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Message: Omagine 10-K

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Omagine 10-K

posted on Feb 25, 09 07:32AM

Dear Omagine Investors,

In our continuing pro-active efforts to keep investors apprised of the most relevant and timely information, please be informed that Omagine has filed their Annual Report on Form 10-K with the SEC for the period ended December 31, 2008.

An excerpt of the Report follows below.

To review the complete filing please use the link below, or to review all corporate filings, please click on the “View Filings” section of the main page of the Omagine hub here at Agoracom.

http://idea.sec.gov/Archives/edgar/d...

Excerpt:

During December 2008, January 2009 and February 2009, the Company and its attorneys exchanged letters with the Ministry of Tourism in an attempt to conclude the Development Agreement. The result of these exchanges and the official Government review and comment process for the November 2008 Draft Agreement were that (1) the Government agreed to meet in January (now March) to discuss and conclude the Development Agreement (the "Final Meeting"), (2) the Government (MOT) requested the Company to prepare another schedule detailing the changes to the Standard DA which are proposed (the "Schedule of Changes"), and (3) the Government requested that the Company form the Project Company prior to signing the Development Agreement. The Company agreed to all of the foregoing and also prepared an updated draft Development Agreement (the "February 2009 Draft Agreement"). On February 17, 2009 the Company's attorneys delivered the February 2009 Draft Agreement together with the Schedule of Changes to the Government. On February 23, 2009 the Government confirmed that March 16, 2009 would be the date for the Final Meeting which the Government described as the "wrap-up" meeting for the Omagine Development Agreement. The Government also informed the Company's attorneys that it plans to conduct internal meetings among the relevant Ministries (Tourism, Legal Affairs and Finance) in preparation for the Final Meeting and to review the Schedule of Changes with a view toward expediting the review process required at the Final Meeting. The Company anticipates that the Final Meeting will result in a fully settled and agreed document ready for printing and signature soon thereafter.

It was previously agreed that Omagine SAOC (the Project Company) would be formed in Oman immediately after the Development Agreement had been signed. All parties agreed that the Company and CCIC would sign the Development Agreement on behalf of Omagine SAOC (under formation) but the Government has now requested that we form the Project Company with the Omani Shareholders prior to the signing of the Development Agreement. The Company has no objection to this and is presently in the process of forming the Project Company so that the Project Company is legally in existence in Oman and ready to sign the Development Agreement.

The Company believes that no outstanding issues exist in the February 2009 Draft Agreement and all parties, including the Government and the Omani Shareholders, are desirous of signing the Development Agreement expeditiously. As stated above the only new requirement imposed by the Government was that the Company form the Project Company with the Omani Shareholders prior to the signing of the Development Agreement and the performance of that task is underway. As of the date hereof the Government and the Company have agreed to meet for the Final Meeting on March 16, 2009 for the purpose of reviewing the February 2009 Draft Agreement and Schedule of Changes and finalizing the Development Agreement.

The Company presently expects this process to be completed in March 2009, after which final, approved copies of the Development Agreement will be printed and bound for signature by the Government and Omagine SAOC.

The date of such signing is entirely in the hands of the Government. Based on recent letters received from the Government and on conversations with the Omani Shareholders, Government officials and the Company's attorneys, the Company understands that the Government is anxious to conclude this matter and that a signing date for the Omagine Development Agreement will be indicated following the Final Meeting on March 16, 2009.

Regards,
AGORACOM