1) OGX has a portfolio of oil and gas exploration assets with over 10.8 billion barrels of oil equivalent of potential resources identified across multiple basins in Brazil and Colombia. 2) The resources include discovered contingent resources that will be appraised as well as numerous exploration prospects. 3) The portfolio is weighted towards shallow water and onshore assets that can be developed at relatively low costs using conventional technology.

1. OGX Portfolio Update
OGX Portfolio Update
April 2011
April 2011

2. Disclaimer
This presentation uses the terms “prospective resources” and “contingent resources” to describe those quantities of petroleum that are potentially
recoverable from accumulations yet to be discovered Because of the uncertainty to commerciality and lack of sufficient exploration drilling prospective
discovered. drilling,
resources cannot be classified as reserves. Investors are advised that the U.S. Securities and Exchange Commission (SEC) and other international securities
regulators do not recognize prospective and contingent resources. Prospective resources have a great amount of uncertainty as to their existence. There is no
certainty that any portion of the prospective resources will be discovered and, if discovered, whether they could be developed economically. Therefore,
investors are cautioned not to assume that all or any part of OGX’s prospective resources exist, or that they can be developed economically. Accordingly,
information concerning prospective and contingent resources contained in this presentation are not comparable to information permitted to be made public
gp p g p p p p
by U.S. or other international companies subject to SEC reporting and disclosure requirements, especially Industry Guide 2 under the Securities Act.
Certain of the information and conclusions set forth herein are based on projections. These projections were prepared for the limited purpose of analyzing the
potential risks and benefits of an investment in the securities by illustrating under certain limited assumptions. In addition, because of the subjective
judgments and inherent uncertainties of projections and because the projections are based on a number of assumptions, which are subject to significant
uncertainties and contingencies that are beyond the control of OGX there can be no assurance that the projections or conclusions derived therefrom will be
OGX,
realized. Under no circumstances should the projections set forth herein be regarded as a representation, warranty or prediction that OGX will achieve or is
likely to achieve any particular future result. There can be no assurance that OGX’s future results or projections will not vary significantly from those set forth
herein. Accordingly, investors may lose all of their investment to the extent the projections or conclusions included herein are not ultimately realized.
This presentation also contains forward‐looking statements, which may be identified by such words as "may", "plans", "expects", "believes" and similar
expressions, or b th i context. Th
i by their t t These statements are made on th b i of current k
t t t d the basis f t knowledge and, b th i nature, i l numerous assumptions and
l d d by their t involve ti d
uncertainties.
Various factors could cause OGX's actual future results, performance or events to differ materially from those described in this presentation. 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.
2

3. OGX: Multi‐billion Barrel Portfolio Track Record
Proven execution capability: from concept to massive discoveries in unprecedented timing
OGX Creation IPO Preparation Seismic Acquisition Massive Discoveries
Jun/07 Mar/08 Sep/09 Dec/10
OGX target volumes at 22 offshore blocks in 29 exploratory blocks (7 in 34 exploratory blocks (5 in Colombia)
9th ANP bidding round Brazil Parnaíba basin)
(
(funded by Private
y Highly successful wildcat drilling
Placement) Existing 2D seismic data New 3D seismic data
3rd D&M Report (prospective resources,
1stD&M Report Beginning of drilling campaign contingent resources and delineation
(prospective resources) prospects)
2nd D&M Report (prospective
and contingent resources)
10.8 bn boe
6.8 bn boe
4.8 bn boe
1.0 bn boe
3

4. OGX Exploration Drilling Strategy
Sep/09 – Dec/10: Aggressive oil & gas exploration campaign focused on accomplishing the ANP
commitments and discovering the maximum number of accumulations
commitments and discovering the maximum number of accumulations
Jan/11 – Mar/13: Following massive discoveries, OGX is intensifying its appraisal campaign in order to
declare commerciality and convert resources into reserves
Campos Basin (34 wells as of Apr/11) Parnaíba Basin (4 wells as of Apr/11)
wells wells
4

5. Scope of the 5 D&M Reports
New D&M reports cover Campos, Parnaíba and the 3 Colombian basins
Campos and Parnaíba D&M reports cut‐off date: December 31st, 2010
Colombia Basin D&M cut‐off date: March 31st, 2011
Reports Description
Report 1: 11 oil accumulations in Campos Basin (only post‐salt) associated with 19 drilled
Contingent wells
Resources 2 gas accumulations in Parnaíba Basin
Campos Basin (only post‐salt)
Report 2:
10 oil delineation areas (nearby D&M contingent areas)
Prospective
11 oil exploration prospects
Resources
Parnaíba Basin with 6 oil and 18 gas exploration prospects
Report 3:
Unconventional
Shale gas potential in Parnaíba Basin
Shale gas potential in Parnaíba Basin
Prospective
Resources
Reports 4 and 5:
Reports 4 and 5: Report 4: prospective resources in Middle‐Madalena and Lower‐Madalena
epo t : p ospect e esou ces dd e ada e a a d o e ada e a
Colombian Valleys, with 2 oil and 6 gas exploration prospects
Basins Report 5: potential volumes in Cesar‐Rancheria Basin
5

6. Campos Basin D&M Results
D&M Campos Basin results:
(i) contingent resources: discovered accumulations (1C, 2C, 3C)
(ii) delineation prospects: area beyond well distance control
(iii) prospective resources: undrilled potential accumulations
D&M contingent and delineation methodology
dd l h d l
6

7. Seismic Section Example of 1C, 2C, 3C and Delineation Areas
WELL
Delineation
3C
2C
1C Reservoir top
Oil/Water
Geological barrier
Contact (OWC)
( )
Geological barrier Reservoir base
7

8. Seismic Section Example of 1C, 2C, 3C and Delineation Areas
Well drilled Well drilled
after Dec 31st before Dec 31st
3C
2C Delineation
1C Oil/Water
Oil/W t
Contact (OWC)
Geological barrier Reservoir top
Reservoir base
8

9. Campos Basin D&M Results (cont’d)
34 wells spuded from Sep/09 to Apr/11
11 accumulations and 19 wells analyzed in the D&M contingent report
Special 3D seismic acquisition is necessary to better image the pre‐salt
Campos net to OGX
Campos net to OGX
D&M (Sep/2009) D&M (Dec/2010)
1.4 bn bbl
1 4 bn bbl 5.7 bn bbl
5 7 bn bbl D&M
D&M
Dec/10 vs. Sep/09
1.3 bn bbl
3.7 bn bbl
3 0 bn bbl
3.0 bn bbl + 2.0 bn bbl
+ 54%
Not considering
pre‐salt potential
pre salt potential
Prospective 3C = 3.0 Delineation Prospective Total
Resources 2C = 0.7 Resources Campos Basin
1C = 0.1
1C 0 1
2011 – 2013: intensive appraisal campaign to convert 3C and delineation into 2C/2P and 1C/1P
9

10. Parnaíba Basin D&M Results
D&M Parnaíba Basin results:
(i) contingent resources: 2 discovered accumulations
(ii) conventional prospective resources: 6 oil and 18 gas prospects
(iii) unconventional prospective resources: shale gas
Gross Parnaíba Prospective Resources Gross Parnaíba Prospective Resources
Unrisked Risked
OGX Original D&M (Dec/2010) D&M (Dec/2010)
Estimates Gas + Oil (11.9 bn boe) Gas + Oil (2.1 bn boe)
Gas (2.7 bn boe) 24 Prospects
p 24 Prospects
p
20 Prospects 56 Tcf
Prospective Resources:
25.6
unconventional
conventional
15 tcf
30.6
30 6 1.9 bn
1 9 bn bbl 11 Tcf
11 Tcf
0.1 bn bbl
Prospective
Prospective Gas Prospective
Gas Prospective Oil Prospective
Oil Prospective Gas Prospective
Gas Prospective Oil Prospective
Oil Prospective
Resources Resources Resources Resources Resources
D&M Parnaíba Basin report revised OGX’s original prospective resource estimates by 340%
10

11. Parnaíba Basin D&M Results (cont’d)
4 spuded wells from Sep/09 to Apr/11
2 accumulations analyzed in the D&M contingent report
Parnaíba net to OGX (risked)
D&M (Dec/2010)
Oil + Gas 0.4 bn boe 1.0 bn boe D&M Dec/10
1.0 bn boe (or 5.6 tcf
0.6 bn boe and 45 million bbl)
0.1 bn boe
3C Conventional Unconventional Total
Prospective Prospective Parnaíba Basin
Resources Resources
Opening of a new hydrocarbon onshore province in Brazil
11

12. Colombia D&M Results
D&M results for the 3 Colombian Basins comprise:
(i) prospective resources: Lower and Middle Madalena Valleys Basins
(ii) potential volumes: Cesar‐Ranchería Basin estimates (stochastic methods)
Cesar‐Ranchería Basin location Colombia net to OGX
D&M (Mar/2011)
1.0 bn boe 1.1 bn boe
0.1 bn boe
OGX blocks Prospective Potential Total
Maracaibo Basin (~80 bn boe discovered & ~50 bn boe produced)1 Resources Volume Colombian Basins
1 Source: IHS
Enormous upside potential from untapped onshore basins in Colombia
12

13. OGX Portfolio Update: 10.8 bn boe of Potential Resources
19%
OGX Portfolio OGX Onshore
Total ³
bn boe Net ³
8%
Campos 7.6 5.7 Deep 73%
water Shallow
Contingent ¹ 3.8 3.0 Water
Delineation ² 2.0 1.3
Prospective 1.8 1.4
Santos 1.8 1.8 21%
Espírito Santo
Espírito Santo 1.6
16 0.8
08 Gas
Pará‐Maranhão 0.4 0.4 79%
Parnaíba 2.2 1.0 Oil
Contingent ¹
Contingent ¹ 0.2
02 0.1
01
Conventional Prospective 1.2 0.6
28%
Unconventional Prospective 0.8 0.4 Contingent
3C
Colombia
C l bi 1.1 1.1
60%
Prospective 0.1 0.1 Prospective
Potential volumes 1.0 1.0 12%
OGX Portfolio 14.8 10.8 Delineation
1 3C
² High unrisked estimates
³ PoS adjusted
13

14. Conclusions
World‐class E&P portfolio with 10.8 bn boe of potential resources mostly in shallow waters and
onshore
OGX results confirm high productivity large scale accumulations (potential capacity of 40.000
bopd per well) with low costs and off‐the‐shelf technology
Campos Basin fields life average opex < US$7/boe (not including FPSOs and WHPs) and < US$16/boe
(including FPSOs and WHPs)
Through an intensified appraisal campaign, OGX will aggressively convert 3C, delineation and
Through an intensified appraisal campaign OGX will aggressively convert 3C delineation and
prospective resources volumes into 1P/2P/3P reserves
OGX demonstrated the ability to grow through massive discoveries and further portfolio
expansion
The quality of the oil found by OGX is highly demanded by the market having, consequently, an
excellent commercial value
excellent commercial value
OGX Campos Basin business plan is being developed based on 4.1 bn boe and FPSOs and WHPs
are being contracted
Leading E&P team responsible for huge discoveries and production development in the last 10
years in Brazil
14

15. OGX: Multi‐billion Barrel Portfolio Track Record
Proven execution capability: from concept to massive discoveries in unprecedented timing
OGX Creation IPO Preparation Seismic Acquisition Massive Discoveries
Jun/07 Mar/08 Sep/09 Dec/10
OGX target volumes at 22 offshore blocks in 29 exploratory blocks (7 in 34 exploratory blocks (5 in Colombia)
9th ANP bidding round Brazil Parnaíba basin)
(
(funded by Private
y Highly successful wildcat drilling
Placement) Existing 2D seismic data New 3D seismic data
3rd D&M Report (prospective resources,
1stD&M Report Beginning of drilling campaign contingent resources and delineation
(prospective resources) prospects)
2nd D&M Report (prospective
and contingent resources)
10.8 bn boe
6.8 bn boe
4.8 bn boe
1.0 bn boe
15

16. OGX IR Contacts: ri@ogx.com.br
+ 55 21 2555 6237