OGX Makes Another Discovery in Campos Basin, Offshore Brazil

OGX Petróleo e Gás Participações S.A. (“OGX”) , the Brazilian oil and gas company responsible for the largest private sector exploratory campaign in Brazil, announced today that it has identified the presence of hydrocarbons in the Albian section of well 1-OGX-33-RJS, which is located in the BM-C-41 block, in the shallow waters of the Campos Basin. OGX holds a 100% working interest in this block.

An oil column of approximately 95 meters with approximately 42 meters of net pay has been identified in the carbonate reservoirs of the Albian section. The drilling of well OGX-33, also known as the Chimborazo prospect, was concluded at a final depth of 3,755 meters.

The OGX-33 well is situated 84 kilometers off the coast of Rio de Janeiro at a water depth of about 127 meters. The rig, Pride Venezuela, left the well on April 9, 2011. Drilling of the third extension well (OGX-42) of the Pipeline accumulation has been initiated.

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 29 exploratory blocks in the Campos, Santos, Espírito Santo, Pará-Maranhão and Parnaíba Basins, in Brazil, and 5 exploratory blocks in Colombia, in Middle Magdalena Valley, in Lower Magdalena Valley and in Cesar-Ranchería basins. The total extension area is of approximately 7,000 km² in sea and approximately 34,000 km² in land, with 21,500 km² in Brazil and 12,500 km² in Colombia. OGX relies on an experienced management team and holds a solid cash position, with approximately US$2.9 billion in cash (as of December, 2010) 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.

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Source:OGX , April 15, 2011