- OGX is poised to begin its drilling campaign, with drilling about to start on the BM-S-29 block in partnership with Maersk Oil. The rig has arrived at the block. - In the second quarter, OGX reviewed 3D seismic data for blocks in the Campos basin and obtained additional concession rights in the BM-S-29 block. - Financially, OGX had a net loss in the second quarter due to foreign exchange hedging positions, but had a strong cash position of R$7.9 billion at the end of the quarter.

1. Second Quarter 2009 Results

2. Disclaimer
This presentation is highly confidential and may not be reproduced or otherwise disseminated, in whole or in part, without the prior written consent
of OGX Petroleo e Gas Participacoes S.A. ("OGX"). This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any
securities in any jurisdiction where such offer or sale is not permitted. Securities may not be offered or sold in the U.S. unless they are registered
or exempt from registration under the U.S. Securities Act of 1933.
This presentation uses the term “prospective 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, the prospective
resources cannot be classified as contingent resources or reserves. Investors are advised that the U.S. Securities and Exchange Commission
(SEC) and other international securities regulators do not recognize prospective 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 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 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 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, you may lose all of your 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. You
are urged to carefully review OGX's confidential 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.
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3. Second Quarter Highlights

4. Second Quarter Highlights
Reviewed the 3D seismic data and completed the first phase of interpretation
Seismic for the southern blocks of the Campos basin
Campaign Results not only confirmed the geological models originally envisaged, but
also helped us map new prospects
Obtained an additional 15% of concession rights and obligations in Block BM-S-
Portfolio 29, on the Santos Basin. This transaction brought OGX’s participation interest in
the Block to 65%; Maersk Oil remains the operator
Drilling to be initiated momentarily on the BM-S-29 block in partnership with
Drilling Campaign Maersk Oil, the operator of the block
Rig has arrived at BM-S-29
An integrated well engineering, services and operations support center built to
Operational
provide real-time communications and support to the rigs during the drilling
Center
campaign
Cash position at the end of the second quarter reached R$7.9 billion
Financial Statement Strengthening of the real (R$) increased the cash level in dollar terms to
US$4.0 billion
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5. OGX Poised to Begin the Drilling Campaign
BM-S-29 will be drilled with the rig Sovereign
Explorer, provided by Transocean, which
Repsol used at block BM-S-48
BM-S-29
Repsol’s recently announced success in finding
hydrocarbon 18km away reaffirms OGX’s
confidence 18km
Drilling about to begin
The block BM-C-43 is located approx. 85km
Vesúvio Prospect
away from the coast and in water depth of
140m
It is expected that the rig Ocean Ambassador
will take approximately 45 days to drill for all of
the mapped levels
Drilling scheduled for mid-September
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6. Financial Highlights
Net Results 2Q09 Cash Evolution
The net loss of R$148.9 million during the second The appreciation of the Brazilian currency during the
quarter of 2009 was primarily impacted by a quarter increased OGX s cash level in Dollar terms
financial loss resulting from foreign exchange to US$4.03 billion
hedging positions (US$ 780 million hedged)
Average accumulated gross interest rate was
The net loss for the first half of 2009 is R$1.2 million equivalent to 124% of the Interbank Deposit
Certificate (CDI) rate
R$ (000,000,000) US$ (000,000,000)
R$ (000) 2Q09 1Q09 1H09 7.9 4.2
4.0
Financial Income 208,017 315,447 523,464
Financial Exp. (315,374) (71,885) (387,259)
3.8
Exploration Exp. (12,594) (55,510) (68,104) 7.8
G&A Exp. (24,187) (16,866) (41,053) 3.6
Tax (4,681) (23,599) (28,280)
3.4
Net Result (148,819) 147,587 (1,232)
7.7 3.2
1Q09 April May June
Cash in R$ Cash in US$
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7. Balance Sheet – R$ thousand
Assets 6/30/2009 3/31/2009 Liabilities 6/30/2009 3/31/2009
Current Asset 8,029,322 7,888,739 Current Liabilities 933,107 629,302
Cash and cash equivalents 7,854,954 7,809,941 Suppliers 12,731 326
Recoverable taxes 144,972 70,938 Taxes and contributions payable 29,107 25,127
Inventory 7,146 -
Other 22,250 7,860 Payroll and related taxes 3,226 3,709
Accounts payable on aquisition of
exploration blocks 552,174 552,525
Financial instruments - derivatives 308,908 15,907
Other 26,961 31,708
Non-current Asset 2,069,652 2,054,074 Non-current Liabilities 1,370 196
Plant, Property and Equips., net 16,980 13,237 Related parties 1,370 196
Intangible assets 2,052,672 2,040,837 Shareholder's equity 9,164,497 9,313,315
Capital 8,798,901 8,798,901
Revenue reserves 366,828 366,828
Retained earnings (losses) (1,232) 147,586
Total Assets 10,098,974 9,942,813 Total Liabilities 10,098,974 9,942,813
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8. Income Statement - R$ thousand
2Q09 YTD'09 2Q08 YTD'08
Operating income (expenses)
Exploration expenses (12,594) (68,104) (10,659) (16,374)
General and administrative expenses (24,187) (41,053) (13,658) (19,559)
Financial Income 208,017 523,464 34,938 86,481
Financial Expenses (315,374) (387,259) (15,361) (23,894)
Loss before income tax and social contribution (144,138) 27,048 (4,740) 26,654
(-) Income tax and social contribution (4,681) (28,280) (90,959) (105,088)
Loss for the period (148,819) (1,232) (95,699) (78,434)
Number of shares 32,319,606 32,319,606 32,319,606 32,319,606
Loss per lot of thousand shares - R$ (4,604.60) (38.12) (2,961.02) (2,426.82)
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9. Integrated Operational Support Center
First center in Latin America to integrate support
from three renowned oil service companies:
Schlumberger, MiSwaco and Geoservices
24x7 monitoring of all activities and parameters for
OGX s rigs
Supports OGX on operational decision making,
evaluation/reduction of risks and project
optimization
Combination of people expertise, high technology
in data transmission and unique software
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10. Upcoming Events
Six wells to be drilled in the Campos and Santos basins, three of which
Drilling Campaign
to be completed this year
New report based on new 3D seismic data for the Campos basin
D&M Report D&M report will also include a partial review of the new seismic data for
the Espírito Santo Basin
It is OGX’s intent to make detailed public disclosures to the market of any
discoveries deemed to be material by the technical team
Drilling Results
OGX will provide periodic updates pertaining to the drilling campaign in its
quarterly earnings releases and on its corporate website
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