The recent price actiion of Omag is, without doubt, very disappointing, but this is the was of the stock market. It has its ups and downs. This weakness is not confined to Omagine. Even mighty ExxonMobil and ther entire oill industry have just taken a beating. This does not detract from its long term outlook. If an investment has long term value, ride out the storm.

Presently, Omagine has a number of unresolved issues which reflect on the stock... ratification of the DA, signing of thhe Usufruct agreement, valuation of the land, the sultan's health, arranging financing and contracting a construction company. These too shall pass and when they do,a longer term outlook will then take hold and that long term outlook is fortified by Omagine's book value which is estimated to be in the low to mid 20's, without regard to placing a value to the present value of future income which could add another 10+ points to the book value.

Here now is why I titled this post " A New Look At Book Value." Ignore the short term noise. There is another aspect to book value thaat makes embracing Omagine exciting. There are 500 stoccks in the S & P 500. You may take comfort in knowing that the average price of these 500 stocks is 2.8 times book value.

Do the math. Think long term.