Omagine, Inc. ("OMAG" or the "Company") is providing the
following statement from the Company's President, Mr. Frank J.
Drohan, to clarify its present plans and to update its
shareholders regarding the status of its proposed Omagine
Project in Oman:


"We have been in touch with Government officials over the past
month and have just returned to Oman. The EID holiday begins
tomorrow and the Government will return to work on October 6.
Our attorneys met with the Government's attorneys. Specifically, 'all parties - including theOmani Shareholders - are desirous of signing the Development Agreement as soon as possible'.

We recognize, acknowledge and sympathize with shareholders'
frustration with the extended negotiation 'process' -- but wish
to remind all shareholders that

(i) it is not a trivial task for
an OTCBB company to close a multi-billion dollar game-changing
deal; on the contrary, it is a difficult, deliberative process
requiring the correct mixture of push and patience,

(ii)
management is not unfamiliar with the region and its business
culture and practices.

(iii) our anticipated success is
expected to bring substantial rewards - which coincidently are
expected to occur at a time when markets are otherwise in
turmoil.