year it became apparent that while these properties were owned and controlled by
OMDA when prior management was at the helm, many of these properties may have
been illegally converted for prior managements personal benefit."
Barnett went on to say, "Once it started to become apparent to me that these
wrongful and probably illegal activities may have occurred, I engaged an
attorney with proven investigative experience to confirm or belay my suspicions.
As the investigation proceeded, as can be seen by the differences between our
original pleadings and the recent amended pleading, many layers of clear
corruption started to appear. The settlement which we received last week over
the Concord Dome property is a direct result of the information that he
obtained."
Barnett concluded by saying, "While current Management has and will continue to
build on our own new asset and opportunity base, we are also prepared to
prosecute past injustices to all OMDA shareholders to the fullest extent of the
law, and return to the shareholders what is rightfully theirs."
About OMDA Oil and Gas, Inc.
OMDA Oil and Gas, Inc and it's wholly owned subsidiary's, OMDA Oil & Gas
Management, Inc and Texas OMDA Drilling & Operating, Inc are in the business of
oil and gas production and lease acquisition. Currently the Company owns average
participation interests approaching 47%, in 355 producing and non-producing oil
and gas wells in Louisiana and Texas, as well as 100% gross interest in an
undeveloped 1,116 acre, horizontal play in the Panola Field, Panola County,
Texas. Current projects include a 15% working interest in an 800+ acre play in
Shelby County, TX and a Carried back-in working interest of at least 7.5% up to
37.5% in a 12 well workover play in the Concorde Dome Field in Andersen County,
Tx.
SOURCE: OMDA Oil and Gas, Inc.
CONTACT: OMDA Oil and Gas, Inc.
Adam Barnett, 305-609-2345
omoilandgas@aol.com
www.omogoil.com
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