PIRAEUS, GREECE--(Marketwire - March 3, 2008) - Omega Navigation Enterprises, Inc. (NASDAQ: ONAV) (SGX: ONAV50), a provider of global marine transportation services focusing on product tankers, announced today its financial and operational results for the fourth quarter and full year ended December 31, 2007.

The Company had previously announced the declaration of its quarterly cash dividend with respect to the fourth quarter of 2007 of $0.50 per share payable on March 3, 2008 to stockholders of record on February 21, 2008.

Omega Navigation Enterprises, Inc. was incorporated in the Marshall Islands in February 2005. On April 7, 2006, the Company successfully completed its Initial Public Offering of 12,000,000 Class A Common Shares at $17 per share raising a total of $204 million in gross proceeds. Omega Navigation's Class A Common Shares commenced trading on the NASDAQ National Market on April 7, 2006 and on the Singapore Exchange Securities Trading Limited on April 10, 2006.

Fourth Quarter 2007 Results

For the quarter ended December 31, 2007, Omega Navigation reported total revenues from continuing and discontinued operations of $18.5 million and Net Income of $4.2 million, or $0.28 per basic share, excluding a non cash book gain on a revaluation of warrants issued as a partial payment for two newbuilding Panamax vessels which were delivered in 2007and a non-cash book loss on its interest rate collar. Including these non cash items Net Income was $4.4 million, or $0.29 per basic share. The calculations of the above basic earnings per share treat all outstanding shares as if they were a single class. EBITDA for the fourth quarter of 2007 was $14.4 million. Please see below for a reconciliation of EBITDA to Cash from Operating Activities.

Net Income included $0.6 million of revenues related to profit sharing on charters of the vessels Omega Lady Sarah, Omega Lady Miriam and Omega Emmanuel.

Discontinued operations refer to the operation of the two dry bulk carriers that the Company agreed to sell in September 2006 and delivered on schedule to their new owners in January 2007.

The Company owned and operated an average of 8 vessels during the fourth quarter of 2007, all of which were product carriers, compared with 6 product carriers and 2 Drybulk vessels that were operated in the fourth quarter of 2006. Excluding profit sharing, the Panamax product carriers earned an average time-charter equivalent rate of $25,047 per day per vessel during the fourth quarter of 2007, versus $24,921, during the fourth quarter of 2006. The Handymax product tankers earned an average time charter equivalent (excluding profit sharing) of $20,750 per vessel per day during the fourth quarter of 2007 and the fourth quarter of 2006.

Since the inception of the charters of the product tankers through the fourth quarter of 2007, the Company has received $4.6 million of cash generated from profit sharing agreements. To date, the Company has recorded income of $4.0 million (including $1.1 million booked in the first quarter of 2007, $1.0 million in the second quarter of 2007, $1.3 million in the third quarter of 2007 and $0.6 million in the fourth quarter of 2007). The Company expects to receive approximately an additional $0.9 million in cash related to the profit sharing agreements and book to income approximately an additional $1.5 million in subsequent quarters.

Operating expenses for the Handymax product tankers averaged $4,048 per day per vessel in the fourth quarter of 2007 versus $4,166 per day per vessel in the fourth quarter of 2006. Panamax product tankers averaged operating expenses of $4,582 per day per vessel in the fourth quarter of 2007 versus $4,974 per day per vessel in the fourth quarter of 2006. The operated 6 Panamax and 2 Handymax product tankers in the fourth quarter of 2007 versus 4 Panamax and 2 Handymax product tankers in the fourth quarter of 2006.

Twelve Months ended December 31, 2007 Results

For the twelve months ended December 31, 2007, the Company recorded Net Income from continuing and discontinued operations of $15.2 million, or $ 1.00 per share, on total revenues, including continuing and discontinued operations, of $70.0 million.

The Company owned and operated an average of 7.4 vessels in the twelve months of 2007 versus an average of 5.1 vessels in the twelve months of 2006.

The Panamax product tankers in the Company's fleet earned an average time charter equivalent of $25,013 per vessel per day in the twelve months of 2007 versus $25,096 per vessel per day in the twelve months of 2006 (excluding any earnings from profit share agreements). Handymax product tankers in the Company's fleet earned an average of $20,786 per day per vessel in the twelve months of 2007 versus $20,673 per day per vessel in the twelve months of 2006.

Operating expenses for the Company's Panamax product tankers averaged $4,572 per day per vessel, excluding any initial outfitting and pre-delivery expenses, in the twelve months of 2007 versus $4,680 per day per vessel in the twelve months of 2006. Operating expenses for the Company's Handymax product carriers were $4,463 per day per vessel in the twelve months of 2007 versus $ 3,892 per day per vessel in the twelve months of 2006.

For the twelve months of 2007 we operated an average of 5.4 Panamax product tankers and 2 Handymax product tankers while in the twelve months of 2006 we operated an average of 2.1 Panamax product tankers, 1.0 Handymax product tanker and 2 dry bulk vessels.

Debt Restructuring

The accompanying unaudited financial statements comprehend a restructuring of our current senior secured credit facility as of December 31, 2007, and the replacement of our $2.4 million short term obligations under our bridge loan facility through the incurrence of long term debt. The debt restructuring, which has been agreed to by the participating financial institutions and is expected to close in the first quarter of 2008, contemplates the reduction of the balance outstanding under our current senior secured facility by an amount of approximately $39.0 million, and its replacement with a long term junior secured credit facility of $42.5 million as well as certain other changes in its terms. Part of the proceeds will also be used to finance the repayment of our $2.4 million short term obligations under our bridge loan facility. Both senior and junior facilities will be non amortizing, providing for a final repayment date in April 2011. The restructuring will also contain loan covenants which are more favorable and will be more comparable to covenants typical to listed shipping companies. The restructuring and revised covenants will also cure covenant compliance issues, if any, similar to those disclosed in our 6-K filing with the SEC on December 28, 2007. Full details of the debt restructuring will be made at the time of the closing of the loan facilities.

Fleet Developments

Current Fleet

Omega Navigation's current fleet includes eight double hull product tankers with an aggregate carrying capacity of 512,358 dwt. All of the Company's product tankers are employed under time charters having a minimum term of three years from their respective delivery dates and are chartered to established charterers including Norden, Glencore and Torm. Six of the eight product tankers have profit sharing arrangements which enable the Company to share in the charter market's upside potential.

Newbuilding Contracts

On June 19, 2007, the Company announced that it had signed shipbuilding contracts with Hyundai Mipo Dockyard, to construct and acquire five newbuilding double hull Handymax product tankers each with a capacity of 37,000 dwt. Four of these vessels are scheduled for delivery in 2010 with the fifth scheduled for delivery in early 2011. The agreed purchase price is $44.2 million per vessel. The Company intends to fund the periodic progress predelivery payments with internally generated cash flow and debt. With the addition of these five vessels Omega's fleet will consist of 13 product tankers with a total deadweight capacity of 697,358 tons.

On March 27, 2007 and April 26, 2007 Omega Navigation took delivery from STX Shipbuilding Co., South Korea, of the Omega Emmanuel and the Omega Theodore, respectively, the two newbuilding Ice Class 1A Panamax double hull product tankers with a capacity of 73,000 dwt each, which the Company had previously agreed to acquire.

During January 2007, Omega Navigation delivered its two dry bulk carriers to their new owners. With this delivery and the above mentioned acquisition of the two Panamax Ice Class 1A product carriers. Omega Navigation has fulfilled its strategic vision of becoming a pure product tanker company.

Management Commentary:

George Kassiotis, President and Chief Executive Officer of Omega Navigation, commented: "We are pleased to have concluded our seventh consecutive profitable quarter since our IPO in April 2006. We attribute our strong operational and financial results to our strategy of seeking predictable and stable cash flows through the long term employment of our vessels which continues to provide us downside protection in the freight rate environment. In addition, the fact that six of our eight product tankers have profit sharing enables us to share into the upside potential of the charter market and thereby help to maximize the return for our shareholders.

"All of our vessels are under three year time charters with established charterers pursuant to which we have secured 100% of our operating days for 2007 and 2008 and 63% in 2009. The charters on the vessels delivered to us in March and April of 2007 year extend to 2010.

"We would like to reiterate that we are pursuing a strategy of prudent growth, expanding our revenue and profit generation capabilities and in this context, as we have already announced, we have contracted for five newbuilding product carriers from a very reputable shipyard in South Korea, to be delivered starting in the first quarter 2010 with the fifth scheduled for delivery for February 2011. We expect to take delivery of these vessels at a time when newbuilding berths for product tankers around the world are becoming increasingly hard to find. In addition, the asset values for these vessels have already appreciated since we contracted them.

"We remain optimistic about the long term fundamentals of the product tanker market, the area of our strategic focus. We believe that we enjoy strong competitive advantages in this market with our focused business strategy, our fleet of young high quality vessels, long term employment with established charterers, a solid but flexible capital structure and a strong management team, enabling us to continue delivering strong, stable and predictable results for our shareholders."

The restructuring of our debt facility mentioned above increases our financial flexibility and will enable us to be in a better position to grow or otherwise increase shareholder value.

Finally, we continued with our stable dividend policy, declaring our seventh consecutive quarterly dividend of $ 0.50 per common share.

Quarterly Dividend

On February 11, 2008 the Company announced the seventh consecutive quarterly dividend since it went public of $0.50 per common share, payable on March 3, 2008 to shareholders of record as of February 21, 2008.

Omega Navigation intends to declare and pay quarterly dividends to shareholders in amounts that are substantially equal to the available cash from operations during the previous quarter after cash expenses, and other discretionary reserves.

Gregory McGrath, Chief Financial Officer of Omega Navigation, commented: "We have now paid or declared on schedule seven consecutive quarterly dividends since going public in the amount of $0.50 per common share, aggregating $3.50 per common share, and our next quarterly dividend declaration is anticipated for May 2008. Our overall objective is to pursue a strategy of disciplined growth, while at the same time implementing a stable, dividend payout. We believe this strategy will maximize shareholder value over the long term. Our subordinated share structure enhances our Company's ability to pay dividends to the public shareholders and is structured to enable all shareholders to share equally in our Company's profitability and growth. The Class B shares held by the founding shareholder, which were approximately 20.6% of the total outstanding shares, are subordinated in respect of paying dividends to the public shareholders."

As of December 31, 2007, the Company had a net debt to book capitalization ratio of 63%, including debt incurred for the financing of the two newbuilding Panamax product tankers delivered in March and April 2007 as well as for the financing of the first two predelivery instalments of our newbuilding order of five product tankers.

Operating Fleet Data

                          Panamax Tankers            Handymax Tankers
                    --------------------------  --------------------------
                        Three months ended          Three months ended
                    --------------------------  --------------------------
                    December 31,  December 31,  December 31,  December 31,
                        2007          2006          2007          2006
                    ------------  ------------  ------------  ------------

Number of vessels
 at end of period              6             4             2             2
Average age of
 fleet (in years)              2             2             1             0
Ownership days (1)           552           368           184           184
Available days (2)           552           368           184           184
Operating days  (3)          552           368           184           184
Fleet Utilization (4)        100%          100%          100%          100%
Voyage revenues (net
 of voyage
 expenses) (7)      $ 13,826,066  $  9,170,954  $  3,817,959  $  3,817,936
Time charter
 equivalent (TCE)
 rate $/day (5)(7)        25,047        24,921        20,750        20,750
Vessel operating
 expenses (net of
 predelivery
 expenses)          $  2,529,085  $  1,830,411  $    744,887  $    766,516
Daily vessel
 operating expenses
 $/day (6)                 4,582         4,974         4,048         4,166
                    ------------  ------------  ------------  ------------

                           Year ended                    Year ended
                    --------------------------  --------------------------
                    December 31,  December 31,  December 31,  December 31,
                        2007          2006          2007          2006
                    ------------  ------------  ------------  ------------
Number of vessels
 at end of year                6             4             2             2
Average age of
 fleet (in years)              2             2             1             0
Ownership days (1)         1,989           753           730           369
Available days (2)         1,989           753           730           369
Operating days (3)         1,989           753           730           369
Fleet Utilization (4)        100%          100%          100%          100%
Voyage revenues (net
 of voyage
 expenses) (7)      $ 49,751,319  $ 18,897,176  $ 15,173,810  $  7,628,272
Time charter
 equivalent (TCE)
 rate $/day (5)(7)        25,013        25,096        20,786        20,673
Vessel operating
 expenses (net of
 predelivery
 expenses)          $  9,093,574  $  3,523,869  $  3,258,075  $  1,436,252
Daily vessel
 operating expenses
 $/day (6)                 4,572         4,680         4,463         3,892
                    ------------  ------------  ------------  ------------

(1) Ownership days are the aggregate number of days in a period during
which each vessel in our fleet has been owned by us. Ownership days are an
indicator of the size of our fleet over a period and affect both the amount
of revenues and the amount of expenses that we record during a period.

(2) Available days are the number of our ownership days less the aggregate
number of days that our vessels are off-hire due to scheduled repairs or
repairs under guarantee, vessel upgrades or special surveys. The shipping
industry uses available days to measure the number of days in a period
during which vessels should be capable of generating revenues.

(3) Operating days are the number of available days in a period less the
aggregate number of days that our vessels are off-hire due to unforeseen
circumstances. The shipping industry uses operating days to measure the
aggregate number of days in a period during which vessels actually generate
revenues.

(4) We calculate fleet utilization by dividing the number of our operating
days during a period by the number of our available days during the period.
The shipping industry uses fleet utilization to measure a company's
efficiency in finding suitable employment for its vessels and minimizing
the number of days that its vessels are off-hire for reasons other than
scheduled repairs or repairs under guarantee, vessel upgrades, special
surveys or vessel positioning.

(5) Time charter equivalent, or TCE, is a measure of the average daily
revenue performance of a vessel on a per voyage basis. Our method of
calculating TCE is consistent with industry standards and is determined by
dividing voyage revenues (net of voyage expenses) by available days for the
relevant time period. Voyage expenses primarily consist of port, canal and
fuel costs that are unique to a particular voyage, which would otherwise be
paid by the charterer under a time charter contract, as well as
commissions. TCE is a standard shipping industry performance measure used
primarily to compare period-to-period changes in a shipping company's
performance despite changes in the mix of charter types (i.e., spot
charters, time charters and bareboat charters) under which the vessels may
be employed between the periods.

(6) Daily vessel operating expenses, which include crew wages and related
costs, the cost of insurance, expenses relating to repairs and maintenance
(excluding drydocking), the costs of spares and consumable stores, tonnage
taxes and other miscellaneous expenses, but excludes any predelivery
expenses incurred at or prior to the delivery of the product tankers, are
calculated by dividing vessel operating expenses by ownership days for the
relevant period. For the three months ended December 31, 2007, pre-delivery
expenses amounted to $0 million for Panamax product tankers and $0 for
Handymax product tankers. For the year ended December 31, 2007,
pre-delivery expenses amounted to $0.8 million for Panamax product tankers
and $0 for Handymax product tankers. For the three months ended December
31, 2006, pre-delivery expenses amounted to $64,298 for Panamax product
tankers and $54,809 for Handymax product tankers. For the year ended
December 31, 2006, pre-delivery expenses amounted to $0.4 million for
Panamax product tankers and $0.3 for Handymax product tankers.

(7) For the three months ended December 31, 2007 excludes $ 0.6 million of
profit sharing revenue booked in the fourth quarter of 2007 on the "Omega
Lady Sarah," the "Omega Lady Miriam" and the "Omega Emmanuel." For the year
ended December 31, 2007 excludes $ 4.0 million of profit sharing revenue
booked in 2007 on the "Omega Lady Sarah," "Omega Lady Miriam," "Omega
Theodore" and "Omega Emmanuel."

Fleet Profile and Employment:

The table below describes the profile and employment of the Company's fleet as of today:

                                                       Daily
             Sister   Year  Deadweight       Delivery   Hire         Re-
Vessel       Ship (1) Built   (dwt)    Type    Date   Rate (2)     delivery
------------ -------- ----- ---------- ----- -------- -------- --- --------
CURRENT
 FLEET
------------ -------- ----- ---------- ----- -------- -------- --- --------
Panamax
 Product
 Tankers
------------ -------- ----- ---------- ----- -------- -------- --- --------
Omega Queen     A      2004     74,999 LR1     May-06 $ 26,500 (3)   May-09
------------ -------- ----- ---------- ----- -------- -------- --- --------
Omega King      A      2004     74,999 LR1     Jun-06 $ 26,500 (3)   Jun-09
------------ -------- ----- ---------- ----- -------- -------- --- --------
                                       LR1 -
                                        Ice
Omega Lady                             Class
 Sarah          C      2004     71,500  1C     Jun-06 $ 24,000 (4)   Jun-09
------------ -------- ----- ---------- ----- -------- -------- --- --------
                                       LR1 -
                                        Ice
Omega Lady                             Class
 Miriam         C      2003     71,500  1C     Aug-06 $ 24,000 (4)   Jul-09
------------ -------- ----- ---------- ----- -------- -------- --- --------
                                       LR1 -
                                        Ice
Omega                                  Class
 Emmanuel       D      2007     73,000  1A     Mar-07 $ 25,500 (6)   Apr-10
------------ -------- ----- ---------- ----- -------- -------- --- --------
                                       LR1 -
                                        Ice
Omega                                  Class
 Theodore       D      2007     73,000  1A     Apr-07 $ 25,500 (6)   May-10
------------ -------- ----- ---------- ----- -------- -------- --- --------
Handymax
 Product
 Tankers
------------ -------- ----- ---------- ----- -------- -------- --- --------
                                        Ice
                                       Class
Omega Prince    B      2006     36,680  1A     Jun-06 $ 21,000 (5)   Jun-09
------------ -------- ----- ---------- ----- -------- -------- --- --------
                                        Ice
Omega                                  Class
 Princess       B      2006     36,680  1A     Jul-06 $ 21,000 (5)   Jun-09
------------ -------- ----- ---------- ----- -------- -------- --- --------
TOTAL (DWT):                   512,358
------------ -------- ----- ---------- ----- -------- -------- --- --------
Additional
 Handymax
 Vessels
------------ -------- ----- ---------- ----- -------- -------- --- --------
TBN1            E      2010     37,000         Mar-10
------------ -------- ----- ---------- ----- -------- -------- --- --------
TBN2            E      2010     37,000         Jul-10
------------ -------- ----- ---------- ----- -------- -------- --- --------
TBN3            E      2010     37,000        Sept-10
------------ -------- ----- ---------- ----- -------- -------- --- --------
TBN4            E      2010     37,000         Dec-10
------------ -------- ----- ---------- ----- -------- -------- --- --------
TBN5            E      2011     37,000         Feb-11
------------ -------- ----- ---------- ----- -------- -------- --- --------
Total (DWT):                   185,000
------------ -------- ----- ---------- ----- -------- -------- --- --------

(1) Each vessel is a sister ship of each other vessel that has the same
letter.

(2) This table shows gross charter rates and does not include brokers'
commissions, which are 1.25% of the daily time charter rate.

(3) The Company has granted Torm the option to extend the charter for 24
months at a minimum daily time charter hire rate of $28,500.

(4) Plus any additional income under profit sharing provisions of the
Company's charter agreement.

(5) Plus any additional income under profit sharing provisions of the
charter agreements with D/S Norden A/S. The Company has granted the
charterers the option to extend the charter for 12 months at a minimum
daily time charter hire rate of $24,000.

(6) Plus any additional income under profit sharing arrangements, according
to which charter earnings in excess of $25,500 per day will be divided
equally between Omega Navigation and ST Shipping. When the vessels trade in
ice conditions, the profit sharing between Omega Navigation and ST Shipping
is 65/35% respectively.

Conference Call and Webcast:

As previously announced, the Company's management will host a conference call to discuss its fourth quarter 2007 results on March 4, 2008 at 10:00 A.M. EST.

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."

In case of any problem with the above numbers, please dial 1-866-223-0615 (from the US), 0800 694 1503 (from the UK) or + 44 (0) 1452 586 513 (all other callers). Please quote "Omega."

A telephonic replay of the conference call will be available until March, 11, 2008 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#.

Slides and audio webcast: There will also be a live, and then archived, webcast of the conference call, through Omega Navigation's website (www.omeganavigation.com) Participants into the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

                     Omega Navigation Enterprises, Inc.
                     Consolidated Statement of Income
           (All amounts expressed in thousands of U.S. Dollars)

                              Three months ended          Year ended
                            ----------------------  ----------------------
                             December    December    December    December
                                31,         31,         31,         31,
                               2007        2006        2007        2006
                           (Unaudited) (Unaudited) (Unaudited)
                            ----------  ----------  ----------  ----------

CONTINUING OPERATIONS
Revenues:
  Voyage revenue                18,523      13,154      69,890      26,867

Expenses:
  Voyage expenses                 (257)       (165)       (930)       (341)
  Vessel operating expenses     (3,274)     (2,716)    (13,121)     (5,669)
  Depreciation and
   amortization                 (4,747)     (3,571)    (17,557)     (7,236)
  Management fees                 (287)       (268)     (1,110)       (568)
  Options' premium                   -        (200)       (200)       (200)
  General and
   administrative expenses      (1,146)       (814)     (4,667)     (2,354)
  Foreign currency losses          (30)        (18)        (89)        (33)
                            ----------  ----------  ----------  ----------
Operating income                 8,782       5,402      32,216      10,466
                            ----------  ----------  ----------  ----------

Other income (expenses)
  Interest and finance
   costs                        (4,821)     (3,387)    (18,579)     (7,425)
  Interest income                  217         145       1,822       1,837
  Change in fair value of
   warrants settled liability      838           -       1,070           -
  Loss on derivative
   instruments                    (649)        158      (1,221)       (313)
                            ----------  ----------  ----------  ----------
Total other income
 /(expenses), net               (4,415)     (3,084)    (16,908)     (5,901)
                            ----------  ----------  ----------  ----------

                            ----------  ----------  ----------  ----------
INCOME FROM CONTINUING
 OPERATIONS                      4,367       2,318      15,308       4,565
                            ----------  ----------  ----------  ----------

DISCONTINUED OPERATIONS
Income/(Loss) from
 discontinued operations of
 the bulk carrier fleet
 (including a gain on
 extinguishment of debt of
 $5 million in 2006)                 -       2,032        (155)     11,248
Loss on disposal of dry
 bulk carrier vessels in 2006        -           -           -      (1,685)
                            ----------  ----------  ----------  ----------
 INCOME/(LOSS) FROM
  DISCONTINUED OPERATIONS            -       2,032        (155)      9,563
                            ----------  ----------  ----------  ----------

                            ----------  ----------  ----------  ----------
Net income                       4,367       4,350      15,153      14,128
                            ==========  ==========  ==========  ==========




                     Omega Navigation Enterprises, Inc.
                        Consolidated Balance Sheet
           (All amounts expressed in thousands of U.S. Dollars)

                                                 December 31, December 31,
                                                    2007          2006
                                                  (Unaudited)
                                                  -----------  ------------

ASSETS
CURRENT ASSETS:
  Cash and cash equivalents                             9,283         3,862
  Accounts receivable, trade                              179           145
  Inventories                                             501           504
  Prepayments and other                                   848           518
  Restricted cash                                          27         2,477
  Vessels held for sale                                     -        81,468
                                                  -----------  ------------
Total current assets                                   10,838        88,974
                                                  -----------  ------------

FIXED ASSETS:
  Vessels, net                                        461,251       350,288
  Property and equipment, net                             103           143
  Advances for vessels' acquisition                    44,869          200
                                                  ----------- ------------
Total fixed assets                                    506,223      350,631
                                                  ----------- ------------

OTHER NON-CURRENT ASSETS:
  Deferred charges                                       343           226
  Restricted cash                                      5,081         4,000
                                                 -----------  ------------
Total other non current assets                         5,424         4,226
                                                 -----------  ------------

Total assets                                          522,485       443,831
                                                  ===========  ============

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
  Current portion of long term debt                         -        49,133
  Accounts payable                                        869         1,496
  Accrued and other current liabilities                 2,318         1,129
  Deferred revenue                                      1,869         2,719
  Derivative liability                                  1,151            32
  Dividends payable                                        30             -
                                                  -----------  ------------
Total current liabilities                               6,237        54,509
                                                  -----------  ------------


NON-CURRENT LIABILITIES:
   Long term debt, net of current portion             323,346       188,944
   Warrants                                             7,097             -
   Derivative liability                                   428           281
   Dividends payable                                       81             -
                                                  -----------  ------------
Total non-current liabilities                         330,952       189,225
                                                  -----------  ------------

                                                  -----------  ------------
COMMITMENTS AND CONTINGENCIES:                              -             -
                                                  -----------  ------------

Stockholders' equity:
  Common stock                                           151           151
  Additional paid-in capital                         197,047       196,590
  Retained earnings/(Accumulated deficit)            (11,902)        3,356
                                                 -----------  ------------
Total stockholders' equity                           185,296       200,097
                                                 -----------  ------------
Total liabilities and stockholders' equity           522,485       443,831
                                                 ===========  ============



                     Omega Navigation Enterprises, Inc.
                   Consolidated Statement of Cash Flows
          (All amounts expressed in thousands of U.S. Dollars)

                              Three months ended          Year ended
                            ----------------------  ----------------------
                             December    December    December    December
                                31,         31,         31,         31,
                               2007        2006        2007        2006
                           (Unaudited) (Unaudited) (Unaudited)
                            ----------  ----------  ----------  ----------

Cash flows from operating
 activities
Income from continuing
 operations                      4,367       2,318      15,308       4,565

Net cash provided by/(used
 in) continuing operating
 activities                      8,705       5,692      34,067      15,002
Net cash provided by/(used
 in) discontinued operating
 activities                          -       1,752        (695)      7,728
                            ----------  ----------  ----------  ----------
Net cash from continuing
 and discontinued operating
 activities                      8,705       7,444      33,372      22,730
                            ----------  ----------  ----------  ----------

Cash flows from investing
 activities
Net cash provided by/(used
 in) investing
 activities-continuing
 operations                    (22,443)        (13)   (165,178)   (358,067)
Net cash provided by
 investing
 activities-discontinued
 operations                          -           -      81,468           -
                            ----------  ----------  ----------  ----------
Net cash provided by/(used
 in) investing activities-
 continuing and
 discontinued operations       (22,443)        (13)    (83,710)   (358,067)
                            ----------  ----------  ----------  ----------

Cash flows from financing
 activities
Net cash provided by/(used
 in)financing
 activities-continuing
 operations                     13,397     (12,006)     93,153     338,427
Net cash used in financing
 activities-discontinued
 operations                          -        (606)    (37,394)     (4,286)
                            ----------  ----------  ----------  ----------
Net cash provided by/(used
 in) financing
 activities-continuing and
 discontinued operations        13,397     (12,612)     55,759     334,141
                            ----------  ----------  ----------  ----------

Net increase/(decrease) in
 cash and cash equivalents        (341)     (5,181)      5,421      (1,196)
Cash and cash equivalents
 at the beginning of the
 period                          9,624       9,043       3,862       5,058
                            ----------  ----------  ----------  ----------
Cash and cash equivalents
 at end of period                9,283       3,862       9,283       3,862
                            ==========  ==========  ==========  ==========




                     Omega Navigation Enterprises, Inc.
      Reconciliation of EBITDA (1) to Cash from Operating Activities
           (All amounts expressed in thousands of U.S. Dollars)

CONTINUING OPERATIONS         Three months ended          Year ended
                            ----------------------  ----------------------
                             December    December    December    December
                             31, 2007    31, 2006    31, 2007    31, 2006
                            ----------  ----------  ----------  ----------

Net cash from operating
 activities                      8,705       5,692      34,067      15,002
   Net increase/(decrease)
    in current assets              410        (393)        534         637
   Net decrease in current
    liabilities excluding
    bank debt                       45         702        (576)     (3,128)
   Stock based compensation       (146)          -        (458)          -
   Write off of options'
    premium                          -        (200)       (200)       (200)
   Change in fair value of
    warrants settled
    liability                      838           -       1,071           -
   Net interest
    (income)/expense             4,604       3,241      16,712       5,588
   Amortization of
    financing costs                (86)        (70)       (306)       (197)
EBITDA                          14,370       8,972      50,844      17,702


CONTINUING & DISCONTINUED
 OPERATIONS                   Three months ended          Year ended
                            ----------------------  ----------------------
                             December    December    December    December
                             31, 2007    31, 2006    31, 2007    31, 2006
                            ----------  ----------  ----------  ----------
 Net cash from operating
 activities                      8,705       7,444      33,372      22,730
Net increase/(decrease) in
 current assets                    408         128         360         987
Net decrease in current
 liabilities excluding bank
 debt                               45         581         177      (2,477)
Gain on extinguishment of
 debt                                -           -           -       5,000
Loss on sale of vessels              -           -           -      (1,685)
Stock based compensation          (146)          -        (457)          -
Write off of options’
 premium                             -        (200)       (200)       (200)
Change in fair value of
 warrants settled liability        838           -       1,071           -
Net interest
 (income)/expense                4,604       3,986      16,841       8,565
Amortization of financing
 costs                             (86)       (190)       (347)       (342)
EBITDA                          14,368      11,749      50,817      32,578

(1) EBITDA represents net income before interest, taxes, depreciation and
amortization. EBITDA does not represent and should not be considered as an
alternative to net income or cash flow from operations, as determined by US
GAAP and our calculation of EBITDA may not be comparable to that reported
by other companies. EBITDA is included here because it is a basis upon
which we assess our liquidity position because we believe it presents
useful information to investors regarding our ability to service and/or
incur indebtedness.

About Omega Navigation Enterprises, Inc.

Omega Navigation Enterprises, Inc. is an international provider of global marine transportation services through the ownership and operation of eight double hull product tankers. The current fleet includes eight double hull product tankers with a carrying capacity of 512,358 dwt. These eight product tankers are chartered out under three-year period time charters. Furthermore, the company recently announced the signing of shipbuilding contracts to construct and acquire five newbuilding double hull Handymax product tankers each with a capacity of 37,000 dwt scheduled for delivery between March 2010 and early in 2011. With the addition of these five vessels, the Omega fleet will expand to 13 product tankers with a total deadweight capacity of 697,358 tons.

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."

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.

In addition to these important factors other important factors that, in the Company's view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for product tanker and dry bulk shipping capacity, changes in the Company's operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company's vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see the Company's filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

Contact Information: Contacts: Company Contact: Gregory A. McGrath Chief Financial Officer Omega Navigation Enterprises, Inc. PO Box 272 Convent Station, NJ 07961 Tel. (551) 580-0532 E-mail: gmcgrath@omeganavigation.com www.omeganavigation.com Investor Relations / Financial Media: Nicolas Bornozis President Capital Link, Inc. 230 Park Avenue, Suite 1536 New York, NY 10169 Tel. (212) 661-7566 E-mail: nbornozis@capitallink.com www.capitallink.com