OGX had a successful exploratory campaign in 2010, drilling 43 wells with an over 90% success rate. Discoveries were made in the Campos, Santos, and Parnaiba basins. Key accomplishments included 100% success in 18 Campos basin wells, commencing production in the Waimea accumulation by 3Q11, and estimated gas resources of 15 trillion cubic feet in the Parnaiba basin.

1. 2010 Results2010 Results

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 drillingrecoverable from accumulations yet to be discovered. Because of the uncertainty to commerciality and lack of sufficient exploration drilling,
prospective 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 thisy p y g y, g p p g
presentation are not comparable to information permitted to be made public 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 arethe 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 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 by their context. These statements are made on the basis of current knowledge and, by their nature, involve numerous
assumptions and 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 investmentdesire 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. 2010 Highlights and Subsequent Events
Largest private sector exploratory campaign in Brazil
A total of 43 wells drilled in 18 months with an overall success rate of over 90% in the shallow waters of the
d b d h h íbCampos and Santos basins and in the onshore Parnaíba Basin
18 wells drilled in 2010 in the Campos Basin with a success rate of 100%
Opening of a new exploratory frontier in the onshore Parnaíba Basin, with estimated potential resources of
Commencement of production in record time
p g p y , p
15trillion cubic feet (Tcf) of gas
Drill‐stem tests confirmed the high production potential of several discoveries made
Commencement of production in record time
Commencement of production expected in 3Q11 in the Waimea accumulation in the Campos Basin
First horizontal well (OGX‐26) drilled and tested confirming the high productivity of OGX carbonate reservoirs of the
Albi l i l
Equipment
Albian geological age
All critical equipment for the initial production has been secured
Portfolio
Nine drilling rigs contracted (7 offshore and 2 onshore)
Arrival of the FPSO OSX‐1 expected by mid 2011
Portfolio
3
Beginning of a new exploratory cycle with the acquisition of 5 blocks in 3 onshore basins in Colombia
Campos basin farm‐out process ongoing

4. Financial ResultsFinancial Results

5. 2010 Financial Results
Net Financial Results: Impact of interest income and
the positive impact of marking‐to‐market the fair value
Main Accounts - IFRS
Financial Statements
2010 2009 Δ
Net Financial Result 258,506 264,373 (5,867)
Financial Income 694,411 872,741 (178,330)
of financial instruments offset by losses on hedging
Exploration Expenses: Primarily related to expenses
for seismic activities in the Parnaíba and Espírito Santo
R$ (‘000)
Financial Loss (435,905) (608,368) 172,463
Exploration Expenses (97,841) (97,914) 73
G&A Expenses (319,072) (229,480) (89,592)
G&A (173,038) (108,396) (64,642)
Stock option plan Company (19 561) (9 629) (9 932)
p
basins
General and Administrative Expenses: Increase in the
b f l f 147 213 b 2009 Stock option plan ‐ Company (19,561) (9,629) (9,932)
Stock option plan ‐ Controlling Shareholder (126,473) (111,455) (15,018)
Tax and Social Contribution 22,882 (37,605) 60,487
Minority Interest (12,048) ‐ (12,048)
Net Result (123 477) (100 626) (22 851)
number of employees from 147 to 213 between 2009
and 2010 and the impact of the accounting treatment
for stock options granted by the controlling
Net Result (123,477) (100,626) (22,851)
2010 2009 Δ
I t ibl 4 589 418 2 099 559 2 489 859
shareholder. This adjustment does not result in the
dilution of shareholder interest and does not impact
the Company’s cash position R$ (‘000)
Balance Sheet
Intangible 4,589,418 2,099,559 2,489,859
Exploratory drilling and studies 2,948,754 469,474 2,479,280
Mobilization of rigs 148,941 138,362 10,579
Signature Bonus on exploratory blocks 1,491,723 1,491,723 ‐
Cash and cash equivalents 4 788 166 7 337 900 (2 549 734)
Net Result: Negative result higher than 2009 mainly
due to increase in General and Administrative
Expenses Cash and cash equivalents 4,788,166 7,337,900 (2,549,734)p
Intangibles: Increase due to intensified drilling
campaign and rig mobilization for the exploratory
i
5

6. 2010 Financial Results
Cash Position EvolutionR$ billion US$ billion
Solid cash position of R$4.8 billion, or US$2.9 billion, to
support the exploratory commitments and the beginning of
production
3.0
4.0
3 0
4.0
5.0
6.0
Foreign exchange hedge position of approximately US$ 1.7
billion, representing approximately 14 months of financial
commitments denominated in US$ 1 0
2.0
0 0
1.0
2.0
3.0
commitments denominated in US$
Allocation by Institution
1.00.0
3Q10 Oct Nov Dec
Cash in R$ Cash in US$
Average cumulative gross return equivalent to approximately
y
Santander;
11%
Safra; 5%
CS; 5%
Others (*); 5%
BTG Pactual; 6%
105% of the Interbank Deposit Rate (CDI), generating R$
585.4 million of interest income for the period
Cash invested in fixed income instruments with some of the
Itau
Unibanco;
Bradesco; 22%
Votorantim;
15%
ABC; 3%
Société; 3%
Cash invested in fixed income instruments with some of the
most solid financial institutions in Brazil
(*) HSBC (1.8%), LFT (1.5%) and BNP (1.0%)
6
Unibanco;
24%

7. Exploratory Campaign HighlightsExploratory Campaign Highlights

8. Campos Basin
7 shallow water blocks in South
C (l & f
Summary
Campos (lower cost & faster
execution)
31 drilled wells: 28 concluded
and 3 in progressand 3 in progress
100% success ratio and multi‐
layer discoveries
Focus on the appraisal campaign
with vertical and horizontal
drilling
Several drill stem testsSeveral drill‐stem tests
confirming reservoirs high
productivity
1st oil at Waimea (OGX‐26) on1 oil at Waimea (OGX 26) on
track
FPSO OSX‐1 and submersible
equipment secured
Waimea project
OGX ll
Multi‐billion barrel discoveries and 100% hit ratio in the shallow waters of Campos with high
productivity reservoirs among the best in Brazil (40k bbl/d/well)
OGX wells
• Previously drilled wells
8

9. OGX‐26: First Production Well
OGX will begin production by 3Q11 with an
extended well test (EWT) in the Waimeaextended well test (EWT) in the Waimea
accumulation (OGX‐26) producing up to 20,000
barrels per day
OGX 26 i l t d i th h ll t i thOGX‐26 is located in the shallow waters in the
Campos Basin (134m) and 84 km off the coast
One of the best drill‐stem tests ever performed in
Brazil that confirmed excellent productivity index
(PI) of 100 m3/day/kgf/cm2
Production potential of 40,000 barrels per day in
definitive development phase
Oil gravity of 20⁰ API
Th l b i d i h d illi f hi ll lid h l i l d l d fi h
State‐of‐the‐art drilling technology: 1,000 meters of
horizontal extension
9
The results obtained in the drilling of this well validate the geological model and confirm the
relevance of the carbonate province discovered by OGX in the southern part of the Campos basin

10. Campos Basin: OGX‐26 – Defined Production Concept
and Equipment Securedand Equipment Secured
Equipment
Critical Equipment and Services Status
Horizontal Well (OGX‐26) already drilled and successfully tested
Production Concept
Wet Christmas Tree (WCT): Already installed
Umbilical Terminal Assembly (UTA): Contracted
Hydraulic Power Unit (HPU): Delivery scheduled
Well completed and wet christmas tree installed
Buoy anchor system and flexible lines already delivered
Extended Well Test (EWT) approved by ANP (National Petroleum
for April, 2011
Flexible Lines: Contracted with Wellstream
Electrical Submersible Pump (ESP): Contracted
Agency)
FPSO (OSX‐1) arrival expected by mid‐2011
All critical equipment and services already secured
with Baker
Services
Installation Vessel – Anchor System, Flexible Lines and
Umbilicals: Contracted with WS and Aker
Mud line and Subsurface analysis for FPSO Mooring
and WHP piles: Contracted with FUGRO alreadyand WHP piles: Contracted with FUGRO – already
completed
Waimea Area Survey: Contracted with FUGRO
10
EWT will have a wet christmas tree and flexible lines directly connected to the FPSO OSX‐1
and oil flow rate of up to 20,000 barrels per day

11. Santos Basin: Intensification of the Drilling Campaign
Important discoveries identifying liquid hydrocarbons and gas
Relevant discoveries in three wells drilled in 2010:
OGX‐17A
OGX‐30
OGX‐11 (Natal): 75m net pay in the sandstone reservoirs in the
Santonian section
OGX‐24
OGX‐12OGX‐17 (Belém): 43m net pay in the carbonate reservoirs of
the Albian section
OGX‐19 (Aracajú): 40m net pay in the sandstone reservoirs in
OGX‐30 (Salvador): Drilling still in progress
Santos Basin success rate of approximately 60%
OGX‐23
OGX‐11
the Santonian section
Santos Basin success rate of approximately 60%
Increase participation to 100% in BM‐S‐29 (former‐JV
with Maersk)
OGX‐19A
MRK‐2B
Discovery Evaluation Plan (PAD) of the Belém
accumulation submitted to ANP
Wells drilled by OGX
11
Commencement of the second exploratory phase in
3 blocks (BM‐S‐57, BM‐S‐58 and BM‐S‐59).

12. Parnaíba Basin: Evidence of High Potential Gas Volumes
Highlights
Mapped 20 additional prospects in the region
Increased the expected number of wells to be drilled from 7 to 15 during the
OGX‐16
OGX‐22
OGX‐34
p g
exploratory campaign
Estimated potential resources of approx. 15 trillion cubic feet (Tcf) and
production capacity of approx. 15 million cubic meters per day
B i i f th i l i ith fi t i l ll l d iBeginning of the appraisal campaign with first appraisal well already in
progress (3‐OGX‐38‐MA)
License for 1,863 MW obtained by MPX to commercialize part of the
discoveries made
Wells drilled by OGX
OGX‐16 OGX‐22
y
OGX‐16 (Califórnia): First commercial gas discovery in
Parnaíba. Drill‐stem test measured pressure of 1,900 psi and
Discoveries and Tests
flame of 15 meters
OGX‐22 (Fazenda São José): Relevant gas discovery in the
Devonian section. Drill‐stem test conducted in this section
measured pressure of 1 950 psi and flame of 20 meters
Absolute Open Flow of 1.0M
m3/day
Production potential of
3.4M m3/day in Absolute
measured pressure of 1,950 psi and flame of 20 meters
 Test conducted in well OGX‐22 indicated production
potential of up to 3.4 million m³ per day in Absolute
Open Flow
12
m3/day
Pressure of 1,900 psi
Flames of approx. 15m high
Open Flow
Pressure of 1,950 psi
Flames of approx. 20m high
OGX‐34 (Bom Jesus): Drilling still in progress

13. Important 2011 Milestones
Beginning of the drilling campaign in the Pará‐Maranhão Basin in the short‐term
New D&M report for the Campos and Parnaíba basins, evaluating contingent and prospective
resources
First oil at Waimea in 3Q11
Beginning of the drilling campaign in the Espírito Santo Basin in 2H11
Increase of appraisal campaign in the Campos and Santos basins
Intensive exploratory campaign in the Parnaíba BasinIntensive exploratory campaign in the Parnaíba Basin
Beginning of seismic campaign in Colombia
13

14. AppendixAppendix

15. Consolidated Balance Sheet – R$´000
In accordance with IFRS
Liabilities 12/31/2010 12/31/2009
Current Liabilities 736,978 581,406
Suppliers 446,907 151,262
Payable Taxes and Contribution 23,643 40,116
Assets 12/31/2010 12/31/2009
Current Assets 5,083,508 7,564,267
Cash and cash equivalents 4,080,107 6,633,787
Marketable Securities 708,059 704,113
Compensation and benefits 29,208 23,960
Financial derivative instruments 225,794 300,757
Other 11,426 65,311
N t Li biliti 11 758 2 402
Recoverable taxes 279,334 209,076
Financial derivative instruments ‐ ‐
Other 16,008 17,291
N t A t 4 905 026 2 205 830 Non‐current Liabilities 11,758 2,402
Related parties 11,758 2,402
Non‐current Assets 4,905,026 2,205,830
Inventory 223,793 85,354
Deferred Taxes 45,640 ‐
Related Parties 18,551 ‐
Investments ‐ 1,000
Minoritory interest 24,653 ‐
Shareholders' Equity 9,215,145 9,186,289
Capital 8,806,451 8,799,004
C it l 224 256 250 569
,
Property, plant and equipment 27,624 19,917
Intangible 4,589,418 2,099,559
Capital reserves 224,256 250,569
Retained earnings 420,518 248,171
Cumulative conversion adjustments (1,148) ‐
Accumulated profit (losses) (234,932) (111,455)
Total Liabilities 9,988,534 9,770,097Total Assets 9 988 534 9 770 097
15
Total Liabilities 9,988,534 9,770,097 Total Assets 9,988,534 9,770,097

16. Consolidated Income Statement – R$´000
In accordance with IFRS
2009
Operating income (expenses)
2010
Exploration expenses (97,841) (97,914)
General and administrative expenses (319,072) (229,480)
Financial income 694,411 872,741
Financial expenses (435,905) (608,368)
Operating income (expenses)
p ( , ) ( , )
Net earnings (losses) before income tax and
social contribution (158,407) (63,021)
(‐) Income tax and social contribution 22,882 (37,605)
Net earnings (losses) before minority interest (135,525) (100,626)
Minority interest (12,048) ‐
Net earnings (losses) for the period (123,477) (100,626)
Number of shares at the end of the period * 3,233,161,600 3,232,004,100
Earnings (losses) per thousand shares ‐ R$ (0 03819) (0 03113)Earnings (losses) per thousand shares R$ (0.03819) (0.03113)
16

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