Omega Navigation Enterprises, Inc. Declares Quarterly Dividend of $0.50 Per Common Share and Announces Date for the Release of Fourth Quarter 2008 Results, Conference Call and Webcast

February 13, 2009

Piraeus, Greece, February 13, 2009 - Omega Navigation Enterprises, Inc. (NASDAQ:ONAV, SGX:ONAV50), a provider of global marine transportation services focusing on product tankers, announced today that its Board of Directors declared a quarterly dividend with respect to the fourth quarter of 2008 in the base dividend amount of $0.50 per common share payable on March 9, 2009, to shareholders of record on February 24, 2009. This is the eleventh consecutive dividend in the base dividend amount of $0.50 per common share paid to investors since the Company went public in April, 2006.

The Board of Directors resolved to give One Holdings, an entity beneficially owned by the Company's President and Chief Executive Officer, George Kassiotis, and the sole holder of the Company's Class B subordinated shares, the option to be paid the base dividend in .07 additional shares of Class B Common Stock for each share held, in lieu of cash. If elected to be paid in stock, this stock dividend has an equivalent market value of $0.50 per share, based on the closing price of the Company's common stock on the Nasdaq on the declaration date of February 4, 2009. One Holdings must declare whether to receive the $0.50 base dividend in cash or shares not later than February 27, 2009.

Omega Navigation Enterprises also announced that it will release its results for the fourth quarter ended December 31, 2008 after the close of the market on Tuesday, March 3, 2009.

On Wednesday, March 4, 2009 at 10:00 A.M. EST, the company's management will host a conference call to discuss the results.

Conference Call Details:

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1-866-819-7111 (US Toll Free Dial In), 0800-953-0329 (UK Toll Free Dial In) or +44 (0)1452-542-301 (Standard International Dial In). Please quote "Omega".

A telephonic replay of the conference call will be available until March 11, 2009 by dialing 1-866-247-4222 (US Toll Free Dial In), 0800-953-1533 (UK Toll Free Dial In) or +44(0)1452-55-00-00 (Standard International Dial In). Access Code: #3663884.

Slide and Audio Webcast:

There will also be a live, and then archived, webcast of the conference call, that can be accessed through Omega Navigation's website at www.omeganavigation.com. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

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 eight double hull product tankers with a carrying capacity of 512,358 dwt which are chartered out under three-year time charters with an average age of less than three years. The company has also announced the signing of shipbuilding contracts to construct and acquire five additional product tankers with a capacity of 37,000 dwt each scheduled for delivery between March 2010 and early in 2011 and two additional product tankers with a capacity of 47,000 dwt the first scheduled for delivery on or about the second quarter 2009 and the second scheduled for delivery on or about the third quarter 2010. With the addition of these seven vessels, Omega's fleet will expand to 15 product tankers with a total deadweight capacity of 791,358 dwt.

The Company was incorporated in the Marshall Islands in February 2005. Its principal executive offices are located in Piraeus, 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".

Omega Navigation Enterprises, Inc.