Finally! As a refresher for us long suffering shareholders, but more importantly, for those new to this investment and this board ...

Whilst the value of the land has been determined, but not yet published, it has, in the past, been conservatively estimated to be worth $700m (US$). Since OMAG owns 60% of LLC, this would translate to $420m on a consolidated basis for Omagine Inc. There are currently just over 17 million shares outstanding, so that implies a BOOK VALUE of $24.52/share.

There are a few other items that will add approximately $3/share to book value, bringing this to $28/share in book value. And that does not include the present value of future earnings.

In the past, management has indicated that the net present value (NPV) of the project's earnings over the next 7 years is $450m to LLC. That would be $270m to Omagine Inc. on a consolidated basis (60% ownership). That's an additional $17/share (OK, I'm rounding up from $16.92, so sue me for being an optimist).

Now I'm not saying the stock is worth $44/share (and I'm not saying it ISN'T worth $44/share), but certainly it's worth a lot more than $25/share. Oh, wait, what's the current price? $2.34? I'm thinking opportunity!

OK, math lesson for today is over. Your homework? To go buy shares whilst the buying is good!