OOAG OMDA Oil and Gas Inc (CE)

OMDA Oil and Gas, Inc. (PINKSHEETS: OOAG) would like to provide an update on several pending issues currently underway.

On May 25, 2010, OMDA announced it had retained the CPA firm of De Joya & Griffith and Company LLC www.dejoyagriffith.com to audit the company's financials. To date OMDA has provided the auditors many documents dating back several years to when current management first assumed control of the company. The process has been moving along well over the past few months and is slightly ahead of schedule, expected to be completed by year end. OMDA anticipates that upon completion of the audit the company will be qualified to make application for the OTC Bulletin Board and transition off of the Pink Sheets.

OMDA is also in the process of bringing its status to "Current" on the Pink OTC Market Tiers. The company is currently working on fulfilling each of the conditions necessary in order to achieve this rating. "It is very important to us that we not only meet but also exceed this level of transparency," stated OMDA President and Chairman, Adam Barnett. "The audit process and achieving an upgrade to Current status on the Pink Sheets are our top priorities this year and will help us greatly towards achieving our goal of moving onto the OTC Bulletin Board exchange."

OMDA would also like to announce that Concord Dome operations are moving along very well and the wells are producing as expected. Several weeks ago OMDA informed that it had entered into discussions to explore the possibility of acquiring an increased stake in Concord Dome. Those discussions are ongoing and OMDA is still in the due diligence phase. The company expects to give a more complete report on the status of the potential acquisition very soon. "Concord Dome is a very important asset for OMDA and should provide us with substantial revenues for many years to come. The possibility of increasing our current stake in the prospect is something we are very interested in doing if it proves beneficial," said Mr. Barnett. "The due diligence phase for this potential acquisition has proven to be a complex endeavor. We hope to make an announcement in the near future as soon as we conclude our research. Mr. Barnett also stated, "We have many irons in the fire on several different fronts and I expect to be able to make some key announcements very soon. The main focus we have now is to build our revenue from several different sources in order to provide security for the company and our shareholders."

About OMDA Oil and Gas

OMDA Oil and Gas, Inc. and its wholly owned subsidiaries, OMDA Oil & Gas Management, Inc. and Texas OMDA Drilling & Operating, Inc. and OMDA Oil & Gas, Inc. (Texas), are in the business of oil and gas production and lease acquisition. This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, statements relating to the future anticipated direction of the Oil and Gas Industry, plans for expansion, various business development activities, planned capital expenditures, future funding resources, anticipated sales growth and potential contracts. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.

Contact: OMDA Oil and Gas, Inc. Investor Relations 877-441 OMDA(6632) IR@omogoil.com www.omogoil.com