OGX Announces the Presence of Hydrocarbons in Well 1-MRK-3/4P-RJS in the Campos Basin

RIO DE JANEIRO--(BUSINESS WIRE)--OGX Petróleo e Gás Participações S.A. (“OGX”) (Bovespa: OGXP3, OTC: OGXPY), the Brazilian oil and gas company responsible for the largest private sector exploratory campaign in Brazil, announced today the presence of hydrocarbons in the Santonian, Albian and Aptian sections of exploration well 1-MRK-3/4P-RJS, which is located in the BM-C-37 block, in the shallow waters of the Campos Basin. OGX holds a 50% working interest in this block and Maersk Oil, the operator, holds the remaining 50%.

According to a preliminary evaluation conducted by operator Maersk Oil, hydrocarbons were encountered in sandstone reservoirs in the Santonian section totaling some 14 meters of potential net pay. In addition, some 43 and 12 meters of potential net pay were encountered, respectively, in carbonate reservoirs in the Albian and Aptian sections. The 1 -MRK-3/4P-RJS exploration well, known as Carambola-A, is the first of two wells to be drilled in the BM-C-37 block and the drilling of this prospect was concluded at a final depth of 3,400 meters below sea level.

The 1-MRK-3/4P-RJS well is situated about 74 kilometers off the coast of the state of Rio de Janeiro at a water depth of approximately 134 meters. The rig, Blackford Dolphin, initiated drilling activities there on November 3, 2010 and will now be moved some 4 km to the north to drill the Carambola B exploration well.

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$3.3 billion in cash 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/ri

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