OMDA Oil and Gas, Inc. Provides Details and Update on its Panola Field Property

Thursday January 27, 10:18 am ET

HOUSTON--(BUSINESS WIRE)--Jan. 27, 2005--OMDA Oil and Gas, Inc., an oil and gas production company (OTC.PK:OMOG), through its chairman, Adam Barnett, today has released and posted details of its 1,116 acre Panola Field, Panola County, Texas, horizontal drilling program on the company's website. The information can be accessed at the following link: http://www.omogoil.com/projects.html . Information included on the site includes; Prospect Overview, which includes specific location and introduction to the project, Geology & History, Field Development, Reserves & Economics, and Pipeline & Markets. Additionally included are a series of maps, both surface and subsurface showing the specific size and location of the acreage with surrounding hydrocarbon pools identified, total and individual production results of each of the old shut in wells on the location, subsurface isopach mapping of the primary Fredricksburg/Goodland Lime formation and an independent third party petroleum engineers report estimating future recoverable reserves between 2.25 - 3.6 million barrels. Potential secondary shallower zones to include the Nacatoch, Saratoga and Blossom, though not included in reserve estimates, are also noted. Total cost of developing this prospect is projected to be $8-10 million with the first well scheduled to commence drilling in March. Permitting of the first well should be completed in two to three weeks, at which time a further update will be provided.

OMDA currently owns 100% of the field in its wholly owned subsidiary, Texas OMDA Drilling & Operating Inc. S & H Resources of Longview, TX will be the field operator. As was formerly mentioned in a past new release, it is OMDA's intention to bring in industry and individual partners to develop this field. Now that all the necessary information has been compiled and terms finalized, the company anticipates this exciting prospect to be readily received by parties who have been expressing interest over the past few months.

Adam Barnett, Chairman, stated, "I am pleased that we are now in a position to aggressively move forward with the Panola Field prospect. We were very lucky to have tied down this exiting prospect just as the price of Oil started its major move up. We took a gamble paying a six digit sum of money before all the detail work was completed, but had we waited on all the information, there would have been no way that we would have been able to take control of the whole deal". Barnett went on to say, "While we are excited that the professionals we had work on this deal have now confirmed that our early enthusiasm for this deal was warranted as you can see on our website, only a drill bit to total depth will prove whether we are right or not. Hopefully over the next six to eight weeks we will get the positive affirmation we expect."

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. And 100% interest in 1,116 acres in the Panola Field, Panola County, Texas.

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, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel. 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.
Adam Barnett, 305-609-2345
omoilandgas@aol.com
www.omogoil.com