Omagine

Company has signed a Development Agreement with the Government of the Sultanate of Oman. Omagine Owns 60%; Sultanate Owns 25%; Consolidated Contractors Owns 15%. Project to be developed on 245 acres of beach front land on Gulf of Oman. The estimated cost approximately $2.5 Billion. BNP Paribas To Lead Construction Financing Syndicate.
in response to oiler85's message

OILMAN, I'm trying to follow your questions and Alton's subsequent replys. My head is spinning. (That's figuratively not literally). My suggestion is to wait till Price Waterhouse places their blessing on how our 60% share of the $718 million land value gets handled on the books. The press release which was posted by Agoracom a full week ago on July 9th at 1:57 PM (Please scroll back and see for yourself) stated that they(PWC) would (I'll paraphrase) SOON determine the correct method of accounting for the $718,614,000 average value of its Usufruct Rights in its financial statements.We all know full well that "SOON" is a relative term. Especially in dealing with the Middle East with this project. I don't believe THIS delay can be blamed on the Omani's in this case. However, the fact that we are not the Guinea Pigs in this accounting exercise (it's not the first time Usufruct Land Rights have been granted in the history of civilization) I am somewhat surprised that we haven't heard what their accounting decision is. Perhaps management already knows the answer and have decided to publish the verdict at a later date. But until investors, present and potential, know what's happening with the value of the land and how it will appear in the financial statements, I can't blame them for taking a wait-and-see attitude,which is exactly what appears to happening. That's my story and I'm stickin to it, Bill.

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bill4810
City
Holland, Pa.
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04/13/2009
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Omagine
Symbol
OMAG
Exchange
OTCQB
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20,799,937 as of 01/04/2017
Industry
Bricks & Mortar
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