Update on Omega's Chapter 11 Proceedings

Omega Navigation Enterprises Inc. has announced that, in connection with its Chapter 11 proceedings in Houston, Texas, the Court has granted all of the interim relief that Omega requested. This included the right to continue to operate and pay all operating expenses in the ordinary course; the right to continue to pay employees and crew in the ordinary course; the right to continue all cash management procedures in the ordinary course; and the right to continue to maintain all insurance in the ordinary course.

Omega will continue to honor all of its charter obligations during the pendency of the court protection. The company believes the Chapter 11 bankruptcy process will help facilitate a restructuring of its balance sheet and is working towards exiting Chapter 11 with renewed financial strength.

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