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OGX Announces Start of Production of its Third Well in the Tubarão Azul Field

  OGX Announces Start of Production of its Third Well in the Tubarão Azul
  Field

Business Wire

RIO DE JANEIRO -- January 4, 2013

OGX Petróleo e Gás Participações S.A. (“OGX”) (Bovespa: OGXP3; OTC: OGXPY.PK),
Brazil’s largest private oil and natural gas exploration company, announces
that it has connected and started its third production well in the Tubarão
Azul field, TBAZ-1HP, situated in the Campos Basin, on December 31, 2012,
which was under cleaning and adjusting process and today initiated the
effective oil production.

Luiz Carneiro, Chief Executive Officer of OGX says: "We are thrilled that
production has started at our third well in the Tubarão Azul Field, which will
contribute to increasing OGX’s current production levels."

Prior to the beginning of production of TBAZ-1HP well, the FPSO OSX-1 was
producing at an average of 10,100 barrels of oil equivalent per day, connected
to two production wells, OGX-26HP and OGX-68HP. The TBAZ-1HP well has a
horizontal section of 1,200 meters and is located approximately 3 kilometers
away from the first two production wells.

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 28
exploratory blocks in the Campos, Santos, Espírito Santo, Pará-Maranhão and
Parnaíba Basins, in Brazil, and 5 exploratory blocks in Colombia, in Lower
Magdalena Valley and in Cesar-Ranchería basins. The total extension area is of
approximately 5,700 km² in sea and approximately 36,900 km² in land, with
24,500 km² in Brazil and 12,400 km² in Colombia. OGX relies on an experienced
management team and holds a solid cash position, with approximately US$2.5
billion in cash (as of September, 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, +55-21-2163-6237
roberto.monteiro@ogx.com.br
or
Eduardo Lucchesi, +55-21-2163-6237
eduardo.lucchesi@ogx.com.br
or
Media:
Daniele Rivera, +55-21-2163-7568
daniele.rivera@ogx.com.br
 
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