Material Fact - Clarification on CVM/BOVESPA Consultation

Official Letter BM&FBOVESPA GEA-1/N°504/2013 
RIO DE JANEIRO, Sept. 12, 2013 /CNW/ - HRT Participações em Petróleo S.A. 
(the "Company" or "HRT") (BM&FBOVESPA: HRTP3, TSX-V: HRP) hereby presents 
clarifications, as requested by BM&FBOVESPA on the referred Official Letter, 
received on September 10(th), regarding the Material Fact released on 
September 9th. For a better understanding, the transcript of Official Letter 
is presented below: 
RESULTS OF THE MOOSEHEAD-1 WELL OFFSHORE NAMIBIA 
Rio de Janeiro, September 9(th), 2013 - HRT Participações em Petróleo S.A. 
(the "Company" or "HRT") (BM&FBOVESPA: HRTP3, TSX-V: HRP) announces that the 
Moosehead-1 well (2713/16-1) ("Moosehead-1"), the third offshore well in our 
exploratory drilling campaign, is a dry hole. This well targeted the Moosehead 
Prospect, located in Petroleum Exploration License 24 ("PEL-24"), in the 
Orange Basin, offshore the Republic of Namibia. 
The main objective of the Moosehead-1 well was to test the resource potential 
of Barremian-aged carbonate reservoirs, expected to be equivalent to the 
Brazil and Angola "pre-salt" reservoirs, within a 546 km(2) 4-way dip closure, 
mapped on 3D seismic. Extensive formation evaluation was performed to confirm 
the nature and quality of the carbonate reservoir and source rock intervals, 
including wireline logs and sidewall core samples. 
The Moosehead-1 well encountered approximately 100m of carbonates at the 
primary target. The nature of the reservoir, though further analysis of data 
collected will be necessary, appears similar to the "pre-salt" reservoirs as 
predicted. However, porosity was less developed than expected in this 
location, and is being considered a dry-hole. Wet gas shows were encountered 
in the section that increased in wetness with depth. At least two potential 
source rocks were penetrated, including the well-developed Aptian-age source 
rock. Indications of source rocks in the deeper rift section were also 
apparent, though not penetrated. Further analysis of the well sampling will 
greatly help with continuing exploration on the HRT blocks in Namibia. 
The Moosehead-1 well was located in 1,716m of water depth and was drilled to 
4,170m of measured total depth. The well was drilled, wireline logged and P&A, 
in a total of 47 days, by the Transocean Marianas (NYSE:RIG) semi-submersible 
rig. Operational and safety performance was excellent. This completes HRT's 
Namibian drilling campaign and the Transocean Marianas is available for 
sublease. 
HRT is the operator of 10 blocks offshore Namibia, which are contained in 4 
Petroleum Licenses. GALP Energia (NYSE Euronext Lisbon: GALP), with 14% 
participating interest, is HRT's partner to drill the first 3 wells of the 
current exploration campaign. 
"The Moosehead well concludes HRT's first drilling campaign in Namibia with 
very important geological information even though no pay zones were found in 
this well. The time has come for a thorough analysis of our three well results 
and assets in Namibia to develop new plans for 2014 and 2015. We conclude this 
campaign with the understanding that both the Orange and Walvis basins, tested 
with drilling, are oil and gas prone basins, new exploration efforts will 
bring commercial hydrocarbon discoveries and that HRT will be part of the 
future of Namibian exploration", highlighted Milton Franke, the CEO of HRT. 
For additional information, please contact HRT's Investor Relations Department. 
"OFÍCIO/CVM/SEP/GEA-1/N°504/2013 
Rio de Janeiro, September 10, 2013. 
To  
Mr. Ricardo Bottas Dourado dos Santos
Investor Relations Officer of 
HRT Participações em Petróleo S.A.
Avenida Atlântica, n.º 1130, 10º andar - Copacabana 
CEP 22021-000 - Rio de Janeiro - RJ 
Phone: (21) 2105-9700 / Fax: (21) 2105-9713
E-mail: ri@hrt.com.br
c/c: gre@bvmf.com.br 
Subject: Addendum to Material Fact 
Dear Sir, 
Reference is made to the Material Fact disclosed on 09.09.2013, at 08:48 p.m. 
via the IPE System, under the title "Results of the Moosehead-1 Well Offshore 
Namibia". 
In this regard, in light of the exploratory, operational and financial results 
of the Company, associated with the statements of the CEO, Mr. Milton Franke, 
especially: 
[....] 
"We conclude this campaign with the understanding that both the Orange and 
Walvis basins, tested with drilling, are oil and gas prone basins, new 
exploration efforts will bring commercial hydrocarbon discoveries and that HRT 
will be part of the future of Namibian exploration", 
[....] 
Based on the jurisdiction set forth in paragraph 6, article 3 of the CVM 
Instruction No. 358/2002, we hereby require the amendment of the referred 
Material Fact, which should be complemented with the following information: 
i. Description of the steps to be taken by the Executive Board, due to the 
termination of the current exploratory campaign in Namibia;
ii. Financing sources for new exploratory efforts, given the current financial 
and equity conditions of the company;
iii. Reasons why the CEO of HRT assures that new exploration efforts will 
bring commercial hydrocarbon discoveries;  
Lastly, we would like to point out that the amended Material Fact must include 
copy of this Official Letter and must be resubmitted via the IPE System, 
category "Material Fact", type "Resubmission due to Request".  
We further clarify that it will be incumbent upon the Superintendence of 
Corporate Relations, exercising the powers vested in it by Law, and based on 
item II, article 9 of Law 6,385/1976, and article 7, combined with article 9 
of CVM Instruction 452/2007, to determine the application of a coercive fine, 
in the amount of R$ 1.000,00 (one thousand Brazilian reais), without prejudice 
to other administrative sanctions, due to non-compliance with the requests 
comprised in this official letter, within 24 (twenty-four) hours as from the 
receipt of this letter, which was also sent by facsimile and email. 
Sincerely, 
Nilza Maria Silva de Oliveira 
Company Follow-Up Manager-1 
Fernando Soares Vieira 
Corporate Relations Superintendent   
Dear Sirs, 
Pursuant to the Official Letter GEA-1/N°504/2013 ("Letter") as of September 
10(th), 2013, in which the Company has been asked to present clarifications 
about the Material Fact released on September 9(th), we hereby inform: 
Steps that will be taken by the Executive Board, due to the termination of the 
current exploratory campaign in Namibia: 


    --  The Company has been working on the review of the Business
        Plan, in which the activities to be developed in the Namibian
        assets in the next 2 years will be defined;
    --  As per the Minutes of the Board of Directors' meeting held on
        September 9 and 10, 2013, on its item (a.1): […] "The
        Board of Directors discussed the strategies and plans to
        enhance the Company's cash position. The Board of Directors
        provided the executive board with the guidelines to develop an
        updated business plan with a view to reflecting significant
        cost reduction, so that it can assure financial stability
        throughout 2014"
    --  HRT will process all geological and geochemical data sampled
        with the drilling of the three exploration wells (Wingat-1,
        Murombe-1 and Moosehead-1) and will calibrate their seismic
        interpretations and petroleum system modelings aiming to
        reassess the current prospects and identify new potential
        prospects. Based on these new studies, the Company will search
        for new partnerships aiming to carry out future exploratory
        campaigns in these basins.

Financing sources for new exploratory efforts, given the current financial and 
equity conditions of the company:
    --  New exploratory efforts have to be funded through new strategic
        partnerships. Two farm-downs (Namibia and Solimões) are under
        negotiations with a view to raising funds and sharing the risk.
        As disclosed on the Material Fact as of September 4(th), 2013
        ("Updates on the Strategic Divestment Program"), the Company
        announced that: (i) concluded the sale of its air logistics
        business (Air Amazonia, with a fleet of six helicopters),
        having received US$ 23 million, which may reach up to US$ 40
        million; (ii) performed the sale of an airplane, having
        received US$ 1.8 million, and (iii) it is performing the
        disposal of other assets (eight helicopters, three airplanes,
        four heli-transportable drilling rigs), with an estimated value
        of around  US$ 80 million, as well as the disposal of its
        laboratory (IPEXco), all none-core assets for E&P activities;
    --  The activities to be developed in a short-term will be related
        to the studies, such as the evaluation of drilled-well results
        and reprocessing of already-acquired seismic data, not
        including new drillings. In this way, these investments will be
        associated with own Company's personnel costs and specialized
        consultancies.

Reasons why the CEO of HRT assures that new exploration efforts will bring 
commercial hydrocarbon discoveries:
    --  The sentence quoted by the CEO of HRT refers to the exploratory
        efforts to be conducted and commercial hydrocarbon discoveries
        to be identified by companies that also hold assets in Namibia
        and it reflects only positive expectations under the geological
        point of view. This is because, through the execution of 3D
        seismic surveys in 2012, and the drilling of three exploration
        wells in 2013, it was possible to identify source rocks, and in
        the first well drilled by the Company, Wingat-1, high-quality
        oil samples, however with no commercial volume;
    --  As an example of these expectations, new drillings to be
        performed in 2014 were announced by companies that also hold
        exploration rights in Namibia, and whose results, in case they
        are positive, may add value to HRT's assets.

For additional information, please contact HRT's Investor Relations Department.

Sedar Profile # 00031536

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that 
term is defined in the policies of the TSX Venture Exchange) accepts 
responsibility for the adequacy or accuracy of this release.

About HRT
HRT Participações holds one of the largest independent oil and gas 
exploration and production companies in Brazil. The HRT Group comprises six 
main subsidiaries: IPEX (Integrated Petroleum Expertise Company Serviços em 
Petróleo Ltda.), HRT O&G Exploração e Produção de Petróleo Ltda., HRT 
Netherlands B.V., HRT África Petróleo S.A., HRT América Inc. and HRT Canada 
Inc.. The Company retains a 55% interest in 19 exploratory blocks in the 
Solimões Basin. HRT also operates ten exploratory blocks off the Namibian 
coast: eight blocks in the Orange Sub-basin and two blocks in the Walvis 
Sub-basin. HRT's team includes PHDs and masters in geochemistry, geophysics, 
biology and engineering, most of them former employees of Petrobras and ANP 
(Brazil petroleum agency). HRT is committed to minimizing any possible 
environmental impacts in the sites where it acts. Our commitment to the local 
communities is towards health conditions, safety and quality of life. For more 
information, please visit the Company's website: www.hrt.com.br/ir

Disclaimer
This news release contains forward-looking statements. All statements other 
than statements of historical fact contained in this news release are 
forward-looking statements, including, without limitation, statements 
regarding our drilling and seismic plans, operating costs, acquisitions of 
equipment, expectations of finding oil, the quality of oil we expect to 
produce and our other plans and objectives. Readers can identify many of these 
statements by looking for words such as "expects", "believe", "hope" and 
"will" and similar words or the negative thereof. Although management believes 
that the expectations represented in such forward-looking statements are 
reasonable, there can be no assurance that such expectations will prove to be 
correct. By their nature, forward-looking statements require us to make 
assumptions and, accordingly, forward-looking statements are subject to 
inherent risks and uncertainties. We caution readers of this news release not 
to place undue reliance on our forward-looking statements because a number of 
factors may cause actual future circumstances, results, conditions, actions or 
events to differ materially from the plans, expectations, estimates or 
intentions expressed in the forward-looking statements and the assumptions 
underlying the forward-looking statements.

The following risk factors could affect our operations: the contingent 
resource and prospective resource evaluation reports involving a significant 
degree of uncertainty and being based on projections that may not prove to be 
accurate; inherent risks to the exploration and production of oil and natural 
gas; limited operating history as an oil and natural gas exploration and 
production company; drilling and other operational hazards; breakdown or 
failure of equipment or processes; contractor or operator errors; 
non-performance by third party contractors; labour disputes, disruptions or 
declines in productivity; increases in materials or labour costs; inability to 
attract sufficient labour; requirements for significant capital investment and 
maintenance expenses which HRT may not be able to finance; cost overruns and 
delays; exposure to fluctuations in currency and commodity prices; political 
and economic conditions in Namibia and Brazil; complex laws that can affect 
the cost, manner or feasibility of doing business; environmental, safety and 
health regulation which may become stricter in the future and lead to an 
increase in liabilities and capital expenditures, including indemnity and 
penalties for environmental damage; early termination, non-renewal and other 
similar provisions in concession contracts; and competition. We caution that 
this list of factors is not exhaustive and that, when relying on 
forward-looking statements to make decisions, investors and others should also 
carefully consider other uncertainties and potential events. The 
forward-looking statements herein are made based on the assumption that our 
plans and operations will not be affected by such risks, but that, if our 
plans and operations are affected by such risks, the forward-looking 
statements may become inaccurate.

The forward-looking statements contained herein are expressly qualified in 
their entirety by this cautionary statement. The forward-looking statements 
included in this news release are made as of the date of this news release. 
Except as required by applicable securities laws, we do not undertake to 
update such forward-looking statements.



SOURCE  HRT Participações em Petróleo S.A. 
IR CONTACT: 
Ricardo Bottas Dourado- CFO and Investor Relations Officer Sandra Calcado - 
Investor Relations Manager Tainah Costa - Investor Relations Senior Analyst 
+55 21 2105-9700 ri@hrt.com.br 
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CO: HRT Participações em Petróleo S.A.
NI: OIL FIELD  
-0- Sep/12/2013 13:56 GMT
 
 
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