Omega Continues To Operate in the Ordinary Course of Business

Update Concerning Omega Navigation Enterprises

ATHENS, Greece, June 1, 2012

Omega Navigation Enterprises Inc. announced today that, in connection with its Chapter 11 proceedings in Houston, Texas, Omega and its major creditor constituencies are continuing to engage in mediation discussions concerning a potential Chapter 11 plan of reorganization. In connection with the mediation proceedings, the parties have agreed (subject to Court approval) to extend various deadlines in the Chapter 11 proceedings, including the extension until July 20, 2012 of Omega's exclusive right to file a Chapter 11 plan of reorganization. The details of the mediation process remain confidential.

In the meantime, the management team continues to operate the business in the ordinary course. Omega will continue to honor all of its charter obligations during the pendency of the court protection. Omega believes the Chapter 11 reorganization process will help the Company facilitate a restructuring of its balance sheet and is working towards exiting Chapter 11 as a financially stronger entity that will be positioned to enjoy future growth based on the strength of its existing modern fleet of product tanker vessels.

Additional information and a list of frequently asked questions and answers relating to the reorganization process and procedures is posted on our website www.omeganavigation.com.

Omega Navigation Enterprises, Inc. press release