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OGX Declares Commerciality Of The Waikiki Accumulation In The Campos Basin

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 it has presented to the National Petroleum, Natural Gas and Biofuels Agency (ANP) a Declaration of Commerciality for the Waikiki accumulation, for which the proposed new designation is the Tubarão Martelo Field, in blocks BM-C-39 and BM-C-40, in shallow waters of the Campos Basin. OGX holds a 100% interest in these blocks.

"This announcement marks the beginning of a series of declarations of commerciality by OGX in the Campos Basin, following an intensive and successful exploration and appraisal campaign over the last two years, which has given us a better understanding of the region and helps us to enter the Company´s production phase," commented Paulo Mendonça, General Executive and Exploration Officer for OGX. "We will continue to focus on the exploration of new areas and on the execution of our existing projects, striving to achieve the shortest timeframe between the discovery and first oil, and maximizing cash flow generation in the short and medium term," added Mr. Mendonça.

The Development Plan is being finalized and will soon be presented to the ANP. OGX estimates a total recoverable volume of 285 million barrels of oil from this field over the concession period´s production phase.

The Waikiki accumulation was discovered through the wildcat well 1-OGX-25-RJS in December 2010 and production is expected to start in the second half of 2013. The plan for production at the Waikiki Complex, of which the Tubarão Martelo field is a part, involves employment of production units FPSO OSX-3 and WHP-2, which are being built by Modec and Techint, respectively.

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 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 37,000 km² in land, with 24,500 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, 2011) 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.

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