OMDA Oil & Gas Offers Drilling Update on Its Patroon #1 Mooringsport Initial Exploratory Well

Drilling About to Penetrate Primary Target Zones

Houston--(BUSINESS WIRE)—November 2, 2005

OMDA Oil and Gas, Inc. (OTC.PK:OMOG), an oil and gas production company, through its Chairman, Adam Barnett, today issued an update on its drilling progress. On Oct. 21, the company reported that its operator, Texas Land & Producing Co., stated that the bottom of the three anticipated Mooringsport zones at around 5,400 feet along with an extra hundred feet for logging purposes, should be reached in ten to twelve days. In an effort to keep the shareholders aware of all developments, the company feels an update is appropriate at this time. Results so far have been very encouraging. OMDA has been continuously running "high" to the 1946 Humble well. This well is described below. We have already encountered an interesting oil and gas "Show" in a shallower Fredericksburg zone. As of this morning, drilling is taking place through heavy shale at 5,090 feet and approaching the top of the first primary target Mooringsport. The first zone should be encountered sometime today with Total Depth (TD) reached some time late tomorrow. Drilling the last few days has been slower than anticipated due to hard shale requiring three "bit trips" (String was pulled to replace a dulling drill bit), and a heavier than normal 10.5 weight drilling mud. This heavier drilling mud was decided upon by the operator in anticipation of possible high pressures and gas kicks from the Fredericksburg zone around the 3800 ft. level.

Due to the fact that the Fredericksburg was encountered at 3858 ft. through 3910, the decision to "weight up" on the drilling mud now appears to have been correct. The mud logging report showed the following in the secondary Fredericksburg. "Mud WT before 10.5, mud WT during 10.3, mud weight after 10.5. Avg. gas before 25u, avg. gas during 200u, avg. after 50u, max gas 307u. Fluorescence %: 90." There is no question that there is hydrocarbon in the Fredericksburg; however, due to the heavy mud, it will not be known if it is commercial until after the primary three Mooringsport zones are reached and logged. The Fredricksburg will also be logged at this time.

About the Patroon Prospect

The initial well on this nine to ten well 800 acre lease is the Patroon #1. OMDA has a 15% working interest in this and subsequent wells on the lease. The well will be drilled to approximately 5,500 ft. This exciting lower risk 6,000 ft wildcat well is a 1,000ft. offset to a 1946 Humble Oil wildcat that was tested and for a short period of time produced from one of two Mooringsport zones. The lower zone at 5272'-5290' tested at 1.758 Million Cubic Feet of Gas per Day (cf/d) and 135 barrels of oil per day (bopd). 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 Million cf/d and 109 bopd and was completed and produced for approximately 18 months which totaled around 15,000 barrels of oil while flaring the gas. A third Mooringsport zone was logged but never tested at the 5220-5260 ft. interval. The Humble well was subsequently abandoned due to the very low price of oil and lack of gas value in 1950. TLP acquired this acreage in 1999 when the price of oil was around $20 bbl and gas prices were around $2.00 mcf. Drilling at that time was almost non-existent in this now hot area. Should the well be successful, an additional 8-9 wells could be drilled on the existing acreage.

As mentioned in our release on Oct. 21, TLP asked us to "tight hole" or hold back a very favorable final test results until after an attempt at acquiring additional acreage was made. We already have acreage for up to nine more wells in this virtually unexplored area; however, if this well is successful, acquiring additional acreage would prove beneficial. While we have agreed to hold back actual results, a press release as to whether a decision will be made to "Set Casing" will be forthcoming. "Setting Casing" is the first step in actually "completing" the well. Due to the high additional cost of the completion process, the partners will not take this first step unless the logs show that there is a very strong probability that recoverable commercial quantities of Gas and or Oil are present. Barring any unforeseen problems, it is likely that this decision will be made some time in the next few days.

A third party Petroleum Reservoir Engineering report by TEC estimates recoverable gas reserves per 80 ac. unit of 1.226 Billion Cubic Feet, and oil of 36,000 barrels. If these estimates prove correct, Future Net Revenues could approach $18-20 million to the 8/8 ths, per 80 acre unit or as much as $180-200 million on the current 800 acres. These estimates are based on current oil and gas prices.

Detailed information on the Patroon project is available at the company's web-site at http://www.omogoil.com/projects.html. This information includes descriptions, maps, charts, old drilling logs on the Humble well and copy of the third party Reservoir Engineering report on the Patroon prospect

Adam Barnett, Chairman stated, "Needless to say, at this time, we are quite excited about this well and the potential of the field as a whole; however, it is technically classified as a 'wildcat' well with commensurate risk. While this and the other locations on this prospect could add tens of millions of dollars of value to the Company, it is just a relatively small portion of OMDA's assets. Luckily for a company of our size, as can be seen on our website, we were able to build a significant portfolio of new oil and gas prospects before prices began to sky rocket. When added to the additional tens of millions of dollars of oil and gas assets that we are confident will be recovered in our lawsuit against former management, the future of our Company could not be brighter."

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