OGX Management Presentation v11

MANAGEMENT PRESENTATION

Rio de Janeiro | March 2012 |

AGENDA

1234

OGX Overview

OGX Portfolio and Execution

OGX Operations

Financial Overview

Appendix

Last update: 03/27/2012

OGX OVERVIEW1

OGX is among the 10 largest pure E&P companies globally with a market cap of approximately US$30billion, and is the 3rd most traded stock in Latin America

World class E&P portfolio with 10.8 billion boe of potential resources, mostly in shallow waters andonshore (low cost and off-the-shelf technology)

Multi-billion barrel discoveries and overall success rate exceeding 85% with high productivity reservoirsamongst the best in Brazil

Solid cash position allows OGX to conduct the largest and most successful private sector exploratorycampaign in Brazil and to support production development (more than 70 wells spud since the beginning ofits exploratory campaign in Aug. 2009)

Highly successful and experienced management team, combining unique intellectual capital andsuperior execution skills

Proven execution capability (from concept to oil in an unprecedented timing) with fully establishedoperations comprising more than 6,000 people

Brazil’s historical under-exploration underpins massive growth opportunities for OGX

OGX OVERVIEW

4

OGX MAIN ACCOMPLISHMENTS

5

Proven Execution Capability (From Concept To First Oil in Unprecedented Timing) With Fully Established Operations Comprising More Than 6,000 People

OGX Creation

US$1.3 bnraised through an equity Private Placement

21 blocks acquired during the 9th

Bidding Round

Jul/07Nov/07

Jun/08

IPO: US$4.1 bn raised

Aug/09

Jun/10

Bond: US$ 2.6bn raisedBeginning of the

drilling campaign

Acquisition of 70% stake in the Parnaíba Assets

Apr/11

Survey and interpretation of the 3D seismic dataProcurement of all equipment and services necessary to initiate the drilling campaign

May/11

5 onshore blocks acquired in Colombia

Sep/11

Mar/12

Sep/09

Updated OGX portfolio to 10.8 bn(1) boe of potential resources

(1) Calculated by OGX based on potential, prospective and contingent volumes contained in the DeGolyer and MacNaughton Reports

1 block acquired in Parnaíba (50% stake)

Oct/11

Jan/12

Arrival of FPSO OSX-1

Total investments of US$ 4.1bn of Drilling Capex and Signature Bonus + US$ 245 M of Seismic Campaign

Total cash raised to date: US$9.4 bn

1st Oil

New Bond: US$ 1.1bn raised

OGX OWNERSHIP AND CORPORATE STRUCTURE

Free Float

20 Blocks

5 - Santos (100%) (2)

5 - Espírito Santo (50%)

5 - PAMA (100%) (2)

5 - Colombia (100%) (2)

7 Blocks

5 - Campos (100%) (2)

2 - Campos (70%) (2)

8 Blocks

7 - Parnaíba (70%) (2)

1 – Parnaíba (50%) (2)

(1) EBX represented through Centennial Asset Mining Fund LLC (Nevada, USA) (“CAMF”)(2) OGX as operator(3) Market data as of March 14, 2012(4) MPX S.A. holds 33.33%

Petróleo e Gás Participações S.A.(Market Capitalization (3): ~ US$31 Billion)

Petróleo e Gás Ltda

Maranhão Petróleo e Gás S.A.

Average daily traded volume (1 month): ~ US$158 million

~ 33 thousand investors

3rd most representative stock in Ibovespa index 5.4%

One of the most liquid common shares

61%¹ 39%

99.99%99.99% 66.67%4

100%70%100% 30%

OGX International

OGX Austria

100.00%

100%

OGX Campos Petróleo e Gás S.A.

6

MANAGEMENT ORGANIZATION STRUCTURE(1)

Eike BatistaCEO

Paulo MendonçaGen. Exec. Officer

Joaquim Dib Cohen (32)Oil & Gas Commercialization

Paulo Mendonça (38)Exploration Officer

José Roberto FaveretGeneral Counsel

Marcelo TorresCFO

Reinaldo Belotti (34)Production Officer

Armando Ferreira (31)Production Development

Olavo Foerch (32)Procurement

Ricardo Juiniti (27)Drilling and Completion

Billy Pinheiro (30)Logistics

Ricardo Abiramia (24)Production

Leandro Leme (31)HSE

Edmundo Marques (24)Exploration Santos & Eq. Margin

Dolores Carvalho (35)E&P Laboratory

Luiz Reis (45)Strategic Alliances

Paulo de Tarso Guimarães(34)New Areas

Marcos Amaral (28)Applied Technology

Paulo Ricardo (28)Exploration Campos & ES

Roberto Toledo (31)Reservoir & Reserves

Celso Martins (34)Onshore Basin

Ernani Porsche (33)International

Moacir Santos (38)Geological Operations

Highly Successful And Committed Management Team, Combining Unique Intellectual Capital and Superior Execution Skills

7(1) Parentheses represent years of experience in the E&P industry

HIGHLY QUALIFIED EXPLORATION TEAM

Exploratory TeamPaulo Mendonça led the Petrobras exploration team from 2002 to 2007Success index in excess of 60% on average offshore Brazil from 2002-2007 whilst at PetrobrasOver 9 billion boe and more than 50 new fields discovered

Pbr Success Index

Proven Track Record Having Opened Several New Oil Frontiers, Including The Pre-salt, and Discovering Over 50 New Oil Fields

8

BRAZIL

Source: EIA-DOE, BP Statistical Review of World Energy 2010, Saudi Aramco, UPPSALA University, Petrobras, ANP and OGX analysis

Source: ANP

Still Significantly Under-explored

Oil & Gas in The World

Source: IHS

Largest Oil And Gas Discoveries In The World

Source: BP Statistical Review of World Energy 2010 & analyst estimates

New Provinces Could Propel Brazil Into Top Reserves Holders

Oil Resources - December 2009 (Bn bbl) % of sedimentary basins under concession

0 10 20 30 40

Bn Boe

Brazil

Turkmenistan

Iran

Kazakhstan

China

Russia

Australia

Kuwait

Israel

Saudi Arabia

India

Indonesia

Venezuela

Papua

New Guinea

Ghana

+ 35 bn boe

265172

138115

10210098

7444403733

2827

151413

Saudi Arabia

Venezuela

Iran

Iraq

Kuwait

Brazil post Tupi

UAE

Russia

Libya

Kazakhstan

Nigeria

Canada

US

Qatar

China

Angola

Brazil

Unlicensed 96%

Licensed 4%

COUNTRY HISTORICAL O&GPROD.(BN BOE)

USA (1900-2010) 440

EX-USSR (1900-2010) 335

SAUDI ARABIA (1938-2010) 145

BRAZIL(1941-2010) 14.5

Brazil’s Historical Under-Exploration Underpins Massive Growth Opportunities for OGX9

Unlicensed96%

Oil and Gas Discovered Volumes2000 – 2010 (Bn boe)

Vast Untapped Oil & Gas Potential

OGX PORTFOLIO AND EXECUTION2

PO

RTF

OLI

O

Deep water~1,000m

Shallow water~150m

Shallow water~120m

Shallow water~60m

OGX PORTFOLIO

35 blocks: 30 blocks in 5 Brazilian sedimentary basins and 5 onshore blocks in 3 Colombiansedimentary basins

Unique portfolio with 10.8 billion potential recoverable barrels of oil equivalent (boer)

OGX’s business plan is based on 4.1 billion barrels already discovered in the shallow waters of theCampos Basin

11

Oil discoveries of 4.1 bn bbl are already under production development in the shallow waters of Campos Basin

OGX PORTFOLIO POTENTIAL

OGX PORTFOLIO POTENTIAL(1)

BILLION BOE (7)OGXNet

CAMPOS 5.7Contingent (2)

3.0Delineation (3)

1.3Prospective (POS = 56.2%) 1.4

SANTOS (4)(6) (POS = 27.0%) 1.8ESPÍRITO SANTO(4) (POS = 32.6%) 0.8PARÁ-MARANHÃO(4) (POS = 21.3%) 0.4PARNAÍBA 1.0

Contingent (2)0.1

Conventional Prospective (POS = 16.5%) 0.6Unconventional Prospective (POS = 18.2%) 0.4

COLOMBIA 1.1Prospective (POS = 10.4%)(4)

0.1Potential Petroleum Quantities(5)

1.0OGX Portfolio 10.8

Note: “POS “ defined as geological probability of success(1) The OGX portfolio potential was calculated by OGX based on volume estimates contained in the DeGolyer and MacNaughton Reports(2) We consider the 3C contingent resources in the arithmetic summation of our potential portfolio based on the assumption that most of these resources will be converted to 2C and 1C resources and that they should be converted into reserves after the removal of contingencies(3) We consider the high estimate and not Pg-adjusted delineation area prospective resources as we believe the delineation area is part of the 3C area(4) Prospective resources mean estimates Pg-adjusted. Colombia considered two Colombian basins, the Lower and Middle Magdalena Valleys Basins(5) Includes petroleum potential quantities in one Colombian basin, the Cesar-Ranchería Basin(6) OGX net interests in the table are not the same as OGX net interests contained in the DeGolyer and MacNaughton September 2009 report due to the fact that OGX now holds 100% of the interests in the concessions included in that report(7) Gas volumes were converted by OGX to barrels of oil, using a conversion rate of 5,615 ft³ of natural gas to one boe

73%ShallowWater

8%Deep

Water

19%Onshore

79% Oil

21% Gas

Portfolio Breakdown

12

Breakdown

CAMPOS BASIN

OGX’s Discovered Accumulations Confirm a New Hydrocarbon Province in the Southern Campos Basin

5.7 bn bbl of net 3C, net delineation and net mean risked prospective resources, evaluated by D&M (pre-salt not included)

7 blocks operated by OGX

Total area of 1,177 km2

Average water depth of ~120m

60 wells drilled

Almost 100% success rate

Campos Basin

13

Low Risk, Shallow Water And Large Volumes

Blocks that OGX acquired 20% from Maersk (OGX now owns 70%)

CAMPOS BASIN

2010

OGX-9D

OGX-13

OGX-21/OGX-26HP

2011 - Drilling Area 1C

OGX-50D/OGX-55HP 1C – Albian 52m

OGX-53D/OGX-60HP 1C – Albian 71m

OGX-65D/OGX-68HP 1C – Albian 97m

2011 - Drilling Area 2C

OGX-40D 2C – Albian 107m

OGX-41D/OGX-44HP 2C – Albian 92m

2011 - Drilling Area 3C

OGX-35D 3C – Albian 80m

OGX-36D/OGX-39HP 3C – Albian 60m

OGX-42D 3C – Albian 82m

OGX-48 3C – Albian 12m

OGX-56D 3C – Albian 60m

OGX-61 3C - Albian 9m

OGX-62 3C – Santonian 26m Albian 20m

OGX-64DP 3C – Santonian 23m

OGX-67 3C -

OGX-69 3C - Albian 38m

OGX-70 3C -

2011 - Drilling Area Delineation

OGX-43D Delineation– Albian 50m

OGX-45D Delineation – Maastric. 5m

OGX-54 Delineation– Albian 24m

2009

OGX-1

OGX-2A

OGX-3

2010

OGX-4

OGX-5

OGX-6

OGX-7A

OGX-8

OGX-10

OGX-14

OGX-15

OGX-18

OGX-20

MRK-3/4P

2011

OGX-25/27

OGX-28D

OGX-29/32

OGX-31

MRK-5

OGX-33

OGX-37

OGX-52

OGX-58DP

27 Wildcat Wells and 33 Appraisal Wells Drilled With Hydrocarbons and Results Which Support ExpectationsNote:

Drilling area as per D&M’s Dec/10 reports and net pay indicated in meters14

Wildcat Wells Appraisal Wells2012 - Drilling Area

OGX-71 3C -

OGX-72 3C – Albian 129m

OGX-76 2C – In progress

2012 - Drilling Area

OGX-73 Albian 37m

OGX-75 In progress

Focusing On Wildcat & Appraisal Wells

2012

OGX-78

CAMPOS BASIN

WAIMEA OGX–26HP

Production capacity of up to 20,000 bbl/day

Oil Quality of 20o API

Tested in Jan/2011

PIPELINE OGX-39HP

Production capacity of around 10,000 bbl/day

Oil Quality of 19o API

Tested in Jul/2011

WAIKIKI OGX-44HP

Production capacity of up to 20,000 bbl/day

Oil Quality of 23o API

Tested in Jun/2011

High Productivity Confirmed Through Drill-stem Tests Performed in Several Horizontal Wells

Horizontal Well Tested Drill-stem Tests Performed in Horizontal Wells

15

Positive Horizontal Wells Test Results

CAMPOS BASINProduction in the Waimea Accumulation

16OGX First Oil Flowing Since January/12 Through EWT

Electricalsubmersiblepump

BuoyOSX-1

Risers andUmbilicals

Flexiblelines

WetchristmastreeOGX-26HP Wet

christmas tree

Wet christmas tree

Main characteristics:OGX-26HP under production2 additional horizontal wells drilledPossibly a 4th producer well to be connected

2 injection wells plannedExpected production of 40-50 kbpd level by year end 2012

Oil quality of 20° APIWater depth of 140 meters

CAMPOS BASIN

Dec 23,2011

Concluded the connection of the flexible lines to the detachable turret

Sep 16,2011

Granting of the preliminary and installation license by IBAMA

Sep 17,2011

Beginning of the subsea installation (piles, moorings and MWA)

Dec 19,2011

Flexible lines launched and connected to the wet christmas tree

Dec 25,2011

FPSO OSX-1 sets sail from the port of Rio de Janeiro

Jan 31,2012

FPSO OSX-1 begins production

Jan 12,2012

Connection of the FPSO OSX-1 to the turret

Dec 18,2009

Discovery of Waimea OGX-3

Oct 4,2011

Arrival of the FPSO OSX-1 in Rio de Janeiro 1st

Oil

17

From Discovery to 1st Oil in Waimea

Highlights and Ongoing Production Performance

CAMPOS BASIN

18

FPSO OSX-1 Operational Efficiency

Average Efficiency

Feb: 95%Mar: 99%

Electrical submersible pump working path

to highest operational performance

standards

Processing plant and FPSO OSX-1

operating with ~95% operational

efficiency, an outstanding achievement for

the first month

Tested production levels between 10 and

18 kbpd since production began

Average flow rate of 11.1 kbpd in Feb

2012

Flow rate estimated to stabilize at between

10 and 13 kbpd for the coming few months

(before water injection)

1st Month of Production

0%

20%

40%

60%

80%

100%

1-Feb 6-Feb 11-Feb 16-Feb 21-Feb 26-Feb 2-Mar 7-Mar 12-Mar 17-Mar

CAMPOS BASIN

1919

OSX-2 and OSX-3 Production Schematic

Main characteristics:OSX-2: 1st oil expected for 2H13OSX-3: 1st oil expected for 2H134 subsea wells connected to each FPSO

Average production per well: 10-20 kbpdOil quality: 20-28° APIWater depth: ~120 meters

OSX-2/OSX-3

Flexible lines

WHP-1/WHP-2

Dry christmas tree

Wet christmas tree

FPSOs WHPs

OSX-1: Production capacity of 60 kbpdand storage of 950 kbblAverage Day rate of US$ 263 kArrived in Oct/11

First oil in Jan/12

OSX-2: Production capacity of 100 kbpd and storage of 1.3 Mbbl Expected Average day rate of US$ 360 kContracted by OSX with SBM

Expected delivery: 2H13

OSX-3: Production capacity of 100 kbpd and storage of 1.3 Mbbl Expected Average day rate of US$ 360 kContracted by OSX with MODECExpected delivery: 2H13

WHP-1: Capacity to drill up to 30 wellsEquipment on-stream by the 1H14Detailed engineering ongoing (EPC awarded to Techint by OSX)

WHP-2: Capacity to drill up to 30 wellsEquipment on-stream by 1H14Detailed engineering ongoing (EPC awarded to Techint by OSX)

OSX-4: Production capacity of 100 kbpd and storage of 1.3 Mbbl Order placed for Leasing contract and EPCI under procurement

OSX-5: Production capacity of 100 kbpd and storage of 1.3 Mbbl Order placed for Leasing contract and EPCI under procurement

Two sister VLCC´s (Very Large Crude Oil Carriers) purchased on November, 2010 by OSX to be converted into FPSOs

SECURED PRODUCTION EQUIPMENT

2020

CAMPOS BASIN

21

Equipment Used OSX-1OSX-1OSX-2OSX-3

Accumulation Waimea WaimeaWaikiki

Total # of Horizontal Wells 3 11+ 1Potential additional well to be connected to OSX-1

Production Capacity 60 Kbpd 260 Kbpd

Oil Production Target (kbpd)¹

40-50

150

2012 2013

Note:1 To be reached through the end of the period 21

Oil Production Ramp-Up

Santos Basin is One of The Most Promising Exploratory Areas in Brazil, With Significant Potential For Gas and Light Oil

1.8 bn boe of net risked prospective resources (POS of 27%), evaluated by D&M

5 blocks operated by OGX (100% owned)

Total area of 769 km²

Average water depth of ~150 m

11 wells drilled

Recent significant pre-salt discovery in shallow waters (OGX-63)

70% success rate

Santos Basin

SANTOS BASIN

22

High Potential

SANTOS BASIN

Encouraging Results From 2 Drill-stem Tests Confirm Emergence of a New Gas and Condensate Center in The Region

Exploratory Campaign

2010 Activities

MRK-2B

OGX-11D

OGX-12

OGX-17

OGX-19

2011 Activities

OGX-23

OGX-24

OGX-30

OGX-47

OGX-63

Maceió (OGX – 47)Gas and condensate (~20% with approx. 50° API)AOF production potential results:

Vertical well: 1.0M m³/day of gas

Horizontal well: 2.5M m³/day of gas

Natal (OGX-11D)Gas and condensate (~25% with approx. 47° API)AOF production potential results:

Vertical well: 1.0 M m³/day of gas and 1.2K bbl/day of condensate

Horizontal well: 5.0M m³/day of gas and 6K bbl/day of condensate

Drill-stem Tests Performed

23

2012 Activities

OGX-74

Illustrative

Positive Drill-Stem Test Results

SANTOS BASIN

24

Highlights Albian Gas Interval

APTIAN INTERVAL

Good porosity

Dolomitized layers with open fractures

MDT Dual-Packer Test collected 47º API hydrocarbons

Pore

Dolomitized microbial

Connected vugular porosity

Light oil/condensate shows

Oil

Pre-salt Discovery In Shallow Waters

Albian reservoir

Approximately 1,000 meters of column and 110 meters of net pay

Good permoporosity and fractures

Shallow waters Pre-salt (Aptian reservoir)

Drilled up to 6,135 meters and thus far identified column of 150 meters

1st microbiolite Pre-salt discovery in shallow waters in Brazil

Same reservoir rock in pre-salt as only seen so far in deep and ultra-deep waters in the Santos and Campos Basins

Strong kick in the last drilled layer of the reservoir with shows of hydrocarbons

New Frontier Basin With High Potential For Gas Production

1.0 bn boe of net risked mean prospective resources POS (17%) and net 3C, evaluated by D&M8 blocks operated by OGX MaranhãoTotal area of 24,500 km²Monetization of gas through thermoelectric plants to be developed by MPX/Petra (3,722 MW already licensed) 70% success rate (11 wells drilled)Commerciality declared for 2 accumulations

Parnaíba Basin

PARNAÍBA BASIN: MAJOR GAS PROVINCE

25

Major Gas Province

Gavião Real

Gavião Azul

Legend:

Seismic Lines

PARNAÍBA BASIN

26

More than 20 prospects identified

Declaration of commerciality of two fields (Gavião Real & Gavião Azul) already submitted to ANP

Initial production expected in 2H12

Production of 5.7 M m³per day in 2013 (2.7 M m³per day net to OGX S.A. or ~15 kboepd)

Gas to be sold to MPX Power Plants

MPX has obtained installation license of 3,722 MW

3 seismic crews working on the site

Parnaíba Complex

Business Plan

Project 11st gas: 2H12

PARNAÍBA BASIN

27

MPX + PetraOGX Maranhão (70%) + Petra (30%)

Parnaíba Development Schematic Gas Thermal Power Plant Development

Notes:1 Facilities cost includes: gathering system (lines and manifolds), a production facility for dry gas and a very short pipeline2 Includes operating and maintenance of production facilities, lines, gas pipelines and wells

CapexTotal drilling cost: US$ 340 M

Total facilities1

cost: US$ 110M

Opex field lifeLess than US$ 0.30/1,000 cubic feet

27

Short Gas Pipeline(<2 km)

Manifold

Pro

du

ctio

n

wel

ls

UTG TPP

Project Development

PARNAÍBA BASIN

28

Execution Highlights Thermal Power Plant

E&P

GE TURBINES CONTRACTED BY MPX

CONTRACTED RIG AND DRILL-STEM TEST PERFORMED

Project Development

Environmental permits already granted (LP+LI)

7 producing wells already drilled and 1 well in progress

Drilled and tested the first production well GVR-1

Production potential of 5.0 M m³/day (AOF)

EPC contracted for the construction of the gas processing facility

Awarded to Valerus-Geogas

Beginning of the civil works on the site in Feb 2012

Clearing the rights-of-way for the pipeline

Gas treatment facility construction

First gas schedule for the second half of 2012

The New Frontier of Espírito Santo Has Proven to be a Very Active Petrolific System With Recent Important Discoveries in Neighboring Blocks

817 mn boe of net mean risked prospective resources (PoS of 33%), evaluated by D&M

5 blocks operated by Perenco(50% owned)

Total area of 3,620 km²

Average water depth of ~1,000 m

1st well drilled in 4Q11 (Moriche)

2nd well drilled in 1Q12 (Guarapari)

Espírito Santo Basin

ESPÍRITO SANTO BASIN

29

New Frontier In Deep Water

New Frontier With Geological Model Similar to West Africa, Where Significant Discoveries Were Made Recently

447 mn boe of net mean risked

prospective resources (PoS of

21%), evaluated by D&M

5 blocks operated by OGX (100%

owned)

Total area of 960 km²

Average water depth of ~60m

1st well to be drilled in 2012

Pará-Maranhão Basin

PARÁ MARANHÃO BASIN

30

Promising New Frontier

Balanced Portfolio of Exploratory Assets, Combining Production Regions With Less Explored Areas Next to The Maracaibo Basin, One of The Most Prolific Provinces in The World

1.1 bn boe of net prospective resources and net potential petroleum quantities, evaluated by D&M

5 blocks operated by OGX (100% owned), 3 of which are located close to Maracaibo Basin (~80 bn boediscovered and ~50 bn boe already produced)

Beginning of the Seismic Campaign in 1H12

First well to be drilled in mid 2012

Colombian Basins

COLOMBIA

31

Cesar-Ranchería, Middle and Lower Magdalena Valleys Great Upside Potential

19 units12 units for Campos Basin discoveries

PRODUCTION TARGETS

32

OGX Production Targets OGX Offshore Equipment Demand

FPS

OTL

WP

WH

P

5 unitsexpected to be used in theEspírito Santo Basin (the only deep water blocks in OGX’s portfolio)

24 units 11 units for Campos Basin discoveries

Portfolio potential of 10.8 bn of recoverable boe: >10years of production growth

Current discoveries can support 730,000 boepd ofproduction level

Additional potential resources would allow OGX to reachand sustain a plateau of 1.4 million boepd from 2019 andbeyond

In kboepd

Expected demand of 48 offshore units

Total of 23 units estimated for OGX’s Campos Basindiscoveries (12 FPSOs and 11 WHPs)

Strategy to expedite development with productionequipment contracted 2-3 years in advance

2012 2013 2015 2019

Development of Campos and

Parnaíba discoveries

40 -50 165

730

1,380

Offshore equipment already secured for initial production (OSX-1, 2 & 3)

32

OGX OPERATIONS3

EXPLORATION DRILLING CAMPAIGN

Ocean Lexington (Diamond):Daily Rate: US$ 270kMax. well depth: 20,000 ftContract Expires: Feb.2013

Ocean Ambassador (Diamond): Daily Rate: US$ 260k Max. well depth: 20,000 ft Contract Expires: Sep.2012 (+ one optional year)

Ocean Quest (Diamond):Daily Rate: US$ 265kMax. well depth: 25,000 ftContract expires: Dec.2013

ENSCO 5002 (Ensco)Daily Rate: US$ 220k Max. well depth : 20,000 ftContract Expires: Nov.2013

Ocean Star (Diamond):Daily Rate: US$ 300kMax. well depth: 25,000 ftContract Expires: Feb.2014

ENSCO 5004 (Ensco):Daily Rate: US$235kMax. well depth: 20,000 ftContract Expires: Nov.2013

Offshore Drilling Onshore Drilling

34

WILDCAT+APPRAISAL WELLS 2009 2010 2011 2012 2013 TOTALCampos 5 18 31 12 2 68

Santos 1 6 3 4 1 15

Espírito Santo 0 0 2 1 2 5

Pará-Maranhão 0 0 0 2 3 5

Parnaíba 0 2 8 6 8 24

Colombia 0 0 0 1 3 4

Total 6 26 44 26 19 121

BCH-05E (BCH):Daily Rate: US$ 32kMax. well depth: 11,500 ftContract Expires: May 2012

QG-1 (Queiroz Galvão):Daily Rate: US$ 34kMax. well depth: 14,750 ftContract Expires: Fev.2013 (+ one optional year)

BCH-012 (BCH):Daily Rate: US$ 33kMax. well depth: 13,800 ftContract Expires: March 2015 (+ one optional year)

OPERATIONAL CAPABILITIES AND STRUCTURE

OFFSHORE DRILLING First Class Suppliers

High Qualified Team

Logistics Operational

SupportPLATFORM SUPPLY VESSEL (PSV)QUANTITY:5CONTRACTOR: EDISON CHOUEST/ TIDE WATERANCHOR HANDLING TUG SUPPLY (AHTS)QUANTITY: 6CONTRACTOR: EDISON CHOUEST/NORSKAN/MAERSK

FAST SUPPLY VESSEL (FSV)QUANTITY: 1CONTRACTOR: EDISON CHOUEST

MID SIZE HELICOPTERQUANTITY: 4CONTRACTOR: AERÓLEO

OGX Team: ~300 employeesOver 6,000 people dedicated3D Room / IOSC

EFFICIENCY,AGILITY AND OPERATIONAL

SECURITY

35

4FINANCIAL OVERVIEW

STRONG CASH POSITION

Solid cash position of R$ 8.0 billion, or US$ 4.4 billion (pro forma as of March 27, 2012), to support exploration commitments, development and initial production:

~62% of total cash protected against FX variations US$ 2.7 billion (proforma) invested in offshore

deposits Operating cash flow after net financial results of

US$ 450 – 850 million until year end 2013 Capex of US$ 3.5 – 4.2 billion through 2013

Cash allocation in R$: Average cumulative gross returnequivalent to 103.5% of the Interbank Deposit Rate (CDI),or 12% p.a.

Cash Allocation in US$: Average cumulative gross returnequivalent to 2.3% p.a.

Cash position in fixed income instruments allocated toBrazil’s most solid financial institutions

R$ billionCash Position Evolution Cash Allocation

37

Bradesco30%

Itau Unibanco34%

BTG Pactual7%

Santander8%

Votorantim8%

CS4%

Others9%

Note:¹ Pro-forma figures do not contemplate cash disbursement in 1Q12

US$ billion

US$ 1.063 bn

R$ 600 M

0.0

2.0

4.0

6.0

8.0

0.0

2.0

4.0

6.0

8.0

3Q11 OCT NOV DEC MAR ¹

C ash in R$ OGX Maranhão B ond C ash in US$

US$ 1.063 BILLION NOTES OFFERING

38

OGX raised US$ 1.063 billion in a bond issuancein March 27, 2011

Moody’s, Fitch and S&P maintained their previousratings on OGX for this transaction

Use of Proceeds

Changes in production ramp-up strategy

Appraisal campaign of Santos pre-salt discovery

Incremental capex in blocks BM-C-37 and BM-C-38, where OGX recently increased its participationand became operator

General corporate purposes including potentialnew ventures and bidding rounds

Transaction Highlights Summary of Terms

Issuer OGX Austria GMBH

GuarantorsOGX Petróleo e Gás Participações S.A.; OGX Petróleoe Gás Ltda.; OGX Campos Petróleo e Gás S.A.

Offering Senior Unsecured Notes

Distribution 144A / Reg-S

RatingsB1 / B+ / B (stable) by Moody’s, Fitch and S&P respectively

Size US$1.063 billion

Maturity 10 year

Optional redemption 10 year NC5

Coupon 8.375% p.y.

Price $100.00

Yield to Maturity 8.375% p.y.

APPENDIX

ONGOING ACTIVITIES

1OGX Maranhão has 70% W.I

Well Block Accumulation Rig Coast Distance Water Depth Status Net Pay

BI OGX-68HP BM-C-41 Waimea – 4HP ENSCO 5004 83 km 135m In progress since 11/24

BW OGX-74 BM-S-59 Natal – 1 Ocean Quest 115 km 196m In progress since 02/09/12

BZ GVR-6D PN-T-68¹ Gavião Real QG-1 Onshore Block In progress since 02/21/12

BY OGX-75 BM-C-41 Tambora – 3 Ocean Ambassador 86 km 130m In progress since 02/24/12

CA OGX-76 BM-C-40 Peró - 1 Ocean Lexington 96 km 103m In progress since 03/10/12

CB OGX-77 PN-T-85¹ Fazenda Axixá BCH-05 Onshore Block In progress since 03/16/12

CC OGX-78 BM-C-43 Honolulu ENSCO 5002 99 km 320m In progress since 03/25/12

OGX Blocks Oil & Gas Fields

PARNAÍBA BASINCAMPOS BASIN SANTOS BASIN ESPÍRITO SANTO BASIN

40

CONCLUDED WELLS (1 OF 5)

Well Block Accumulation Rig Coast Distance Water Depth Net Pay

A 1- MRK - 2B BM-S-29 Abacate Sovereign Explorer 130 km 100 m Oil &Gas shows

B OGX-1 BM-C-43 Vesúvio Ocean Ambassador 85 km 140 m Eocene: 57m

J OGX-9D BM-C-41 Vesúvio Direcional Ocean Ambassador 87 km 142 m Eocene: 60m

N OGX-13 BM-C-41 Vesúvio Vertical Ocean Lexington 87 Km 138m Eocene: 10m

C OGX-2A BM-C-41 Pipeline Ocean Ambassador 77 km 130 m

Eocene: ShowsCretac.: ShowsAlbian: 100mAptian: 50mBarremian: 15m

G OGX-6 BM-C-41 Etna Ocean Quest 82 km 137 m Albian: 74mAptian: 17m

D OGX-3 BM-C-41 Waimea Sea Explorer 83 km 130 m Albian: 80mApt./Barrem: 50m

I OGX-8 BM-C-41 Fuji Ocean Star 82 km 125 m Albian: 43mAptian: 44m

E OGX-4 BM-C-42 Kilawea Ocean Quest 79 km 150 m Eocene: 17m

F OGX-5 BM-C-43 Krakatoa Ocean Ambassador 79 km 145 mMaastric.: ShowsAlbian: 30mAptian: 20m

H OGX-7A BM-C-42 Huna Ocean Lexington 86 km 152 m Albian: >17mAptian: 35m

K OGX-10 BM-C-42 Hawaii Sea Explorer 79 km 158 mCenomanian: 11mAlbian: >13m Aptian: 40m

L OGX-11D BM-S-59 Natal Ocean Quest 84 km 180m Santonian: 75m

M OGX-12 BM-S-57 Niterói Ocean Star 95 Km 150m -

O OGX-14 BM-C-40 Peró Ocean Lexington 96 Km 104m Albian: 35m & 27m

P OGX-15 BM-C-41 Santa Helena Ocean Ambassador 78km 130m Albian: 32mAptian: 31m

41

CONCLUDED WELLS (2 OF 5)

4242

Well Block Accumulation Rig Coast Distance Water Depth Net Pay

Q OGX-16 PN-T-681 California QG-1 Onshore Block Devonian: Gas shows, 23m & 25m (column)

R OGX-17 BM-S-56 Belém Ocean Star 85 Km 136m Albian: 43m

S OGX-18 BM-C-40 Ingá Ocean Lexington 95 Km 105m Santonian: Oil showsAlbian: 12m (Oil column)

T OGX-19 BM-S-58 Aracaju Ocean Quest 112 Km 172m Santonian: 40m

U OGX-20 BM-C-41 Tupungato Ocean Ambassador 84 Km 132mMaastrichtian: 9m & 3mAlbian: 50mAptian: 42m

V OGX-21D BM-C-41 Waimea Direcional Sea Explorer 84 Km 134m Albian: 14m

W OGX-22 PN-T-681 Fazenda São José QG-1 Onshore Block Upper Devonian: 49m Lower Devonian: 47m

X OGX-23 BM-S-58 Ilhéus Ocean Quest 107 Km 152m -

Y OGX-24 BM-S-56 Itagi Ocean Star 94 Km 140m -

Z MRK-3/ 4P BM-C-372 Carambola – A Blackford Dolphin 74 Km 134mSantonian: 14mAlbian: 43mAptian: 12m

AA OGX-25/ 27P BM-C-39 Waikiki Pride Venezuela 94 Km 105m Eocene: 8m (gas)Albian-cenomanian: 145m

V OGX-26HP BM-C-41 Waimea Horizontal Sea Explorer 84 Km 134m Albian: 1,000m (horizontal section)

AB OGX-28D BM-C-41 Illimani Ocean Star 80 Km 126m Albian: 24m

AC OGX-29/ 32 BM-C-39 Itaipu Ocean Lexington 86 Km 104m Oil shows

AE OGX-31 BM-C-41 Osorno Ocean Ambassador 79 Km 136m Albian: 48mAptian: 23m

CONCLUDED WELLS (3 OF 5)

¹ OGX Maranhão has 70% W.I. ² OGX has 50% W.I. and Maersk is the operator 43

Well Block Accumulation Rig Coast Distance Water Depth Net Pay

AJ OGX-36D BM-C-41 Pipeline D Ocean Star 77 Km 128m Albian: 60m

AH OGX-35D BM-C-39 Waikiki Direcional Ocean Lexington 89 Km 104m Albian-Cenomanian: 80m

AG MRK-5 BM-C-37 2 Carambola B Blackford Dolphin 80 Km 130m Albian: 17m

AF OGX-33 BM-C-41 Chimborazo Pride Venezuela 84 Km 127m Albian: 42m

AK OGX-37 BM-C-43 Potosi Ocean Ambassador 87 Km 140m Oil Shows

AO OGX-41D BM-C-39 / BM-C-40 Waikiki - 2D Ocean Lexington 90 Km 110m Albian: 92m

AN OGX-40D BM-C-41 Pipeline - 2D Sea Explorer 79 Km 130m Albian: 107m

AD OGX-30 BM-S-58 Salvador Ocean Quest 105 Km 151m Albian: 50m

AI OGX-34 PN-T-68 1 Bom Jesus QG-1 Onshore Block Devonian: 23m

AQ OGX-43D BM-C-41 Illimani - 1D Ocean Ambassador 80 km 140 m Albian: 50m

AO OGX-44HP BM-C-39/BM-C- 40 Waikiki Ocean Lexington 90 Km 110m

Albian-Cenomanian: 1,063m (horizontal section)

AL OGX-38 PN-T-68 1 Fazenda São José BCH-05 Onshore Block Devonian: 43m

AS OGX-46D PN-T-68 1 Califórnia – D QG-1 Onshore Block Devonian: 15m

AU OGX-48 BM-C-41 Pipeline – 4 Ocean Ambassador 75 Km 128m Albian: 12m

AP OGX-42D BM-C-41 Pipeline - 3D Pride Venezuela 78 km 120m Eocene: 6mAlbian: 82m

AW OGX-50D BM-C-41 Waimea – 3D Sea Explorer 84 Km 131m Santonian: 1.7mAlbian: 52m

CONCLUDED WELLS (4 OF 5)

¹ OGX Maranhão has 70% W.I. ² OGX has 50% W.I. and Maersk is the operator 44

Well Block Accumulation Rig Coast Distance Water Depth Net Pay

AR OGX-45D BM-C-40 Waikiki – 3D Ocean Lexington 96 Km 109m Maastrichtian: 5m

AM OGX-39HP BM-C-41 Pipeline Horizontal Ocean Star 77 Km 128m Albian: 1,000m (horizontal section)

AX OGX-52 BM-C-41 Tambora Ocean Ambassador 93 Km 128m Santonian: 5m

Albian: 96m

AS OGX-51DP PN-T-68¹ Califórnia - 2DP QG-1 Onshore Block Devonian: 8m

AV OGX-49 PN-T-68¹ Fazenda São José BCH-05 Onshore Block -

AY OGX-53D BM-C-41 Waimea – 2D Pride Venezuela 84 Km 132m Albian: 71m

BB OGX-57 PN-T-68¹ Fazenda São José - 2 QG-1 Onshore Block -

AT OGX-47 BM-S- 59 Maceió Ocean Quest 110Km 185m Santonian: 51m

AZ OGX-54 BM-C-41 Fuji - 2 Ocean Lexington 81Km 136m Albian: 24

BC OGX-58DP BM-C-41 Tambora Ocean Ambassador 93Km 128m -

BA OGX-56D BM-C-41 Fuji – 1D Ocean Star 77Km 128m Albian: 60m

BD OGX-59 PN-T-49¹ Fazenda Torrão BCH-05 Onshore Block Devonian: 9m

BG OGX-62 BM-C-40 Ingá - 1 Ocean Lexington 93Km 105m Albian-Cenomanian: 20mSantonian: 26m

AW OGX-55HP BM-C-41 Waimea – 3HP Sea Explorer 84Km 131m Albian: >1,000m (horizontal section)

BE GVR-1D PN-T-68¹ Gavião Real QG-1 Onshore Block Development well

BF OGX-61 BM-C-41 Illimani – 2 Ocean Ambassador 87 Km 124m Albian: 9m

CONCLUDED WELLS (5 OF 5)

¹ OGX Maranhão has 70% W.I. ² OGX has 50% W.I. and Maersk is the operator ³ Waiting for a new rig 4OGX has 50% W.I. and Perenco is the operator 45

Well Block Accumulation Rig Coast Distance Water Depth Net Pay

BJ OGX-66 PN-T-67¹ Angical BCH-05 Onshore Block -

BI OGX-65D BM-C-41 Waimea – 4D ENSCO 5002 83 km 135m Albian: 97m

BG OGX-64DP BM-C-40 Ingá – 1DP Ocean Lexington 93 km 105m Santonian: 23m

BM PERN-1 BM-ES-374 Moriche Ocean Star 52 km 1,148m -

BP OGX-69 BM-C-41 Fuji - 4 ENSCO 5002 81 km 125m Albian: 38m

BN GVR-3D PN-T-68¹ Gavião Real QG-1 Onshore Block Development well

BO GVR-2D PN-T-68¹ Gavião Real BCH-05 Onshore Block Development well

BQ OGX-70 BM-C-41 Pipeline - 5 Ocean Lexington 80 km 123m -

AY OGX-60HP BM-C-41 Waimea – 2D ENSCO 5004 84 km 132m Albian: >1,000m (horizontal section)

BH OGX-63³ BM-S-57 Fortaleza Ocean Quest 102 km 155m Albian: 110mAptian: 150m (column)

BL OGX-67 BM-C-40 Ingá - 2 Ocean Ambassador 93 km 111m -

BS OGX-71 BM-C-40 Ingá - 3 Ocean Ambassador 93 km 112m -

BX OGX-73 BM-C-41 Osorno – 1 Ocean Ambassador 78 km 130m Albian: 37m

BT GVR-4D PN-T-681 Gavião Real QG-1 Onshore Block Development well

BR PERN-2 BM-ES-384 Guarapari Ocean Star 110 km 823m -

BU GVR-5D PN-T-681 Gavião Real BCH-05 Onshore Block Development well

BV OGX-72 BM-C-41 Pipeline – 7 Ocean Lexington 78 km 130m Albian: 129m

TPPs

TPP Maranhão III

PARNAÍBA BASIN: GAS SALE CONTRACT WITH MPX

Revenue Schematic

CONTRACT CONDITIONS:

The contract should provide a 15% ROE for the TPP (Thermal Power Plant)Gas producers should receive “remaining” revenue, guaranteeing extraordinary margins (“net back”)

— $ Fixed revenue (gas plant rental)

— $ Variable revenue (varies according to plant’s dispatch)

(OGX Maranhão and Petra)

$

$

$

(by Jan/1420 year contract

50% take-or-pay)

(by Jan/1315 year contract0% take-or-pay)

(MPX and Petra)

TPPMaranhão

IV + V

Future Projects

Gas Producers

46

Gas Sale Contract with MPX