Alton,

I understand your view, as well as the view of Management. It is disappointing that there hasn't been any mention about transforming the company from an LLC to a SAOC until now, adding yet another step in the long process that seems unending. The mention of a possible DA signing after Ramadan in the 10-Q placed our hopes at their highest in recent memory. That moment has now become painfully forgettable. The stock's fluctuation in the past 3 trading weeks has us all reeling a little from our hopes being crushed. Its appropriate to be disappointed and upset as a shareholder. I was quite annoyed on the 24th.

Contrarily, I do see why management sees this as a sign of "very good news." In my opinion, the constant communication Omagine has seen from the Minister's office through Her Excellency the Under-Secretary for the past month is the primary reason. The 8-k shows that information was shared on a near weekly basis. They would not even dare to say "very good" if they didn't think that this transformation is one of the last steps in completing the DA, and they weren't confident they could get it done in the next week or two. The Under-Secretary has made it clear that she wants this deal done as fast as possible, even though their culture is not known for being punctual with business. This is the most communication with a minister that Omagine has had since the late MOT that passed a few years ago (forgive me for not remembering her name).

There is in fact progress, just not the endgame we are looking for. The saying, "Don't tell me about the labor pains, just show me the baby" sums up the feelings of our fellow investors. The frustration is understood, but this is still an optimistic time for Omagine. I remember a time where this process was almost restarted in its entirety 3 times. In a year, it looks nearly finalized. That's progress. We must stay the course.

I, for one, as always, will increase my position when the stock is this cheap.

Cheers to all, and let's look towards November for additional news.