OGX and MPX sign an agreement for the sale of a 50% stake in 4 exploration blocks in the Parnaíba Basin

  OGX and MPX sign an agreement for the sale of a 50% stake in 4 exploration
  blocks in the Parnaíba Basin

Business Wire

RIO DE JANEIRO -- May 16, 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 signed an agreement
(“Agreement”) with MPX Energia S.A. (“MPX”) for the sale of a 50% stake in the
PN-T-168, PN-T-153, PN-T-113 and PN-T-114 onshore exploration blocks
(“Blocks”), located in the Parnaíba Basin, which were acquired by OGX during
the 11^th Exploration License auction round organized by Brazil’s National
Petroleum, Natural Gas and Biofuels Agency (ANP) on May 14, 2013.

MPX should acquire a 50% working interest in the Blocks under equal terms and
conditions to the bids presented by OGX in the 11th ANP Auction Round. The
acquisition price will therefore be equivalent to one half of the signing
bonuses and other exploration and development commitments assumed in the
winning bids, summarized in the table below.

Block     Signing Bonus  Local Content     Area
           (R$)            Expl.  Develop.   km^2
PN-T-168   4,000,063       75%     80%        3,050
PN-T-153   3,000,063       75%     80%        3,057
PN-T-113   7,000,063       80%     85%        2,741
PN-T-114  6,000,063      80%    85%       2,996
Total     20,000,252                    11,844
                                              

The assignment contemplated in the Agreement will be submitted to ANP
immediately after the execution of the respective concession contracts by OGX.

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
 
Press spacebar to pause and continue. Press esc to stop.