OMDA Oil and Gas, Inc. Opts Out of Panola County Lease Letter of Intent

Houston--(BUSINESS WIRE)—May 16, 2006

OMDA Oil and Gas, Inc. (OTC: OMOG) announces today that it has opted not to pursue the recent offer from Consumer Direct of America concerning the Panola County Lease. The company, upon further due-diligence, will not be finalizing the letter of intent signed on February 22nd 2006 to sell its interest in this 1,116-Acre Fredericksburg Prospect. Due to the ever-increasing price of oil and natural gas, OMDA believes the Panola County Lease could garner a better opportunity for the company and its shareholders in the future.

Complete details concerning the Panola County Lease Project can be viewed at http://www.omogoil.com/projects.html.

OMDA Oil and Gas, Inc. is also pleased to announce today that drilling is expected to commence within the next several weeks on its three well program with KY-Tenn Oil Inc. (KTO). The company entered into a proposed drilling program on February 15th with KTO for three 2100-ft. wells to test the Chattanooga shale formation. As reported then, this active field has other potential formations producing in the Monteagle and Fort Payne zones, and upon completing the drilling and the logging of these wells, the primary target will be the Chattanooga Shale.

Adam Barnett, Chairman, stated, "While we have declined finalization of the original Letter of Intent to sell our Panola County Lease to Consumer Direct of America, we are still actively pursuing the best option for this asset. We are currently in talks with the operator of Panola to maybe pursue other more lucrative offers, and I will keep our shareholders up-to-date as more information becomes available." Barnett went on to say, "Regarding the three well project with Ky-Tenn Oil, Inc. (KTO), I am pleased to be reporting the timeframe of its upcoming drilling. I will be anxiously awaiting the initial results from this project and look forward to sharing those results as they develop."

About OMDA Oil and Gas, Inc.

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. 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 well as a 75% working interest in an 1,116 acre, horizontal play in the Panola Field, Panola County, Texas. Current acreage interests include a Carried back-in working interest of at least 7.5% up to 37.5% in a 12 well work over play in the Concorde Dome Field in Andersen County, TX, and is currently partnered up with Young Oil Corp., the largest Oil and Gas producer in Tennessee on 46,000 acres in North Central Tennessee, with an initial 20% interest in a six well program and a first right of refusal on any other prospects on the Young leases.

About Consumer Direct of America

Consumer Direct of America is a publicly traded company (OTC BB: CSUA). The company spent the past few years acquiring and growing its wholly owned subsidiary, Shearson Home Loans, Inc. CSUA successfully grew this division to employ over 300 people, 250 of whom are residential mortgage real estate brokerage professionals who closed loan volume of over $1 billion for the year ended December 31, 2004. This entity was recently acquired by Paragon Financial Corporation in a transaction valued at $16 million.

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.
Investor Relations, 800-621-0113
IR@omogoil.com
www.omogoil.com