Omega Approves a Shareholder Rights Plan

Omega Navigation Enterprises, Inc. announced that its Board of Directors has approved a shareholder rights plan designed to enable the company to protect shareholder interests in the event an unsolicited attempt is made for a business combination with or takeover of the Company. The Company believes the shareholder rights plan will enhance the Board's negotiating power on behalf of shareholders in the event of an unsolicited business combination or takeover attempt. The Company is not aware of any such offers or proposals at this time and is adopting the plan as a matter of prudent corporate governance.

The terms of the shareholder rights plan are set forth in a filing that the Company has made with the Securities and Exchange Commission today. Rights under the plan are expected to be issued to shareholders of record as of the close of business on March 7, 2008.