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OMDA Oil and Gas, Inc. Executes
Participation Agreement For Test Well In 800 Acre Prospect
in Shelby County TX.
Also, Chairman issues letter
to sharholders.
Houston--(BUSINESS WIRE)—April 26,2005
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 signed a Participation Agreement with Texas Land &
Petroleum Company, LLC, (TLPC) of Wylie, TX to acquire a 15%
working interest in their Patroon Field Prospect, Mooringsport
test, Shelby County Texas (James Rowe, Abstract 585). While
not a wildcat per se as no wells have been drilled directly
on the lease, the prospect is up-dip to a Northeast, Southwest
fault line and directly offsets a well that was drilled and
completed in 1948 by Humble Oil. The Humble #1-C Pickering
well was tested in two of three Upper Glen Rose/Mooringsport
zones totaling 60’ of pay, and completed in one with
28’ of pay. The lower zone at 5272’-5290 test
at 1,758 mcf/d and 135 barrels of oil per day (bpod). Since
the nearest gas line was a hundred miles away at that time,
this zone was never produced. The next Mooringsport up the
hole at 5,164’-5192’ tested at 1,204 mcf/d and
109 bopd and was completed and produced for approximately
18 months, totaling around 15,000 barrels of oil while flaring
the gas. The well was subsequently abandoned due to the very
low price of oil and lack of gas value in 1950.
The Patroon Prospect that OMDA is participating in covers
800+ acres and will, if successful, support 5-6 wells on 160
ac. spacing units, and 8-10 on 80 ac. Units. TEC Engineering
Group, Inc. estimates recoverable gas reserves per 80 ac.
unit of 1.226 Billion Cubic Feet, and oil of 36,000 barrels.
TLPC expects the first well spud date to be in early June
depending on rig availability.
A package with documents can be found on the Company’s
website at this address: http://www.omogoil.com/projects.html
Additionally, Adam Barnett Chairman recently published a
Letter to Shareholders that can be also be found on the Company’s
website at this address: http://www.omogoil.com/investori.html
Adam Barnett, Chairman stated, “We have been looking
at the Patroon Prospect since late last year. Luckily due
to a dearth of drilling rigs, this well that was originally
supposed to have been drilled by year end, but due to the
lack of rigs, had some availability free up. What really ups
our confidence in this well is that the operator, TLPC, is
taking a large paid interest in the well along with their
traditional “third for a quarter” carried interest.”
Barnett went on to say, “I really do appreciate the
patience of our shareholders as we continue to advance the
restructuring of our Company began 19 months ago. With cash
now available, this play is just one of several that we are
currently looking at, along with our own Panola Fredericksburg
property. I could not be more excited about the prospects
of the company between now and years end, and fully expect
our stock price to more properly reflect the true fundamentals
of our strong asset base.”
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.
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
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