June 28, 2012 at 19:46 PM EDT
OGX Appoints New CEO

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, announced today that:

As a result of the evolution of OGX into a new phase, in which production becomes increasingly important, without prejudice to the exploratory campaign, the Company's Board of Directors, chaired by Mr. Eike Batista, has nominated Mr. Luiz Eduardo Guimarães Carneiro, current Chief Executive Officer of OSX, as Chief Executive Officer of OGX. After a successful exploratory cycle, initiated in 2008, the current Chief Executive Officer, Mr. Paulo Mendonça, will occupy the position of Special Advisor to the Chairman of EBX Group.

Mr. Luiz Carneiro has more than 30 years of solid experience in the oil industry having held several high-level positions in Petrobras, leading various areas including Exploration and Production (E&P), Engineering, Production in the Campos Basin and other basins in Brazil. Mr. Carneiro has been CEO of OSX since 2009 and is a graduate in Mechanical Engineering from Universidade Federal Fluminense and Petroleum Engineering from Petrobras. Mr. Carneiro holds an MBA degree from Columbia University in New York.

“I thank Paulo Mendonça for his significant contribution to OGX’s historical exploratory achievements. As we take this next important step towards the consolidation of OGX’s oil production, we are pleased to have the solid experience of Luiz Carneiro to lead the organization,” commented Mr. Eike Batista, Chairman of the Board of Directors of OGX.

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 30 exploratory blocks in the Campos, Santos, Espírito Santo, Pará-Maranhão and Parnaíba Basins, in Brazil, and 4 exploratory blocks in Colombia, in Lower Magdalena Valley and in Cesar-Ranchería basins. The total extension area is of approximately 7,000 km² in sea and approximately 36,500 km² in land, with 24,500 km² in Brazil and 12,000 km² in Colombia. OGX relies on an experienced management team and holds a solid cash position, with approximately US$3.6 billion in cash (as of March, 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. You are urged to carefully review OGX's offering circular, including the risk factors included therein. This presentation does not purport to be all-inclusive or to contain all the information that a prospective investor may desire in evaluating OGX. Each investor must conduct and rely on its own evaluation, including of the associated risks, in making an investment decision.

Contacts:

OGX Contacts
Investors:
Roberto Monteiro, roberto.monteiro@ogx.com.br
Eduardo Lucchesi, eduardo.lucchesi@ogx.com.br
+55 21 2555 6237
or
Media:
Camila Manfredini, camila.manfredini@ogx.com.br
+55 21 2555 4673
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