Exhibit 10.1


 


Omagine Retains BUYINS.NET to Surveil
Short Sellers and Market Makers





	Approximately 4.76 Million Shares Shorted Since August 2009
	Short Squeeze Has Begun As Stock Is Above $1.54 SqueezeTrigger
Price

NEW YORK, Oct. 7, 2014 -- Omagine, Inc. (OTCQB:OMAG)
announced today that BUYINS.NET, http://www.buyins.net, a leading provider of Regulation SHO compliance monitoring, short sale
trading statistics and market integrity surveillance, has initiated coverage on Omagine, Inc. (OTCQB:OMAG) after releasing the
latest short sale data through October 6, 2014. The total aggregate number of shares shorted since August 2009 is approximately
4.76 million shares (adjusted for a net 5 for 1 reverse split in 2009). Approximately 24.32% of daily trading volume is short selling.
The SqueezeTrigger price for all OMAG shares shorted is $1.54. A short squeeze has begun as the price of OMAG is above the $1.54
SqueezeTrigger price.


Click here to view Report: http://www.buyins.com/reports/omag10-7-14.pdf


Click here for SqueezeTrigger: http://www.buyins.com/images2/omagstr10-7-14.jpg


Click here for Friction Factor: http://www.buyins.com/images2/omagff10-7-14.jpg


Click here for detailed explanation: http://www.buyins.com/brochure.pdf


Friction Factor calculates if a fair market
is being made in the shares of OMAG. 45% of the previous 38 trading days have been positive or bullish-biased and 55% have been
negative or bearish-biased.


Regulation SHO requires bona-fide market-making
activities to include making purchases and sales in roughly comparable amounts. The Commission has stated that bona-fide market-making
DOES NOT include activity that is related to speculative selling strategies for investment purposes of the broker-dealer and is
disproportionate to the usual market making patterns or practices of the broker-dealer in that security. Likewise, where a market-maker
posts continually at or near the best offer, but does not also post at or near the best bid, the market-maker's activities would
not generally qualify as bona-fide market-making. Moreover, a market-maker that continually executes short sales away from its
posted quotes would generally not be considered to be engaging in bona-fide market-making.


BUYINS.NET monitors OMAG market-makers daily
for compliance with Fair Market-Making Requirements.






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About Omagine, Inc.


Omagine, Inc. is a publicly traded company
(OTCQB:OMAG). The Company conducts all of its real-estate development, tourism and entertainment business activities through either
its 60% owned subsidiary Omagine LLC or its 100% owned subsidiary Journey of Light, Inc. The Company is focused on real-estate,
entertainment and hospitality opportunities in the Middle East and North Africa (the "MENA Region") which is one of the
fastest growing tourist destinations in the world.


Governments in the MENA Region are seeking
to diversify their economies and create employment for their citizens via the development of tourism destination projects. It is
the Company's opinion that this governmental strategic vision combined with the enormous financial resources in the MENA Region
will continue to present superb development opportunities. The Company presently focuses the majority of its efforts on the business
of Omagine LLC and specifically on the Omagine Project.


Investors or interested parties may visit
Omagine's website at www.omagine.com for more information about the Company or http://agoracom.com/ir/omagine which is the Company's
investor relations website.


About BUYINS.NET


BUYINS.NET, http://www.buyins.net, monitors
trading in all US stocks in real time and maintains massive databases of short sale and naked short sale time and sales data, short
squeeze SqueezeTrigger prices, market-maker price movements, shareholder data, statistical data on earnings, sector correlation,
seasonality, hedge fund trading strategies and comparable valuations. Reports include:


REGULATORY & COMPLIANCE NEWS


Friction Factor - market-maker surveillance
system tracking market-makers to determine Price Friction and compliance with new "Fair Market-Making Requirements".


RegSHO Naked Shorts - tracks EVERY failure
to deliver in all US stocks and all Threshold Security Lists daily for which stocks have naked short positions.


INVESTMENTS & TRADING


SqueezeTrigger - 40 billion cell database
tracks EVERY short sale (not just total short interest) in all US stocks and calculates volume weighted price that a short squeeze
will begin in each stock.


Earnings Edge - predicts probability, price
move and length of move before and after all US stock earnings reports.


Seasonality - predicts probability, price
move and length of move based on exact time of year for all US stocks.


Group Trader - tracks sector rotation and
stock correlation to its sector and predicts future moves in ALL sectors and industry groups.


Pattern Scanner - automates tracking of technical
patterns and predicts next move in stocks.


GATS - tracks all strategies






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DISCLAIMER:


BUYINS.NET is not a registered investment
adviser and nothing contained in any materials should be construed as a recommendation to buy or sell any securities. OMAG has
paid a non-affiliate $1,117 per month for six months of data provided in this report. OMAG has not approved the statements made
in this release. Please read our report and visit our website, http://www.buyins.net, for complete risks and disclosures.


Omagine, Inc.


Corporate Inquiries


Charles P. Kuczynski, Vice-President


(212) 563-4141


 


 


BUYINS.NET


Thomas Ronk


800-715-9999


 


http://www.buyins.net


 




 


 


 


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