Dear Omagine Shareholders,

The Company filed a Current Report on Form 8-K with the Securities and Exchange Commission today. Following is the relevant portion of the filing which is an update to shareholders:

Omagine, Inc. (the "Company") is providing the following information in order to keep our shareholders informed of the Company’s activities and in response to several shareholder inquiries seeking clarity with respect to (i) the signing of the Development Agreement (“DA”) for the Omagine Project, and (ii) the expiration date for the Company’s ongoing Rights Offering.

A new Minister of Tourism for the Oman Government was appointed in early March 2012. His Excellency Ahmad bin Nasser Al Mehrzi has now taken up his new post at the Ministry of Tourism (MOT).

The shareholders of Omagine LLC (the Company, Royal Court Affairs, and Consolidated Contractors) anticipate meeting with H.E. Al-Mehrzi and the Under-Secretary at MOT, Her Excellency Maitha Al Mahrooqiyah, within the next several days. The purpose of the meeting is to update the new Minister and the Under-Secretary and to determine a signing date for the DA.

We and our attorneys are presently arranging this meeting but the time and date for the meeting has not been confirmed as of the time this report was filed. We are therefore not yet in a position to say when the DA will be signed.

Several of our shareholders have inquired about a possible extension of the expiration date for the Company’s ongoing Rights Offering. The Board of Directors has carefully reviewed this matter and has determined not to extend the March 30, 2012 expiration date for the Company’s Rights Offering.

The Company will not know the final results of the Rights Offering until shortly after March 30, 2012. The Company’s president, Frank J. Drohan, has today exercised all 322,730 of his Rights.

As stated in our recent Prospectus, the Rights Offering will expire at 5 p.m. Eastern Time in the United States on March 30, 2012.

Regards,

Agoracom