I believ the 70M does not go on the books until the DA is signed. If the DA is not signed the money must we returned. If the DA is signed and all the monies tranfer goes into place the stock value should be around 50-60 per share without the land evaluation. All of this is predicated on the signing of the DA.

I believe that the downward market and the lack of buyers along with people whose margin accounts are being called in are creating the sell panic in Omagine.

All of this means zero if and when the DA is signed.

People feel that their is always a delay in what Omagine states. One friend of mine feels that Christmas would be a good time for the DA to be signed, right before the year end statement is due.

Lets hope this time when they say soon they mean it.