Omagine, Inc. received written notice from St. George Investments LLC that an event of default had occurred with respect to that Convertible Promissory Note issued by the Company in favor of St. George on November 14, 2016. The Lender advised the company that the default occurred because of non-payment of the Note balance on its due date. As previously reported, the company and St. George had extended the due date several times prior to the Notice Date. As of the Notice date, considering the accrued interest and application of the Default Effect, the outstanding balance of the Note is $213,123. St. George reserves all rights and remedies available to it under the Note and related transaction documents. As previously disclosed, pursuant to other convertible notes issued by the company, the company is obligated to increase the number of its authorized common shares in order to reserve an agreed number such Common Shares for possible future issuance to the lenders under such notes. The company was of the erroneous opinion that this increase could have been accomplished via the written consent of a majority of its shareholders without the necessity of a proxy filing and meeting of its shareholders. This turned out to be inaccurate and the Company now understands that such a proxy filing and meeting is required and the company intends to file such proxy and schedule and conduct such meeting. The failure to timely increase its authorized shares however may be an event of default under such notes.