Could this be the turning point in the fortunes of Omagine? It sure looks lke it. The one-two punch of the signing of the Usufruct Agreement by the Minister of Tourism, as reported in the recent 10-Q, reinforced by the purchase of 100,000 shares by Frank Drohan, Chairman of Omagine, should act to propel the stock upward.

I can't explain the stock dropping to $1.20 last week in the face of the good news involving the UA and indications that everything was in motion for tulfilling the remaining requirements on he road to the Omagine Project. Frank, who knows more than most, must have recognized $1.20 as a bargain to add 100,000 shares to his holdings. I, for one, would be incline to hold onto his coattails on this one.