Dear Omagine Investors,

Please know that Omagine, Inc. has filed its quarterly report on Form 10-Q today with the SEC for the period ended March 31, 2011. 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. See below in this posting for excerpts from the report.

http://www.sec.gov/Archives/edgar/data/820600/000082060011000005/tenq311.txt

Regards,

AGORACOM

Excerpts:

The Development Agreement

In June 2010 the Ministry of Tourism of the Sultanate of Oman

(“MOT”) approved the proposed Development Agreement between the

Government and Omagine LLC. The Government approval process

required additional approvals from the Ministry of Finance

(“MOF”) and the Ministry of Legal Affairs (“MOLA”) of the

Sultanate of Oman. In October 2010 the proposed Development

Agreement was approved by MOF. Following Omagine LLC’s response

to MOLA’s comments on the DA, MOT informed Omagine LLC in

writing (the “MOT Transmittal”) that all matters are now

finalized. MOT had also requested that we provide MOT with the

final version of the DA so that MOT and Omagine LLC may proceed

with the execution of the DA. On March 30, 2011 in response to

the MOT Transmittal, Omagine LLC’s attorneys sent the final

version of the DA (the “Final DA”) to the MOT.

While, management presently expects that the Final DA will in

fact be final, management cautions that (i) some of the language

in the MOT Transmittal was vague, and (ii) the MOT Transmittal

sought at the last minute to reopen long-ago agreed and approved

matters and the reopening of these previously agreed and

approved matters was rejected by Omagine LLC. Omagine LLC

counsel subsequently communicated in writing to the MOT

providing historical documentation in support of these

matters having previously been agreed to and successfully

concluded. The MOT legal department thereafter informed

Omagine LLC that the newly appointed Minister of Tourism is

presently reviewing the agreements for all ITC projects,

including the Final DA for the Omagine Project and that we

should have MOT’s advice shortly.

The date of signing the Development Agreement is entirely in the

hands of the Government but management anticipates that the DA

will be signed shortly after the completion of the aforesaid

review process and the registration with the Ministry

of Commerce of Oman of the ownership positions of the Omagine

LLC shareholders (the “Registration”). The Registration is a

necessary condition precedent to the signing of the DA.

The Shareholder Agreement

The three new Omagine LLC investors are (i) RCA, (ii) CCC-Panama

and (iii) CCC-Oman (collectively, the “New Shareholders”).

Extensive discussions and negotiations among the New

Shareholders and their respective attorneys and Omagine, Inc.

and its attorneys took place between January 2011 and mid-April

2011. A written agreement (the “Shareholder Agreement”) has now

been verbally agreed by the New Shareholders and Omagine, Inc.

The parties to the Shareholder Agreement are the New

Shareholders and Omagine, Inc.

The Shareholder Agreement is not a legally binding agreement

until it is signed by all the parties and management presently

expects that the Shareholder Agreement will be signed by it and

the New Shareholders imminently. At the end of April 2011

Omagine LLC received verbal confirmation from RCA that the RCA

investment committee and the RCA legal department had both

reviewed and approved the Shareholder Agreement and that it is

now with the Minister of the Royal Court for his signature. The

Company anticipates that the Minister of RCA (also newly

appointed) will review and sign the Shareholder Agreement

imminently.

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In order to move into the actual design and development stage of

the Omagine Project, Omagine, Inc. and the New Shareholders must

first sign the Shareholder Agreement and Omagine LLC and the

Government must then sign the Development Agreement. While this

process has been delayed to date, management remains confident

that the Shareholder Agreement will be signed by it and the New

Shareholders within the next several days and although the

precise date for the signing of the DA is not possible to

predict at this time, management presently believes that

attainment of the ultimate objective of signing the Development

Agreement with the Government is also imminent. As of the date

of this report, management believes that the only remaining

tasks before signing the DA are (i) signing the Shareholder

Agreement, and (ii) the Registration.

Notwithstanding the foregoing, no assurance can be given at this

time that either the Shareholder Agreement or the Development

Agreement actually will be signed.