OGX Acquires a Working Interest in 13 Exploration Blocks in the Equatorial Margin and the Parnaíba Basin During ANP’s 11th

  OGX Acquires a Working Interest in 13 Exploration Blocks in the Equatorial
  Margin and the Parnaíba Basin During ANP’s 11th Exploration License Auction
  Round

Business Wire

RIO DE JANEIRO -- May 15, 2013

OGX Petróleo e Gás Participações S.A. (“OGX”) (Bovespa: OGXP3; OTC: OGXPY.PK),
the Brazilian oil and gas company responsible for the largest private-sector
exploratory campaign in Brazil, announces that it has acquired a working
interest in 7 deep-water and 2 shallow-water blocks situated in the Equatorial
Margin and 4 onshore blocks situated in the Parnaíba Basin during the 11^th
Exploration License auction round organized by Brazil’s National Petroleum,
Natural Gas and Biofuels Agency (ANP).

Luiz Carneiro, CEO of OGX, commented:

“OGX is very pleased with the outcome of the 11^th Bid Round organized by ANP.
The offshore blocks are located within the Equatorial Margin, in the North of
Brazil, an underexplored and highly promising area as demonstrated by recent
discoveries in the surrounding areas. The onshore blocks are located in the
Parnaíba Basin, where we have recently achieved significant results in both
the exploration and production fronts.

The partnership with ExxonMobil and Total, two major international oil and gas
players with significant expertise and resources, with a strong track record
of success in the West Africa and the Atlantic Margin, underscore the high
potential of the blocks, as well as our ability to identify and develop future
growth opportunities. We are also very satisfied to have once more an
opportunity to work with Queiroz Galvão Exploração e Produção, an important
and reputable player in the Brazilian Oil and Gas market.

This is clearly an exciting time for Brazil’s oil and gas industry and for
OGX, and we are thrilled to be a part of it.”

Offshore Blocks

                          Signature    Local      OGX    Area  
Basin          Block(s)     Bonus         Content     Share   km²     Operator
                                       Exp  Dev               
Foz do        FZA-M-184   R$           40%  63%  100%   767    OGX
Amazonas                    30,000,063
               BAR-M-213   R$           40%  63%  100%   769    OGX
                            40,000,163
Barreirinhas   BAR-M-389   R$           40%  63%  100%   192    OGX
                            80,000,163
              BAR-M-251   R$           40%  63%  100%   192    OGX
                            40,000,163
               POT-M-475   R$           37%  56%  100%   768    OGX
Potiguar                    20,000,063
              POT-M-762   R$           37%  55%  50%    767    ExxonMobil
                            81,876,563
               CE-M-663    R$           37%  56%  100%   512    OGX
                            70,000,163
Ceará          CE-M-661^1  R$           37%  65%  30%    769    TOTAL E&P
                            40,462,000
              CE-M-603    R$           37%  55%  50%    769    ExxonMobil
                            45,865,663
Total                       R$                
               9            448,205,004                       5,506
Total NET                 R$                                
OGX                         356,010,491
                                                                      

^1 TOTAL E&P has 45% W.I., OGX 30% and Queiroz Galvão Exploração e Produção
(QGEP) 25%

Onshore Blocks

                     Signature     Local         OGX     Area  
Basin       Block(s)   Bonus          Content        Share    km²     Operator
                                   Exp    Dev                 
            PN-T-168  R$ 4,000,063  75%    80%   100%    3,050  OGX
Parnaíba    PN-T-153  R$ 3,000,063  75%    80%   100%    3,057  OGX
            PN-T-113  R$ 7,000,063  80%    85%   100%    2,741  OGX
           PN-T-114  R$ 6,000,063  80%    85%   100%    2,996  OGX
Total                  R$                  
            4          20,000,252                             1,843
Total NET            R$                                     
OGX                    20,000,252
                                                                      

The signature of the concession contracts are still subject to the
finalization of the bid process by ANP.

Maps showing the awarded blocks are available on the OGX IR website:
www.ogx.com.br/ri

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 26
exploratory blocks in the Campos, Santos, Espírito Santo, Pará-Maranhão and
Parnaíba Basins in Brazil, and 5 exploratory blocks in Colombia, in the Lower
Magdalena Valley and the Cesar-Ranchería basins. The total extension area is
of approximately 4,600 km² in sea and approximately 36,700 km² on land, with
24,500 km² in Brazil and 12,200 km² in Colombia. OGX relies upon an
experienced management team and holds a solid cash position, with
approximately US$1.15 billion in cash (as of March 2013) to fund its E&P
investments and new opportunities. In June of 2008, the company went public
raising R$6.7 billion, which at the time was the largest amount ever raised in
a Brazilian IPO. 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/ri

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, roberto.monteiro@ogx.com.br
Thomaz Freire, thomaz.freire@ogx.com.br
Gabriel Browne, gabriel.browne@ogx.com.br
+55 21 2163-6237
or
Media:
Daniele Rivera, daniele.rivera@ogx.com.br
+55 21 2163-7568
 
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