1. 1Q13 RESULTS
PRESENTATION
Rio de Janeiro | May 10, 2013

2. 1Q13 HIGHLIGHTS
1

3. 1Q13 HIGHLIGHTS AND SUBSEQUENT EVENTS
3
OGX delivered a sequential improvement in the first quarter:
 OGX posted higher net revenues and positive EBITDA: R$289 million and R$74 million, respectively
 Production volumes in Tubarão Azul Field up 5.1% on the previous quarter, totaling 954 thousand barrels of oil
 Efficient development of the Tubarão Martelo Field; six production wells drilled and lower completed
 Commercial gas production in the Gavião Real Field started in January 2013
Important advances in exploration campaign:
 Four fields declared commercial: Tubarão Tigre, Tubarão Gato and Tubarão Areia in the Campos Basin; and Gavião Branco
Field in the Parnaíba Basin
 New Discovery Evaluation Plans (PAD) submitted for other accumulations in the Campos and Santos basins
 First Cretaceous Sandstone discovery in the Campos Basin: Tulum
 Three gas discoveries in the Parnaíba Basin (Fazenda Chicote, São Raimundo and Fazenda Santa Isabel)
Tubarão Azul operational issues:
 Production was affected by operational issues in March and April
Strategic partnership with Petronas:
 Important strategic partnership with Petronas to jointly exploit the Tubarão Martelo Field and the Peró and Ingá
accumulations

4. FINANCIAL & OPERATIONAL
HIGHLIGHTS
2

5. 5
FINANCIAL HIGHLIGHTS: 1Q13 RESULTS
Net Revenue rose 66% in 1Q13 and positive EBITDA for the first time
KEY FINANCIAL METRICS 1Q 2013 4Q 2012
Net Revenue (R$ mm) 289 175
EBITDA (R$ mm) 74 (38)
Net Profit (Loss) (R$ mm) (805) (286)
Realized oil price per barrel (US$) 103 104
CAPEX (US$ mm) 289 550
Cash Position (US$ mm) 1,148 1,655
Production volume (kboepd) 10.9 10.2
Net revenue of R$289 million booked
in 1Q13 from 5th and 6th cargos
1.2 million barrels sold in 1Q13
Net profit impacted by dry well and
area relinquishment
Cash position of US$1.15 billion as of
March 31, 2013
Average production volume of 10.9
kboepd in 1Q13

6. Disciplined cash management focused on maintaining flexibility for ongoing operations and
additional opportunities
6
Notes:
¹ Considers average exchange rate equivalent to: BRL 1.77/USD (1Q12); BRL 1.96/USD (2Q12); BRL 2.03/USD (3Q12); BRL 2.06/USD (4Q12); BRL 2.00/USD (1Q13)
² Considers end of period exchange rate equivalent to: BRL 2.04/USD (4Q12); BRL 2.01/USD (1Q13)
³ Final stage of GTU assembly and two additional rigs
Cash Flow (US$ million)1,2
Cash Expenditure – Accrual Basis (US$ million)1
FINANCIAL HIGHLIGHTS: CASH POSITION
Capex
SG&A/G&G
Additional Parnaíba Capex³
653
460 483
550
289
5
67 9
81
56
38 52
33
734
521
588 611
322
1Q12 2Q12 3Q12 4Q12 1Q13
1,655
1,148
(28) (184)
(295)
4Q12 1Q13Financing
activities
Operating
activities
Investing
activities
– 47%
OGX has the option to require controlling shareholder Eike Batista to purchase up to
US$1.0 billion of new common shares of OGX at a price of R$6.30 per share

7. OPERATIONAL HIGHLIGHTS: 1Q13 PRODUCTION
7
Campos Basin:
 954 thousand barrels of oil produced in 1Q13 at an average daily production of 10.9 kboepd
 1.2 million barrels of oil sold in 1Q13, delivered in two different cargos
 3rd production well in Tubarão Azul Field on-stream since January 4, 2013
 Average daily cost of ~US$531 thousand per day in FPSO OSX-1 operation
 In March and April, production was affected by operational issues
Parnaíba Basin:
 Average net gas production of 3.2 kboepd, 5.5 kboepd, 6.8 kboepd and 12.1 kboepd in January, February, March and
April 2013, respectively, in the Gavião Real Field
 Achieved total production of 4.0 M m³/d (~25 kboepd) in the Gavião Real Field after the fourth turbine at the Parnaíba I
Thermo Power Plant has been synchronized with the National System on April 5, 2013
 Commenced the drilling of two additional development wells: GVR-17 and GVR-18, which should be completed and
connected soon to the production clusters

8. 8
OPERATIONAL HIGHLIGHTS: TUBARÃO AZUL FIELD
Average Monthly Production (kboepd)
 OGX-68HP well:
 15 day stoppage during March due to operational
issues in the ESP
 Repairs commenced in mid-April – conclusion
expected for mid-May
 TBAZ-1HP well:
 11 day stoppage during March due to unstable
electrical generation at OSX-1 and lower than
expected flow rate at the well
 Repairs to begin after OGX-68HP well
 OGX-26HP well:
 2 day stoppage at the well during March due to
unstable electrical generation at OSX-1
 Well production has been periodically stopped
since the beginning of April to prevent damage to
the ESP - production is being monitored
Effective
Production Days
Jan-13 Feb-13 Mar-13 Apr-13
OGX-26HP 29 28 29 16
OGX-68HP 29 28 16 -
TBAZ-1HP 26 28 20 -
Total 84 84 65 16
Average per
offshore well
(kboepd)
4.9 3.8 3.9 3.4
13.2
11.3
8.3
1.8
Operational Issues

9. 9
OPERATIONAL HIGHLIGHTS: TUBARÃO MARTELO FIELD
Tubarão Martelo Field Development
 Concluded the drilling and lower completion of 6 horizontal
production wells (TBMT-2HP, TBMT-4HP, TBMT-6HP, OGX-
44HP, TBMT-8H and TBMT-10H)
 FPSO OSX-3 scheduled to arrive by 3Q13
 Tubarão Martelo Field scheduled to come on-stream by 4Q13
Exploration wells drilled
Production wells drilled
BM-C-39
BM-C-40
TUBARÃO
MARTELO
35D
TBMT-10H
TBMT-4HP
TBMT-6HP
TBMT-2HP 44HP
TBMT-8H
25
Strategic Partnership with Petronas
 OGX recently entered into a strategic agreement with
Petronas to sell a 40% stake in BM-C-39 and BM-C-
40 blocks
 Sale price for OGX’ stake was of US$850 million
 The blocks encompass:
 Tubarão Martelo Field (2C resources of 212
million barrels estimated by DeGolyer and
MacNaughton in February 2012)
 Peró and Ingá accumulations
 Petronas has an option to purchase 5% of OGX’s capital
at a price of R$6.30 per share at any time until April
2015

10. 10
OPERATIONAL HIGHLIGHTS: GAVIÃO REAL FIELD
 Four turbines synchronized as of April 5, 2013
 Achieved total production of 4.0 M m³/d (~25 kboepd)
in the Gavião Real Field
 Available production capacity of up to ~6 M m³/day;
future available production capacity of up to 7.5 M
m³/day
 GTU EBITDA margin of approximately 73% leaves space
for margin increase with full production ramp-up, in
particular in April and May, with the synchronization of
the fourth and fifth turbines
Average Monthly Production (kboepd)¹ ² Production advancing
3.2
5.5
6.8
12.1
Jan-13 Feb-13 Mar-13 Apr-13
GTU Site View
Notes:
1 Average net production (OGX participation only) in the Gavião Real Field. Conversion factor considered: 6.29 kboe = 1 million cubic meters of natural gas
2 January 2013 refers to a production period of 12 days, since the beginning of the synchronization of the first turbine in the TPP Parnaíba I

11. OPERATIONAL HIGHLIGHTS: 1Q13 EXPLORATION
11
Campos Basin:
 Declaration of Commerciality of Tubarão Tigre, Tubarão Gato and Tubarão Areia fields with total estimated volume of oil
in place of 823 million barrels of oil (P50)
 Submitted PAD for Vesúvio, Viedma, Tulum and Itacoatiara accumulations to ANP
 Decided to not continue the exploration of the Cozumel, Cancun, Tambora and Tupungato areas
Parnaíba Basin:
 Declaration of Commerciality of Bom Jesus accumulation (Gavião Branco Field)
 Three new discoveries in the basin:
• OGX-107: 66 meters of net pay gas in Fazenda Chicote accumulation with drill-stem test indicating gas flow rate
of 3.2 Mm³/d (AOF)
• OGX-108: 24 meters of net pay gas in Fazenda Santa Isabel accumulation
• OGX-110: 27 meters of net pay gas in São Raimundo accumulation
Espírito Santo Basin:
 Commenced drilling PERN-3, Caju prospect, in the BM-ES-39 block
Santos Basin:
 Expected to commence in the coming days a drill-stem test at the OGX-94DA well (Curitiba accumulation PAD)
 Submitted PAD for Belém, Curitiba and Natal accumulations to ANP
60% success rate in exploratory and appraisal program in 1Q13

12. COMPANY OUTLOOK
3

13. 13
UPCOMING EVENTS
Other Key EventsEvents by Basin
 Update our resource evaluation report
 Arrival of FPSOs OSX-2 and OSX-3
• Production expected to come on-stream by
2013YE
 Commence drilling of the first development well in the
Atlanta Field (BS-4 Block) in 2H13
Campos Basin:
 Continue execution of PADs by drilling appraisal wells
and perform tests
 Continue to develop the Tubarão Martelo Field with
Petronas by preparing for OSX-3’s arrival and conclude
studies for OSX-2’s development area
Parnaíba Basin:
 Continued exploration campaign with the drilling of
wildcat wells
Santos Basin:
 Perform tests as execution of the PADs
Espírito Santo Basin:
 Continued exploration campaign with the drilling of
wildcat wells

14. APPENDIX

15. FINANCIAL STATEMENTS
15
Note:
¹ This balance does not include parts of COGS related to depreciation, amortization and royalties that are disclosed in specific lines of the table above
R$ ('000)
INCOME STATEMENT 1Q13 4Q12 ∆ 1Q13 1Q12 ∆
Net revenue 289,391 174,707 114,684 289,391 - 289,391
Cost of goods sold (COGS) ¹ (144,259) (100,203) (44,056) (144,259) - (144,259)
Exploration expenses (27,851) (54,784) 26,933 (27,851) (89,202) 61,351
Sales expenses (5,508) (5,831) 323 (5,508) - (5,508)
General and administrative expenses (37,949) (52,121) 14,172 (37,949) (54,266) 16,317
EBITDA 73,824 (38,232) 112,056 73,824 (143,468) 217,292
Depreciation (part of COGS) (38,776) (17,173) (21,603) (38,776) (1,533) (37,243)
Amortization (part of COGS) (5,202) (4,522) (680) (5,202) (1,757) (3,445)
Stock option (20,566) (7,372) (13,194) (20,566) (35,334) 14,768
Dry/subcommercial wells/areas (1,194,862) (231,238) (963,624) (1,194,862) (19,941) (1,174,921)
Equity results (479) - (479) (479) - (479)
EBIT (1,186,061) (298,537) (887,524) (1,186,061) (202,033) (984,028)
Financial revenue 24,435 43,145 (18,710) 24,435 87,719 (63,284)
Financial expense (127,485) (149,637) 22,152 (127,485) (94,769) (32,716)
Net financial results (103,050) (106,492) 3,442 (103,050) (7,050) (96,000)
Currency exchange 66,160 1,788 64,372 66,160 31,070 35,090
Derivatives (5,704) (1,909) (3,795) (5,704) (5,461) (243)
EBT (1,228,655) (405,150) (823,505) (1,228,655) (183,474) (1,045,181)
(-) Income tax 424,068 119,444 304,624 424,068 38,672 385,396
Net profit (loss) for the year- Pro forma (804,587) (285,706) (518,881) (804,587) (144,802) (659,785)
OGX Campos Merger - - - - - -
Net profit (loss) for the year- Book value (804,587) (285,706) (518,881) (804,587) (144,802) (659,785)
Attributed to:
Non controlling interests 5,818 (12,803) 18,621 5,818 (12,399) 18,217
Controlling shareholders (810,405) (272,903) (537,502) (810,405) (132,403) (678,002)

16. FINANCIAL STATEMENTS
16
R$ ('000)
BALANCE SHEET Mar 31, 2013 Dec 31, 2012 Mar 31, 2013 Dec 31, 2012
ASSETS LIABILITIES AND EQUITY
Current assets Current Liabilities
Cash and cash equivalents 2,311,016 3,381,326 Trade payables 522,944 925,513
Escrow deposits 15,180 14,963 Taxes, contributions and profit sharing payable 28,617 22,894
Taxes and contributions recoverable 28,879 - Salaries and payroll charges 70,297 58,921
Derivative financial instruments 24,975 26,350 Loans and financings 136,967 84,534
Oil inventories 77,107 118,027 Derivative financial instruments 2 1,416
Other credits 106,226 94,686 Accounts payable to related parties 84,244 100,845
Other accounts payable 23,576 20,096
2,563,383 3,635,352
866,647 1,214,219
Noncurrent Liabilities
Loans and financings 7,854,127 7,960,166
Provisions 218,250 210,887
Noncurrent Assets
Inventories 231,895 206,511 8,072,377 8,171,053
Taxes and contributions recoverable 199,080 215,311 Shareholders’ Equity
Deferred income taxes and social contributions 1,216,497 791,893 Capital stock 8,821,155 8,821,155
Credits with related parties 180,514 179,454 Capital reserves 191,013 178,793
Earnings reserves - -
Investments 12,490 - Currency translation adjustments 38,583 42,571
Retained earnings (deficit) (2,142,075) (1,343,306)
Fixed assets 9,756,663 10,027,389
Portion attributed to controlling shareholders 6,908,676 7,699,213
Intangible assets 1,713,223 2,060,438 Portion attributed to non-controlling interests 26,045 31,863
13,310,362 13,480,996 6,934,721 7,731,076
Total Assets 15,873,745 17,116,348 Total Shareholders’ Equity 15,873,745 17,116,348

17. FINANCIAL STATEMENTS
17
R$ ('000)
FIXED ASSETS
Balance as of December 31, 2012 10,027,389
(+) CAPEX
Campos Basin 422,764
Santos Basin 10,969
Parnaíba Basin 49,688
Espirito Santo Basin 6,947
Pará Maranhão Basin 3,974
Colombian Basins 0
Corporate 83,854
578,196
(+) Borrowing costs 44,477
(+) Asset retirement obligation -
(-) Gross margin EWT -
(-) Disposals -
(-) Depreciation (37,189)
(-) Write off Dry/Subcommercial wells (856,210)
Balance as of March 31, 2013 9,756,663
R$ ('000)
LOANS AND FINANCING
Balance as of December 31, 2012 (8,044,700)
(-) New fundings -
(-) Accrued interests (163,884)
(-) Currency exchange 109,169
(+) Interest paid 112,658
(+) Funding costs -
(-) Amortization of funding costs (4,337)
Balance as of March 31, 2013 (7,991,094)