$431,168,400 Capital Increase At Omagine, Inc.

NEW YORK, Nov. 23, 2015, OMAG, OTCQB, (GLOBE NEWSWIRE) Omagine, Inc. (OTCQB:OMAG) disclosed in its third quarter report on Form 10-Q (the “10-Q Report”) filed today with the U.S. Securities and Exchange Commission (“SEC”) that its consolidated financial statements for the period ended September 30, 2015 reflect a $431,168,400 increase in stockholders’ equity and a $287,445,600 increase in non-controlling interests in its 60% owned subsidiary, Omagine LLC (“LLC”). LLC is developing a $2.5 billion tourism and real-estate project (the “Omagine Project”) in the Sultanate of Oman and the increases are attributable to the purchase by LLC in July 2015 of Land Rights in Oman valued at $718,614,000. The Omagine Project is planned to be an integration of cultural, entertainment and residential components. The shareholders of LLC are: (i) Royal Court Affairs which owns 25%, (ii) two subsidiaries of Consolidated Contractors International Company, SAL (“CCC”), which collectiv
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