Hi Peachy Beachy (_Bill allowed me to address you in this fashion),

This is in response to your May 18 post.

GUILTY as charged.That call was based on the technical picture at that time with OMAG crossing over the 50 day and 200 day moving averages lines.I remember Alton's comment not to put too much weight on the crossover because it was done on light volume. Alton was right and I was wrong.

My rationale for this call is based on the recent 10-Q.Before the 10-Q was made public I had serious doubts that the Usufruct Agreement would ever be signed by the Minister of Tourism.But when it was revealed in the 10-Q that the MOT had signed the UAin late April, to me it was an "all systems go" signal.The UA is the linchpin to the success of the Project.Once the Minister of Housing signs and registers the UA, and hopefully the Sultan or the RCA can persuade him to do so before the advent of Ramadan, June 18, everything should fall into place... the land valuation , the cash infusion, the Financial and Construction Agreements... and the Omagine Project.

I can't explain the drop in price to $1.20on heavy volume shortly after the 10-Q other thanthe sellers may not have been aware of the 10-Q.At any rate, there may be backing and filling here at these prices. In view of the above I feel the 1.20 level would hold on any further weakness.

These are my thoughts, my rationale.It is not an invitation to act on my thinking.After all, how smart can I really be...If I were so smart, why would I have hung on to Omagine these many, many years.