Dear Shareholders:

The Company has filed its Report on Form 10-Q with the SEC for the quarterly period ended March 31, 2012 (the “10-Q Report”). To view the entire filing of the 10-Q Report, follow this link:

Management has referred us to the following excerpt from the 10-Q Report: http://sec.gov/Archives/edgar/data/820600/000101376212001236/form10q.htm

“On May 18, 2012, we, RCA and CCC received an email communication from Her Excellency Maitha Al Mahrouqi, the Under-Secretary of Tourism, wherein Her Excellency Maitha informed us that she was traveling outside of Oman and that she looked forward to meeting with us shortly after her return to Oman on May 29, 2012.

We have also received a copy of a letter to Omagine LLC from the Minister of Tourism, His Excellency Ahmed Al Mahrizi (the “Minister’s Letter”). The Minister’s Letter requested Omagine LLC to provide certain information which in management’s opinion has either already (i) been previously provided by us to MOT, or (ii) covered by the agreed terms of the Final DA. In view of our many similar prior experiences with MOT, we do not find this to be unusual. As has frequently been the case in the past, full clarity is only expected to emerge after detailed in person discussions with MOT. At the present time however, it is unclear to us if the Minister’s Letter represents the MOLA Response or if it represents requests by MOT in addition to the MOLA Response, or both. The Minister’s Letter, which requested documentation on 4 items, is attached hereto as Exhibit 10.11. As of the date hereof management does not anticipate any difficulty in providing (a) the documentation required by items (ii) and (iii) of the Minister’s Letter, or (b) the explanatory documentation indicating the parties prior written agreement with respect to items (i) and (iv) of the Minister’s letter. Management presently expects that all 4 matters raised by the Minister’s Letter will be resolved and agreed by MOT and Omagine LLC.

The Minister’s Letter seems to indicate MOT’s anticipated “approval of the Omagine project” and its willingness to “enter into a development agreement for the project”. Notwithstanding the foregoing however, it will be necessary for management and the New Shareholders to meet with Her Excellency Maitha and possibly other MOT staff in person in order to attain absolute clarity in written form before we are able to state with certainty that this process is completed and agreed by all parties. Subsequent to such meeting with Her Excellency Maitha, management will respond in writing to the Minister’s Letter and to the matters, if any, that may be raised by Her Excellency Maitha.

Management views the upcoming meeting with Her Excellency Maitha and the Minister’s Letter as positive indicators of MOT’s desire to conclude the DA process but nevertheless we caution investors that we are unable at this time to give any assurances whatsoever that the DA will actually be concluded or signed by the parties.”

Regards,

Agoracom