– Eike Batista Grants OGX US$1.0 Billion Put Option –

  – Eike Batista Grants OGX US$1.0 Billion Put Option –

Business Wire

RIO DE JANEIRO -- October 25, 2012

OGX Petróleo e Gás Participações S.A. (“OGX”) (Bovespa: OGXP3; OTC: OGXPY.PK),
Brazil’s largest private oil and natural gas exploration company, announced
today that given the great number of opportunities in the oil and gas sector,
its controlling shareholder, Eike Batista, granted to the Company the right to
demand the subscription of new common shares of OGX at a price per share of
R$6.30. The amount is limited to the equivalent of US$1.0 billion (“Put” or
“Option”).

The Option is conditional upon the Company’s additional capital requirement
and the absence of more favorable alternatives, which will be determined by
the majority of the independent board members on the Company´s Board of
Directors. This option will expire after April 30, 2014.

“This option underpins my confidence in OGX’s technical expertise and quality
assets, as well as the new opportunities that the oil and gas sector offer to
OGX,” commented Eike Batista, controlling shareholder and President of the
Board of Directors of OGX.

ABOUT OGX

OGX Petróleo e Gás SA is focused on oil and natural gas exploration and
production and is conducting the largest private sector exploratory campaign
in Brazil. OGX has a diversified, high-potential portfolio, comprised of 29
exploratory blocks in the Campos, Santos, Espírito Santo, Pará-Maranhão and
Parnaíba Basins, in Brazil, and 4 exploratory blocks in Colombia, in the Lower
Magdalena Valley and the Cesar-Ranchería basins. The total extension area is
approximately 6,400 km² in sea and approximately 36,700 km² in land, with
24,500 km² in Brazil and 12,200 km² in Colombia. OGX relies on an experienced
management team and holds a solid cash position, with approximately US$2.9
billion in cash (as of June, 2012) to fund its E&P investments and new
opportunities. In June 2008, the company went public raising R$6.7 billion,
the largest amount ever raised in a Brazilian primary IPO at that moment. OGX
is a member of the EBX Group, an industrial group founded and under the
leadership of Brazilian entrepreneur Eike F. Batista, who has a proven track
record in developing new ventures in the natural resources and infrastructure
sectors. For more information, please visit www.ogx.com.br/ir.

LEGAL NOTICE

This document contains Company-related statements and information that reflect
the current vision and/or expectations the Company and its management have
regarding its business plan. These include, among others, all forward-looking
statements that involve forecasts and projections, indicate or imply results,
performance or future achievements, and may contain words such as “believe,”
“foresee,” “expect,” “consider,” “is likely to result in” or other words or
expressions of similar meaning. Such statements are subject to a series of
expressive risks, uncertainty and premises. Please be advised that several
important factors can cause the actual results to diverge materially from the
plans, objectives, expectations, estimations, and intentions expressed in this
document. In no event shall the Company or the members of its board,
directors, assigns or employees be liable to any third party (including
investors) for investment decisions or acts or business carried out based on
the information and statements that appear in this presentation, or for
indirect damage, lost profit or related issues. The Company does not intend to
provide to potential shareholders with a revision of the statements or an
analysis of the differences between the statements and the actual results.
Each investor must conduct and rely on its own evaluation, including of the
associated risks, in making an investment decision.

Contact:

OGX
Investors:
Roberto Monteiro / Eduardo Lucchesi
+55 21-2555-6237
roberto.monteiro@ogx.com.br
eduardo.lucchesi@ogx.com.br
or
Media:
Daniele Rivera
+55 21-2555-7568
daniele.rivera@ogx.com.br
 
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