Dear Omagine Investors,

Please be informed that Omagine has filed their annual report on Form

10-K today with the SEC for the period ended December 31, 2010.

To review the complete filing please use the link below, or to review all

corporate filings, please click on the “View Filings” section of the main

page of the Omagine hub here at Agoracom. See below in this posting for

excerpts from the report.

http://sec.gov/Archives/edgar/data/820600/000082060011000003/tenk_2010.txt

Regards,

AGORACOM

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Excerpts:

Shareholder Agreement:

Extensive discussions and negotiations among the 3 new Omagine

LLC investors (the “New Shareholders”) and their respective

attorneys and Omagine, Inc. and its attorneys took place between

January 2011 and the date of this report. The New Shareholders

are (i) RCA, (ii) CCC-Panama and (iii) CCC-Oman. A written

agreement (the “Shareholder Agreement”) has now been verbally

agreed by the New Shareholders and Omagine, Inc. The parties to

the Shareholder Agreement are the New Shareholders and Omagine,

Inc.

The Shareholder Agreement is not a legally binding agreement

until it is signed by all the parties and management presently

expects that the Shareholder Agreement will be signed by it and

the New Shareholders shortly after the date of this report. The

following discussion and all references in this report to “the

Shareholder Agreement” assumes that the Shareholder Agreement

will be signed by all the parties thereto. Notwithstanding the

foregoing sentence or any reference in this report to the

Shareholder Agreement, no assurance can be given at the present

time that the Shareholder Agreement will actually be signed by

the parties thereto.

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The final percentage ownership result as specified in the

Shareholder Agreement is as follows:

Omagine, Inc. 60%

RCA 25%

CCC-Panama 10%

CCC-Oman 5%

and subsequent to the cash investments into Omagine LLC being

made by the above shareholders, the capital of Omagine LLC

(exclusive of any capital increase resulting from the valuation

of the PIK) will be 26,988,125 Omani Rials (approximately $70

million U.S. dollars).

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Development Agreement:

On June 9, 2010 the Ministry of Tourism of the Sultanate of Oman

(“MOT”) approved the proposed Development Agreement between the

Government and Omagine LLC. In October 2010 the proposed

Development Agreement was approved by the Ministry of Finance of

the Sultanate of Oman (“MOF”).

The final step in the Government approval process is the review

of the DA by the Ministry of Legal Affairs (“MOLA”). Omagine LLC

and its attorneys have now received from the MOT the comments

made by MOLA to MOT on the DA. Omagine LLC has responded to MOT

regarding the MOLA comments. MOT has now informed Omagine LLC in

writing (the “MOT Transmittal”) that all matters are now

finalized and has requested that we provide MOT with a final

version of the DA so that MOT and Omagine LLC may proceed with

the execution of the DA. On March 30, 2011 in response to the

MOT Transmittal, Omagine LLC’s attorneys sent the final version

of the DA (the “Final DA”) to the MOT.

While, management presently expects that the Final DA will in

fact be final, management cautions that (i) some of the language

in the MOT Transmittal was vague, and (ii) the MOT Transmittal

sought at the last minute to reopen long-ago agreed and approved

matters and the reopening of these previously agreed and

approved matters was rejected by Omagine LLC.

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The date of signing the Development Agreement is entirely in the

hands of the Government but management anticipates that the DA

will be signed shortly after the registration with the Ministry

of Commerce of Oman of the ownership positions of the Omagine

LLC shareholders (the “Registration”). The Registration is a

necessary condition precedent to the signing of the DA.

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