Unlike recent sniveling, whimpering contributing comments, Jkrantz101 asks a constructive question:

Who is buying?

The answer is, INSIDERS !!

According to Vickers Stock Research report dated January 27, 2011, top management purchased 51,734 shares of NEW stock at $1.40 per share on January 19, 2011:

Frank Drohan, CEO, bought 24,116 shares.

William Hanley, Controller bought 2,301 shares.

and

Charles Kuczynski, Secretary, bought 25,317 shares.

A few days later, OMAG's price drops to $0.8o on light volume. That represents a market cap of under $10 million!

Previously, Consolidated Contractor International Company, CCIC, formaly agreed to purchase 15% of Omagine LLC for $50 million, representing a theoretical valuation of $333.3 million. (Omagine's 55% share = $183.3 million.)

Obviously, everything hindges on the signing of the final agreement (DA).