SOURCE: Omega Navigation

Omega Navigation

April 12, 2011 16:05 ET

Omega Navigation Enterprises, Inc. Announces Entering Into an Amendment of the Maturity Date of Its Current Debt Facilities

ATHENS, GREECE--(Marketwire - Apr 12, 2011) - Omega Navigation Enterprises, Inc. (NASDAQ: ONAV), a leading provider of Global Marine Transportation services specializing in product tankers, announces that it has reached an agreement with its lenders to amend the maturity date of both the current senior and junior loan facilities.

With this agreement the new maturity date will be May 10, 2011 on both facilities, amended from the current maturity date of April 12, 2011.

About Omega Navigation Enterprises, Inc.

Omega Navigation Enterprises, Inc. is an international provider of global marine transportation services through the ownership and operation of double hull product tankers. The current fleet includes fifteen double hull product tankers, which includes seven that are owned through joint ventures with wholly owned subsidiaries of Glencore International AG, with an aggregate carrying capacity of 902,358 dwt., six of which are under fixed rate time charter contracts with an average age of the entire fleet of less than five years. In addition, the Company, through its joint venture Megacore, is scheduled to take delivery of 4 additional LR1 product carriers in 2011 and 2012. With the addition of these four vessels, Omega's fleet will expand to 19 product tankers with a total deadweight capacity of 1,198,358 dwt.

The Company was incorporated in the Marshall Islands in February 2005. Its principal executive offices are located in Athens, Greece and it also maintains an office in the United States.

Omega Navigation's Class A Common Shares are traded on the NASDAQ National Market under the symbol "ONAV" and are also listed on the Singapore Exchange Securities Trading Limited under the symbol "ONAV 50."

Cautionary Statement Regarding Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "will," "may," "should," "expect" "pending" and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, the Company's management's examination of historical operating trends, data contained in the Company's records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company's control, the Company cannot assure you that the Company will achieve or accomplish these expectations, beliefs or projections.

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