OGX has a diverse portfolio of 34 blocks across Brazil and Colombia, with over 10 billion barrels of potential recoverable resources. The portfolio is focused on 4 key basins in Brazil: Campos, Santos, Parnaiba, and Pará-Maranhão. In the Campos Basin, OGX has discovered over 5 billion barrels and is currently appraising discoveries with a 100% success rate in shallow waters. The Santos Basin offers significant gas and oil potential, while the Parnaiba and Pará-Maranhão Basins provide opportunities in new frontier regions.

1. Management Presentation

2. Disclaimer
This presentation uses the terms “potential petroleum quantities”, “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 of commerciality and lack of sufficient
exploration drilling, and the lack of identified prospects, leads, or future development and exploration projects, the potential petroleum quantities estimated
herein cannot be classified as prospective resources, contingent resources or reserves, and the prospective resources and contingent 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 potential petroleum quantities and prospective and contingent resources. There is no certainty that any portion of the potential petroleum
quantities or 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 potential petroleum quantities or prospective resources exist, or that they can be developed economically.
Accordingly, information concerning potential petroleum quantities and prospective and contingent resources contained in this 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 Regulation S-K 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 projected capital and operating expenditures,
installed production capacity, expected production, and number of wells drilled. 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 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.
This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities. Neither this presentation nor
anything contained herein shall form the basis of any contract or commitment whatsoever. Recipients of this presentation are not to construe the contents of
this summary as legal, tax or investment advice and recipients should consult their own advisors in this regard.
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
OGX 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. OGX 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. Agenda
OGX Overview
OGX Portfolio
OGX Operations
Path to Production
Financial Overview
Appendix
Last update: 05/18/11
3

4. OGX Overview

5. OGX Positioning
1 2
World-class E&P portfolio with
All key equipment already
multi-billion barrels of discoveries secured from leading worldwide
mostly in shallow waters and suppliers for exploration and
onshore initial production
4 3
Solid cash position to support
Experienced management team
exploratory commitment and
with proved execution capability
beginning of production
5

6. OGX Main Accomplishments
Bond: US$ 2.6bn
raised OSX-1 and
41 wells drilled initial production
with oil/gas
Updated OGX
5 onshore Oct/11
portfolio to 10.8 bn(1)
blocks acquired
boe of potential
in Colombia
resources
High productivity
horizontal well
FPSO secured for
20 years
Beginning of the OGX included in May/11
US$1.3 bn
drilling campaign the Ibovespa
raised through an
equity Private Index
Apr/11
Placement
Acquisition of 70%
21 blocks acquired stake in the Feb/11
during the 9th Parnaíba Assets
Bidding Round Total investments
Jun/10 of US$ 3.2 bn of
Drilling Capex and
IPO: US$4.1 bn Bonus Signature +
raised Jan/10
US$ 218 M of
OGX
Sep/09 Seismic Campaign
Creation Survey and interpretation of
Aug/09 the 3D seismic data Total equity raised
Procurement of all equipment to date: US$5.4 bn
Jun/08
and services necessary to
Nov/07 initiate the drilling campaign
Jul/07
PROVEN EXECUTION CAPABILITY (FROM CONCEPT TO FIRST OIL IN UNPRECEDENTED TIMING)
WITH FULLY ESTABLISHED OPERATIONS COMPRISING MORE THAN 5,000 PEOPLE
(1) Calculated by OGX based on potential, prospective and contingent volumes contained in the DeGolyer and MacNaughton Reports 6

7. OGX Ownership and Corporate Structure
(1)
Free Float
Free Float
62% 38%
• Daily traded average
volume (1 month):
~ US$184 million
• ~33 thousand investors
Petróleo e Gás Participações S.A.
• 3rd most representative
(Market Capitalization (3): ~ US$30 Billion) stock in Ibovespa index
4.1%
99.99% 99.99% 66.67% (4) • Most liquid common
share
Petróleo e OGX Campos Maranhão
Gás Ltda. Petróleo e Gás Petróleo e Gás Ltda.
S.A.
30%
100% 70% 100%
20 Blocks 7 Blocks 7 Blocks
5 - Santos (100%) (2) 5 - Campos (100%) (2) 7 - Parnaiba (70%) (2)
5 - Espirito Santo (50%) 2 - Campos (50%)
5 - PAMA (100%) (2)
5 - Colombia (100%) (2)
(1) EBX represented through Centennial Asset Mining Fund LLC (Nevada, USA) (“CAMF”)
(2) OGX as operator
(3) Market data as of May 17th
(4) MPX S.A. holds 33.33%
7

8. Management Organization Structure (1)
CEO
Eike Batista
Gen. Exec. Officer
Paulo Mendonça (38)
Oil & Gas Commercialization
Joaquim Dib Cohen (32)
Exploration Officer General Counsel CFO Production Officer
Paulo Mendonça (38) José Roberto Faveret Marcelo Torres Reinaldo Belotti (34)
Exploration Campos-ES Exploration Santos and Eq. Margin Procurement Production Development
Paulo Ricardo (28) Edmundo Marques (24) Olavo Foerch (32) José Brito (42)
Reservoir & Reserves E&P Laboratory Drilling
Roberto Toledo (31) Dolores Carvalho (35) Ricardo Juiniti (27)
Onshore Basin Strategic Alliances Logistics
Celso Martins (34) Luiz Reis (45) Billy Pinheiro (30)
International New Areas Executive Manager Production
Ernani Posrche (33) Paulo de Tarso Guimarães (34) Ricardo Abiramia (24)
Geological Operations Applied Technology HSE
Moacir Santos (38) Marcos Amaral (28) Leandro Leme (31)
HIGHLY SUCCESSFUL AND COMMITTED MANAGEMENT TEAM,
COMBINING UNIQUE INTELLECTUAL CAPITAL AND SUPERIOR EXECUTION SKILLS
(1) Parentheses represent years experience in the E&P industry
8

9. Highly Qualified Exploration Team
PBR success index
Exploratory Team
Paulo Mendonça led the
Petrobras exploration
team from 2002 to 2007
Success index in excess of
60% on average offshore
Brazil from 2002-2007
whilst at Petrobras
Over 10 billion boe and
more than 50 new fields
discovered
PROVEN TRACK RECORD HAVING OPENED SEVERAL NEW OIL FRONTIERS, INCLUDING THE PRE-
SALT, AND DISCOVERING OVER 50 NEW OIL FIELDS
9

10. Brazil: Vast Untapped Oil & Gas Potential
Largest oil and gas New provinces could propel Still significantly under-explored
discoveries in the world Brazil into top reserves holders
% of sedimentary basins under concession
Brazil + 35 bn boe Saudi Arabia 265 Licensed 4%
Turkmenistan Venezuela 172
Iran Iran 138
Kazakhstan Iraq 115
China Kuwait 102 Unlicensed 96%
Russia Brazil post Tupi 100
Australia
UAE 98
Kuwait
Russia 74 Source: ANP
Israel
Libya 44
Saudi Arabia Oil & gas in the world
Kazakhstan 40
India
Nigeria 37 Country Historical Oil & Gas
Indonesia Production (bn boe)
Canada 33
Venezuela USA
US (1900-2010) 440
Papua 28
Qatar 27
EX-USSR 335
New Guinea (1900-2010)
Ghana China 15 SAUDI ARABIA
(1938-2010) 145
Angola 14
0 10 20 30 40
BRAZIL 14.5
Bn Boe Brazil 13 (1941-2010)
Oil and Gas Discovered Volumes
2000 – 2010 (Bn boe) Oil Resources - December 2009 (Bn bbl)
Source: IHS Source: BP Statistical Review of World Energy 2010 & analyst estimates Source: EIA-DOE, BP Statistical Review of World Energy 2010, Saudi
Aramco, UPPSALA University, Petrobras, ANP and OGX analysis
BRAZIL’S HISTORICAL UNDER-EXPLORATION UNDERPINS MASSIVE GROWTH OPPORTUNITIES FOR OGX
10

11. OGX Portfolio

12. OGX’s Portfolio
34 blocks: 29 blocks in 5 Brazilian sedimentary basins and 5 onshore blocks in 3 Colombian sedimentary 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 the Campos Basin
Portfolio
Shallow water
Shallow water
~120m
~150m
Shallow water Deep water
~60m ~1,000m
12

13. Campos Basin: Low Risk, Shallow Water and Large
Volumes
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)
5 blocks operated by OGX
(100% owned) and 2
operated by Maersk Oil
(50% owned)
Total area of 1,177 km2
Average water depth of
~120m
100% success rate
OGX’S DISCOVERED ACCUMULATIONS CONFIRM A NEW HYDROCARBON
PROVINCE IN THE SOUTHERN CAMPOS BASIN
13

14. Campos Basin: 2011 Drilling Activities
Summary
Appraisal
7 shallow water blocks in OGX-35
South Campos (lower cost
OGX-36
& faster execution)
OGX-39HP
37 drilled wells: 32 OGX-40D
concluded and 5 in OGX-41D
progress OGX-42D
100% success ratio and OGX-43D
multi-layer discoveries OGX-44HP
OGX-45D
Focus on the appraisal
campaign with vertical and
Discoveries
horizontal drilling
Several drill-stem tests
confirming reservoirs high OGX-25/27P
productivity OGX-28D
OGX-31
1st oil at Waimea (OGX-26)
OGX-33
on track
MRK-3/4P
OGX wells
FPSO OSX-1 and •Wells drilled previously MRK-5
submersible equipment
secured
MULTI-BILLION DISCOVERIES AND 100% SUCCESS RATE IN SHALLOW WATERS IN THE CAMPOS BASIN
WITH HIGH PRODUCTIVITY RESERVOIRS AMONG THE BEST IN BRAZIL (40K BBL/DAY IN WAIMEA)
14

15. Santos Basin: High Potential
Santos Basin
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 820 km²
Average water depth of
~150 m
5 discoveries
~ 63% success rate (8
concluded wells)
SANTOS BASIN IS ONE OF THE MOST PROMISING EXPLORATORY AREAS
IN BRAZIL, WITH SIGNIFICANT POTENTIAL FOR GAS AND LIGHT OIL
15

16. Parnaíba Basin: Major Gas Province
Parnaíba basin
1.0 bn boe of net risked
mean prospective resources
POS (17%) and net 3C,
evaluated by D&M
7 blocks operated by OGX
(47% owned)
Total area of 21,500 km²
Monetization of gas through
thermoelectric plants to be
developed by MPX/Petra
(1,863 MW already licensed)
100% success rate (4 wells
drilled)
Commerciality declared for 2
accumulations
NEW FRONTIER BASIN WITH HIGH POTENTIAL FOR GAS PRODUCTION
16

17. Pará Maranhão Basin: Promising New Frontier
Pará-Maranhão Basin
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
2Q11
NEW FRONTIER WITH GEOLOGICAL MODEL SIMILAR TO WEST AFRICA,
WHERE SIGNIFICANT DISCOVERIES WERE MADE RECENTLY
17

18. Espírito Santo Basin: New Frontier in Deep Water
Espírito Santo Basin
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 to be drilled in
2H11
THE NEW FRONTIER OF ESPÍRITO SANTO HAS PROVEN TO BE A VERY
ACTIVE PETROLIFIC SYSTEM
18

19. Colombia: Cesar-Ranchería, Middle and Lower Magdalena
Valleys: Great Upside Potential
Colombian Basins
1.1 bn boe of net
MARACAIBO prospective resources and
BASIN 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
boe discovered and ~50 bn
boe already produced)
Beginning of the Seismic
Campaign in 2H11
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
19

20. OGX Portfolio Potential: Breakdown
OGX Portfolio Potential(1) OGX Portfolio Breakdown
billion boe (7) Net 19%
CAMPOS Onshore
5.7
(2)
Contingent 3.0 8% 73%
(3)
Delineation 1.3 Deep Shallow
Prospective (POS = 56.2%) 1.4 Water Water
(4)(6)
SANTOS (POS = 27.0%) 1.8
(4)
ESPÍRITO SANTO (POS = 32.6%) 0.8
(4)
PARÁ-MARANHÃO (POS = 21.3%) 0.4
PARNAÍBA 1.0
(2)
Contingent 0.1
21%
Conventional Prospective (POS = 5.0%) 0.6 Gas
Unconventional Prospective (POS = 13.7%) 0.4
79%
COLOMBIA 1.1 Oil
Prospective (POS = 10.4%)(4) 0.1
(5)
Potential Petroleum Quantities 1.0
OGX 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 these resources will be converted to 2C and 1C resources after the appraisal campaign and that they will 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
OIL DISCOVERIES OF 4.1 BN BBL ARE ALREADY UNDER PRODUCTION DEVELOPMENT
IN THE SHALLOW WATERS OF CAMPOS BASIN 20

21. OGX Operations

22. Exploration Drilling Campaign
Offshore Drilling Onshore Drilling
Ocean Ambassador (Diamond): Ocean Lexington (Diamond): Ocean Quest (Diamond): Ocean Star (Diamond):
QG-1 (Queiroz Galvão):
Daily Rate: US$ 260k Daily Rate: US$ 335k Daily Rate: US$ 270k Daily Rate: US$ 310k Daily Rate: US$ 28k
Max. well depth: 20,000 ft Max. well depth: 20,000 ft Max. well depth: 25,000 ft Max. well depth: 25,000 ft Max. well depth: 14,750 ft
Contract Expires: Sep.2012 Contract Expires: Feb.2013 Contract expires: Dec.2012 Contract Expires: Feb.2013 Contract Expires: Jan.2012
(+ one optional year) (+one optional year) (+ one optional year) (+ one optional year)
BCH-05E (BCH):
Sea Explorer (Pride): Pride Venezuela (Pride): Ocean Scepter (Diamond):
Daily Rate: US$ 31.5k
Daily Rate: US$ 265k Daily Rate: US$ 265k Daily Rate: US$ 135k Max. well depth: 11,500 ft
Max. well depth : 20,000 ft Max. well depth: 20,000 ft Max. well depth: 30,000 ft Contract Expires: Feb.2012
Contract Expires: Nov.2011 Contract Expires: Nov.2011 Contract Expires: Jan.2012
3rd rig being contracted
(+two optional years) (+one optional year)
Wildcat + Appraisal Wells 2009 2010 2011 2012 2013 Total
Campos 5 18 18 4 0 45
Santos 1 6 3 4 0 14
Espírito Santo 0 0 2 3 1 6
Pará Maranhão 0 0 3 3 1 7
Parnaíba 0 2 9 4 0 15
Total 6 26 35 18 2 87
DRILLING CAMPAIGN EXPANDED – 8 RIGS ALREADY OPERATING SIMULTANEOUSLY 22

23. Operational Capabilities and Structure
LOGISTICS FIRST CLASS SUPPLIERS
OPERATIONAL SUPPORT
PLATFORM SUPPLY VESSEL (PSV)
QUANTITY:5
CONTRACTOR: EDISON CHOUEST/ EFFICIENCY,
TIDE WATER
ANCHOR HANDLING TUG SUPPLY (AHTS) AGILITY AND
QUANTITY: 6 OPERATIONAL
CONTRACTOR: EDISON CHOUEST/
NORSKAN/MAERSK
SECURITY
FAST SUPPLY VESSEL (FSV)
QUANTITY: 1
CONTRACTOR: EDISON CHOUEST
MID SIZE HELICOPTER
QUANTITY: 4
CONTRACTOR: AERÓLEO
HIGH QUALIFIED TEAM
OGX Team: ~250 employees
Over 5,000 people dedicated
3D Room / IOSC
23

24. Path to Production

25. Campos Basin: OGX-26 - First Production Well
OGX will begin production by Oct/11 with an extended
well test (EWT) in the Waimea accumulation (OGX-26)
producing up to 20,000 barrels per day
OGX-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,
which confirmed an 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
State-of-the-art drilling technology: 1,000 meters of
horizontal extension
Production concept for this well utilizes off-the-shelf
technology
Confirms high productivity in the Campos carbonates
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
25

26. Campos Basin: OGX-26 Defined Production Concept
Production concept
Horizontal Well (OGX-26) already drilled
and successfully tested
Well completed and wet christmas tree
installed
Buoy anchor system and flexible lines
already delivered OSX - 1
Extended Well Test (EWT) approved by
ANP (National Petroleum Agency)
FPSO (OSX-1) arrival expected by mid-
2011
All critical equipment and services
already secured
Two additional horizontal production
wells to be connected in 2012
EWT WILL HAVE A WET CHRISTMAS TREE AND FLEXIBLE LINES DIRECTLY CONNECTED TO THE FPSO OSX‐1
AND AN OIL FLOW RATE OF UP TO 20,000 BARRELS PER DAY
26

27. Campos Basin: Equipment Secured
Critical equipment and services status Main equipment in place
Equipment FPSO OSX-1
80 kbpd of processing
Wet Christmas Tree (WCT): Already installed
capacity & 950,000 barrels of
storage capacity
Umbilical Terminal Assembly (UTA): Contracted
Expected arrival: Mid 2011
Hydraulic Power Unit (HPU): Delivered in April,
2011 Wet Christmas Tree
Flexible Lines: Contracted with Wellstream Already installed
Electrical Submersible Pump (ESP): Contracted Produced by GE Oil & Gas
with Baker
Services Flexible Lines
Installation Vessel – Anchor System, Flexible Lines and Already manufactured
Umbilicals: Contracted with WS and Aker
Produced by Wellstream
Mud line and Subsurface analysis for FPSO mooring
and WHP piles: Contracted with FUGRO – already
completed Aker Wayfarer Vessel
Waimea Area Survey: Contracted with FUGRO Contracted with Aker
27

28. Campos Basin: Development Concept
OPERATIONAL EXPENDITURES (~US$16/boe)
(Leased Equipment)
WHP
Capacity: 30 wells
Drilling package on FPSO
topside Oil capacity: 100 K bpd
Liquid capacity: 160 K bpd
Oil will be offloaded
WHP Subsea Flow Lines
Power line
Drilling + Completion Gas Lift line
Development wells dry and wet Service line
completions Water Injection line
Gas will be reinjected, used for Production line
gas lift or power generation Test line
Water Injection
Capital Expenditures (~US$2/boe)
28

29. FPSOs and WHPs Expected Physical Deliveries
FPSOs WHPs
Unit 2011 … 2013 2014 2015 2016 Unit 2013 2014
OSX-1 3rd Q WHP-1 1st Q
OSX-2 2nd Q WHP-2 2nd Q
OSX-3 3rd Q WHP-3 3rd Q
OSX-4 2nd Q
WHP-4 4th Q
OSX-5 4th Q
WHP-5 4th Q
OSX-6 4th Q
WHP-6 4th Q
OSX-7 4th Q
WHP-7 1st Q
OSX-8 1st Q
WHP-8 2nd Q
OSX-9 3rd Q
OSX-10 4th Q WHP-9 3rd Q
OSX-11 1st Q WHP-10 4th Q
OSX-12 1st Q WHP-11 4th Q
OSX-1 to be delivered in August 2011 WHP-1 and WHP-2 with detailed
OSX-2 and OSX-3 to be built in Singaporean world class shipyards by SBM and engineering ongoing (EPC awarded to
Modec Techint by OSX)
OSX-4 and OSX-5 hulls already acquired by OSX
Secured Production Equipment 29

30. Secured Production Equipment
FPSOs WHPs
OSX-1: OSX-2: OSX-3:
Production capacity of 80 Production capacity of Production capacity of
kbpd and storage of 950 100 kbpd and storage of 100 kbpd and storage of
kbbl 1.3 Mbbl 1.3 Mbbl
Average Day rate of US$ Expected Average day Expected Average day
263 k rate of US$ 290 k rate of US$ 290 k WHP-1:
Arrival expected to EPCI contract - LOI LOI already signed by OSX Capacity to drill up to 30 wells
Aug/11 executed by OSX and SBM with MODEC Four pre-drilled horizontal
Waimea Planned for Waimea Planned for Waikiki production wells at delivery
Detailed engineering ongoing
(EPC awarded to Techint by OSX)
WHP-2:
Capacity to drill up to 30 wells
Two sister VLCCs
Three pre-drilled horizontal
(Very Large Crude
production wells at delivery
Oil Carriers)
Detailed engineering ongoing
purchased in
(EPC awarded to Techint by OSX)
OSX-4: OSX-5: November, 2010
Production capacity of Production capacity of by OSX, to be
100 kbpd and storage of 100 kbpd and storage of converted into
1.3 Mbbl 1.3 Mbbl FPSOs
Order placed for leasing Order placed for Leasing
contract and EPCI under contract and EPCI under
procurement procurement
30

31. Parnaíba Basin: Project Development
Parnaíba Development Schematic
OGX Maranhão (70%) + Petra (30%) MPX + Petra
Declaration of commerciality of
investments investments
two fields already presented to
ANP (Gavião Real and Gavião Azul)
Production Facility Gas Thermal Power Plant Low capital and operating costs:
for dry gas
5.7 M m³/d (2.7 M m³/d net
Gas Pipeline to OGX S.A.)
A site to construct a power plant
in the PN-T-68 block has already
been acquired by MPX
MPX has obtained an installation
license for 1,863 MW and has
Manifolds Transmission Lines
initiated the environmental
Lines licensing process for the
development of an additional
Wells 1,859 MW
Gathering
System
THE ENERGY GENERATED BY MPX’S POWER PLANTS WILL BE SOLD TO FREE OR REGULATED ENERGY
MARKETS
31

32. OGX Production Targets
OGX Production Targets (1) OGX Equipment Demand
19 units
FPSO
In kboepd
12 units for
Campos Basin discoveries
24 units
WHP
11 units for
Campos Basin discoveries
5 units
expected to be used in
TLWP
Espírito Santo Basin
(the only deep water blocks in
OGX’s portfolio)
Portfolio potential of 10.8 bn of recoverable boe: more Expected demand of 48 units
than 10 years of production growth
Total of 23 units estimated for OGX’s Campos Basin
Campos and Parnaíba discoveries can support 730 projects (12 FPSOs and 11 WHPs)
thousand boepd of production level
Strategy to expedite development of projects with critical
The 10.8 bn boe portfolio potential allows for a longer drilling and production equipment two to three years in
plateau level estimated at approximately 1.4 million boepd, advance
from 2019 onwards
(1) Maximum production expected to occur within the years of 2011, 2015 and 2019. 32

33. Financial Overview

34. Cash Position
Cash position evolution Cash allocation
R$ billion US$ billion
Allocation by Institution
5,0 3,0
BTG Pactual
7% CS
4,0 7%
2,5 Safra
7% Others 8%
3,0
2,0 Santander ABC
2,0 Votorantim 14% 3%
3% Société
1,5 2%
1,0
Bradesco Itau
26% Unibanco
0,0 1,0 23%
4Q10 JAN FEB MAR
Cash in R$ Cash in US$
Solid cash position of R$ 4.1 billion, or US$ 2.5 billion, to Average cumulative gross return equivalent to approximately
support the exploratory commitments and the beginning of 103.8% of the Interbank Deposit Rate (CDI), or 11.42% p.a.,
production generating R$ 121.8million of interest income for the period
Foreign exchange hedge position of approximately US$ 1.3 Cash invested in fixed-income instruments with some of the
billion, representing approximately 10 months of financial leading financial institutions in Brazil
commitments denominated in US$
34

35. Appendix

36. Concluded Wells (1 of 3)
Well Block Prospect 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 Vesuvio 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
Eocene: Shows
Cretac.: Shows
C OGX-2A BM-C-41 Pipeline Ocean Ambassador 77 km 130 m Albian: 100m
Aptian: 50m
Barremian: 15m
Albian: 74m
G OGX-6 BM-C-41 Etna Ocean Quest 82 km 137 m
Aptian: 17m
Albian: 80m
D OGX-3 BM-C-41 Waimea Sea Explorer 83 km 130 m
Apt/Barrem: 50m
Albian: 43m
I OGX-8 BM-C-41 Fuji Ocean Star 82 km 125 m
Aptian: 44m
E OGX-4 BM-C-42 Kilawea Ocean Quest 79 km 150 m Eocene: 17m
Maastric.: Shows
F OGX-5 BM-C-43 Krakatoa Ocean Ambassador 79 km 145 m Albian: 30m
Aptian: 20m
Albian: >17m
H OGX-7A BM-C-42 Huna Ocean Lexington 86 km 152 m
Aptian: 35m
Cenomanian: 11m
K OGX-10 BM-C-42 Hawaii Sea Explorer 79 km 158 m Albian: >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
Albian: 32m
P OGX-15 BM-C-41 Santa Helena Ocean Ambassador 78km 130m
Aptian: 31m
36

37. Concluded Wells (2 of 3)
Well Block Prospect Rig Coast Distance Water Depth Net Pay
Devonian: Gas shows,
Q OGX-16 PN-T-68(1) California QG-1 Onshore block
23m & 25m (column)
R OGX-17 BM-S-56 Belém Ocean Star 85 Km 136m Albian: 43m
Santonian: Oil shows
S OGX-18 BM-C-40 Ingá Ocean Lexington 95 Km 105m
Albian: 12m (Oil column)
T OGX-19 BM-S-58 Aracaju Ocean Quest 112 Km 172m Santonian: 40m
Maastrichtian: 9m & 3m
U OGX-20 BM-C-41 Tupungato Ocean Ambassador 84 Km 132m Albian: 50m
Aptian: 42m
V OGX-21D BM-C-41 Waimea Direcional Sea Explorer 84 Km 134m Albian: 14m
Upper Devonian: 49m
W OGX-22 PN-T-68(1) Fazenda São José QG-1 Onshore block
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 -
Santonian: 14m
Z MRK-3/ 4P BM-C-37(2) Carambola-A Blackford Dolphin 74 Km 134m Albian: 43m
Aptian: 12m
Eocene: 8m (gas)
AA OGX-25/ 27P BM-C-39 Waikiki Pride Venezuela 94 Km 105m Albian-cenomanian:
145m
Albian: 1000m
V OGX-26HP BM-C-41 Waimea Horizontal Sea Explorer 84 Km 134m
(horizontal column)
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
Albian: 48m
AE OGX-31 BM-C-41 Osorno Ocean Ambassador 79 Km 136m
Aptian: 23m
(1) OGX Maranhão has 70% W.I; (2) OGX has 50% W.I. and Maersk is the operator 37

38. Concluded Wells (3 of 3)
Well Block Prospect Rig Coast Distance Water Depth Net Pay
AJ OGX-36D BM-C-41 Pipeline D Ocean Star 77 Km 128m Albian: 60m
AH OGX-35 BM-C-39 Waikiki Direcional Ocean Lexington 89 Km 104m Albian-Cenomanian: 80m
AG MRK-5 BM-C-37(1) 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
BM-C-39 /
AO OGX-41D Waikiki -2 D Ocean Lexington 90 Km 110m Albian: 92m
BM-C-40
AN OGX-40D BM-C-41 Pipeline -2 D 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(2) Bom Jesus QG-1 Onshore block Devonian: 23m
AQ OGX-43D BM-C-41 Illimani -1 D Ocean Ambassador 80 km 140 m Albian: 50m
(1) OGX has 50% W.I. and Maersk is the operator
(2) OGX Maranhão has 70% W.I.
38

39. Ongoing Drilling Activities
Water
Well Block Prospect Rig Coast Distance
Depth
Status Net Pay
AL OGX-38 PN-T-68(1) Fazenda São José BCH-05 Onshore block In progress since 03/25 Devonian: 43m
AM OGX-39HP BM-C-41 Pipeline Horizontal Ocean Star 77 Km 128m In progress since 03/25 -
AP OGX-42D BM-C-41 Pipeline -3 D Pride Venezuela 78 Km 120m In progress since 04/12 -
AR OGX-44HP BM-C-41 Waikiki Ocean Lexington 90Km 110m In progress since 04/29 -
AS OGX-45D BM-C-41 Waikiki – 3 D Sea Explorer 96Km 109m In progress since 05/04 -
AT OGX-46D PN-T-68 ¹ Califórnia - D QG-1 Onshore Block In progress since 05/19 -
AU OGX-47 BM-S- 59 Maceió Ocean Quest 110 Km 185m In progress since 05/24 -
AV OGX-48 BM-C-41 Pipeline - 4 Ocean Ambassador 75 Km 128m In progress since 05/28 -
Campos Basin Parnaíba Basin Santos Basin
OGX Blocks Oil & Gas Fields
(1) OGX Maranhão has 70% W.I 39

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