OMDA Oil and Gas, Inc. (PINKSHEETS: OMOG) would like to take this opportunity to update all shareholders on current legal matters.
Back in April 2006, OMDA Oil and Gas, Inc. (OMOG) announced that it had approved and filed a 4th amended pleading adding Black Dragon Resources (Black Dragon) as a defendant to its initial suit filed in March 2005. Earlier this year, OMDA was granted a motion for Partial Summary Judgment which ruled that the Class D Preferred Stock was invalid. Our legal team is still pursuing discovery on the remaining issues in the litigation regarding ownership of, and rights to, certain wells and leases in east Texas and Louisiana. At a recent hearing in Houston, Texas, Judge Levi Benton ordered Defendant Black Dragon Resource Companies, Inc., to produce documents to OMDA's attorneys, and to answer interrogatories it had previously objected to. The law firm of Tipton Jones, who has assumed lead role in this lawsuit, has scheduled several depositions for the coming summer months in preparation for the trial scheduled on September 24, 2007.
The company would also like to offer an update on the current legal actions against former key member of OMDA Management, Arthur Pocari. On March 28, 2007, in Dallas, Judge Emily Tobolowsky granted a temporary injunction against Mr. Pocari. This injunction enjoins Arthur Pocari from among other things, making disparaging and defamatory remarks about OMDA and its management, and from revealing confidential information. Mr. Pocari is currently appealing the ruling, and the legal issues are being briefed by both parties. Pocari has also filed a Motion to Transfer Venue from Dallas County to Harris County. On May 4, 2007, Judge Tobolowsky conducted a hearing on the motion, and has taken the matter under advisement. As of today, no ruling has been handed down.
As to the current situation with the Panola County Project, Texas OMDA Drilling & Operating, Inc. is currently in discussions with attorneys for S&H Resources, Inc. to resolve issues relating to its participation in a drilling program in Panola County, Texas. Once all documentation has been gathered, and the issues narrowed, the parties hope to reach an agreement that will benefit both companies.
"I put this news out today because I felt it was important to keep the shareholders up to date on the company's current legal proceedings," commented Adam Barnett, Chairman. "I have the utmost confidence in our legal team, and our position in each of these cases. I will continue to give updates on these cases as they progress." |
