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Assuming that "Save some time" is an existing project, and "Library" is an existing context:

Code:
tell application id "com.omnigroup.omnifocus"
	tell default document
		set theText to "do some reading > Save some time @ Library"
		parse tasks with transport text theText
	end tell
end tell
(No need to store the result in a variable unless you need to do something with it).

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Last edited by RobTrew; 2010-10-10 at 10:21 AM..