Dear Omagine Shareholders,

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 Quarterly Report on Form 10-Q with the SEC for the period ended September 30, 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.

FORM 10-Q

Excerpt:

The Founder Shareholders and the Project Company's attorneys have been engaged with the three required Government Ministries along with their respective legal staffs during this review process: The Ministry of Tourism; the Ministry of Legal Affairs; and the Ministry of Finance. The Founder Shareholders and the Project Company's attorneys have met with the representatives of these Ministries individually and collectively. At the last collective meeting on November 2, 2008 all parties reviewed the Company's "comment list" of required changes to the Standard DA necessary to make it suitable for the Omagine Project. All parties agreed and accepted the Company's suggested changes (the "Agreed Changes") and the Company was requested to provide a "marked draft" of its proposed DA showing such Agreed Changes.

On November 5, 2008 the marked up draft showing all such Agreed Changes (the "November 2008 Draft Agreement") was transmitted electronically by our lawyers to the above three Government Ministries and on November 9 the Company delivered printed and bound copies of the November 2008 Draft Agreement to such Ministries.

The Company believes that no outstanding language issues in the November 2008 Draft Agreement continue to exist and all parties, including the Omani Shareholders, are desirous of signing the Development Agreement expeditiously. The Government procedure however requires that they go through an official review and comment process for the November 2008 Draft Agreement and that process is presently underway. The Company expects this process to be completed in a few weeks, after which final, approved copies of the Development Agreement will be printed and bound for signature by the Founding Shareholders and the Government. The date of such signing is entirely in the hands of the Government, however, based on conversations with the Omani Shareholders and Government officials, 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 within the next several weeks.

As of the date hereof management estimates that the Development Agreement will be signed in the next several weeks or in December 2008.

Regards,
AGORACOM