Dear Investor thank you for your inquiry; On December 16, 2005, in accordance with a contract(“The Contract”)Omagine granted Agoracom Investor Relations an option to purchase Up to 200,000 shares of Common Stock at a purchase price of $0.82 per share (the “Agoracom Options”).

Pursuant to an agreement dated August 27, 2007 covering the period beginning December 16, 2005 and ending December 31, 2007, Omagine issued Agora 200,000 shares of Common Stock (the “Agoracom Shares”) as compensation for services rendered through December 31, 2006, and continued the Agora Options in effect. Agora acknowledged and agreed that (a) the Agoracom Shares are, and (b) the Common Stock issuable upon exercise of the Agora Options will be, “restricted securities” within the meaning of the Securities Act of 1933, as amended. The Agoracom Options are fully vested as of the date hereof and may be exercised in whole or in part at any time before December 31, 2011 (the “Expiry Date”). Any unexercised Agora Options will terminate on the Expiry Date.

Regards,

Agoracom Investor Relations