Brazil: OGX Announces New Management Structure

OGX, the Brazilian oil and gas company responsible for the largest private-sector exploratory campaign in Brazil, in order to adapt to its new phase of operations, with the beginning of production and commercialization of oil and natural gas, announced its new corporate structure and composition of its executive management, and the creation of a Management & Strategic Planning Committee to advise the Board of Directors, as approved at the board of directors’ meeting held on April 27, 2012.

The new corporate structure and executive management of the Company is as follows:

– Chief Executive Officer (CEO): Mr. Paulo Mendonça

– Exploration and Reservoirs Officer: Mr. Paulo Ricardo dos Santos

– Production Officer (COO): Mr. Reinaldo Belotti

– Chief Financial Officer and Investor Relations Officer (CFO): Mr. Roberto Monteiro

– General Counsel: Mr. José Roberto Faveret Cavalcanti

Mr. Eike Batista will continue as Chairman of the Board of Directors. Additionally, a Management & Strategic Planning Committee is being created in association with the board of directors, chaired by board of directors member, Eduardo Karrer, and composed of the Company’s executive management. This committee was created given the strong and rapid expansion of OGX’s activities for the purpose of coordinating the implementation of the business plan and the Company’s projects, and to establish and monitor the execution of its strategic objectives.

“Changes in OGX’s executive management and the creation of the Management and Strategic Planning Committee aim to support the increased scope and scale of the Company´s activities, which include production and commercialization of oil and natural gas and continuation of an intensive and successful exploration campaign. I am pleased to continue as OGX’s Chairman, and to have Paulo Mendonça as Chief Executive Officer, who with exceptional skill has led the Company since its inception. I thank Marcelo Torres for his dedication and invaluable contribution to the ascent of the Company, from its first steps through the end of this cycle. He will now, on his own initiative, move on to pursue personal interests. It is a privilege to be able to count on talented EBX Group executives such as Paulo Ricardo and Roberto Monteiro, who, I am sure, will complement the excellence of OGX’s team,” commented Mr. Eike Batista, chairman of the Company’s board of directors.

[mappress]
Source: OGX, April 30, 2012;