QGEP releases Reserves Certification of Atlanta Field

            QGEP releases Reserves Certification of Atlanta Field

  PR Newswire

  RIO DE JANEIRO, May 8, 2014

RIO DE JANEIRO, May 8, 2014 /PRNewswire/ -- QGEP Participacoes S.A.
(BMF&Bovespa: QGEP3, "Company", "QGEP") discloses today certified reserves for
the Atlanta Field, based on a reserve certification, dated March 31 ^st ,
2014, prepared by independent consultants Gaffney, Cline & Associates (GCA)
and issued on April 30 ^th , 2014.

The main reserve highlights of the certification report of Atlanta Field,
prepared by GCA, are as follows:

   Total Field Reserves  Reserves Net to QGEP

   (100%)                (30%)
   Crude Oil Natural Gas Crude Oil Natural Gas
   (MMBbl)   (MMm ^3 )   (MMBbl)   (MMm ^3 )
1P 147       56          44        17
2P 191       90          57        27
3P 269       311         81        93

The certification report considered the Drill Stem Test (DST) results of the
first horizontal well drilled at the Atlanta Field by QGEP. Following the
first well, a second well was successfully drilled and the DST obtained
slightly higher productivity rates than those observed in the first well,
which was at the high end of the 6-12kbbl/d range. In this test, the
electrical submersible pump was placed on the ocean floor, rather than at the
reservoir level, as was the case with the previous well. If this technology is
adopted for the full development of the Field, this option may provide
significant operational cost reduction.

"The success in our activities at Atlanta Field is an important milestone
towards diversifying our revenue resources and consolidating our presence as
operator in deep waters. The volumes certified at Atlanta, net to QGEP,
represent an increase of more than 100% in the Company's 2P reserves, in boe
terms", said Lincoln Guardado, QGEP's CEO. "We are pleased with the results
from the Atlanta Field so far, and will keep the market up to date on the
development of this asset", said Danilo Oliveira, QGEP's Production Director.

Located in Block BS-4, Atlanta is a post-salt oil field 185 km off the coast
of the city of Rio de Janeiro in the Santos Basin, in water depth of
approximately 1,500 meters. Queiroz Galvao Exploracao e Producao S.A. is the
operator of the Block with a 30% ownership; other consortium members include
OGX Petroleo e Gas S.A. (40%) and Barra Energia do Brasil Petroleo e Gas Ltda.
(30%).

Conference Call - English | May 8 ^th , 2014 (simultaneous translation) 11:00
a.m. - New York | 12:00 p.m. - BrasiliaDial-in: +1-786-924-6977 Code: Queiroz
GalvaoWebcast: click here
 
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