OGX had a successful third quarter with three exploratory wells showing oil and gas. Well OGX-1 in the Campos Basin resulted in a discovery estimated to contain 500 million to 1.5 billion barrels of recoverable oil. Drilling continues on well OGX-2 in the Campos Basin and well 1-MRK-2A-SPS in the Santos Basin has also shown indications of oil and gas. OGX's cash position remained strong at R$7.8 billion despite initiating its drilling campaign. Appreciation of the Brazilian real increased the cash level in US dollars to $4.4 billion, exceeding exploratory capex requirements for the next 3-4 years.

1. Third Quarter Highlights

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 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 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, 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 investment decision.
2

3. Third Quarter Highlights
Three wells with oil and gas shows
Drilling OGX-1 was concluded in less than a month and resulted in a discovery of an
Campaign estimated 500 million to 1.5 billion barrels of recoverable oil
Drilling on OGX-2 in the Campos basin still on going
Acquired a 70% participation in seven exploratory onshore blocks in the
Portfolio
Parnaíba Basin, in the state of Maranhão
DeGolyer& Net Prospective Risked Resources of 6.7 billion boe, risked at 34.5%, and net
MacNaughton Report contingent resources of 212 million boe
Secured a fifth drilling rig, Ocean Star, reflecting our positive outlook
Equipment
regarding the potential of OGX’s prospects
Cash position at the end of the third quarter reached R$7.8 billion
Financial Statements Strengthening of the real (R$) increased the cash level in dollar terms to
US$4.4 billion
3

4. OGX Drilling Campaign
Campos Basin - OGX-1:
Initiated on September 17th, the drilling of well OGX- BM-C-39
POLVO
1, in block BM-C-43, lasted 27 days and
BM-C-40
encountered an oil column of over 200 meters and
sandy reservoirs (net pay) of 57 meters
OGX estimates a recoverable oil volume of between PEREGRINO
500 million and 1.5 billion barrels
BM-C-37
1RJS 0105 RJ
MAROMBA
3-BRSA-417-RJS
Campos Basin - OGX-2: 4-BRSA-427-RJS
PAPA-TERRA
1RJS 0100 RJ
BM-C-41
BM-C-38
Initiated on October 22nd , the drilling of well OGX-2, 1RJS 0188 RJ
1RJS 0104 RJ
in the block BM-C-41, is still in progress 1RJS 0107 RJ
BM-C-42 BM-C-43
Hydrocarbons detected in the Eocene reservois
Blocos OGX
1RJS 0099 RJ 0 3 6 12
Santos Basin - BM-S-29:
1-MRK-1-SPS
Drilling of well 1-MRK-2A-SPS already encountered
indications of oil and gas OGX blocks
Oil Field
Drilling still in progress, with very promising results Drilled wells
so far OGX/ Partners
drilled wells
4

5. Cash Position
3Q09 Cash Evolution
Cash position of R$7.8 bn in line with the prior quarter’s balance despite the initiation of our drilling campaign
Appreciation of the Brazilian currency during the quarter increased OGX s cash level in Dollar equivalent to
US$4.4 billion, which exceeds the exploratory capex requirements projected for the next 3-4 years
Average yield on cash investments equivalent to 119% of the Interbank Deposit Certificate (CDI) rate,
generating R$181 million of financial revenues
Cash invested in fixed income securities with the most financially sound banks in Brazil
Cash Allocation per Institution Cash Position Evolution
R$ billion US$ billion
BNP 8.0 4.4
Pactual
4% 1%
Votorantim 7.5 4.2
8%
Itaú 7.0 4.0
Santander 39%
17%
6.5 3.8
Bradesco
31% 6.0 3.6
2Q09 Jul Ago Sep
Total Cash: R$7.8 billion Cash in R$ Cash in US$
5

6. Financial Highlights
OGX 3Q09 Results
Exploration expenses were stable quarter-on-
R$ thousand
quarter as our activities were more focused on the 3Q09 2Q09 YTD09
interpretation of the seismic data and the
beginning of our drilling campaign Financial Income 181,115 208,017 704,579
Financial Exp. (167,270) (315,374) (554,529)
General and administrative expenses were Exploration Exp. (12,577) (12,594) (80,681)
predominantly impacted by an increase in the G&A Exp. (28,547) (24,187) (69,600)
number of employees from 110 to 126 during this Tax (4,577) (4,681) (32,857)
quarter Net Result (31,856) (148,819) (33,088)
The net loss of R$31.9 million during the third
quarter was R$ 117 million lower than that of the 9/30 6/30
previous quarter mainly due to smaller impact of
unrealized hedging losses Intangible 2,293,958 2,052,672
Property, plant and equipment 18,898 16,980
The increase in Intangible Assets during this
Cash and cash equivalents 7,790,067 7,854,954
quarter was driven by the initiation of the drilling
campaign and the Parnaíba basin farm-in
6

7. Upcoming Events
Results related to the ongoing drilling on well OGX-2
Drilling Campaign Initiation of drilling for wells OGX-3, OGX-4 and OGX-5, all located in the
Campos Basin
New seismic data acquisition for the Parnaíba basin, which should
increase our confidence in the mapped prospects and help us to identify
Parnaíba Basin new structures
Drilling in this area expected by mid-2010
Split expected to occur in December
Stock Split Split proportion of 100, aims at promoting liquidity and expanding the
shareholder base
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8. Appendix

9. Balance Sheet – R$’000
Assets 9/30/2009 6/30/2009 Liabilities 9/30/2009 6/30/2009
Current 7,992,412 8,029,322 Current 1,171,082 933,107
Cash and cash equivalents 7,790,067 7,854,954 Suppliers 13,250 12,731
Recoverable taxes 146,193 144,972 Taxes and contributions payable 34,096 29,107
Inventory 39,359 7,146 Payroll and related taxes 18,028 3,226
Other 16,793 22,250 Accounts payable on aquisition of
exploration blocks 642,774 552,174
Financial instruments - derivatives 381,820 308,908
Other 81,114 26,961
Noncurrent 2,313,856 2,069,652 Noncurrent 2,442 1,370
Investments 1,000 - Related parties 2,442 1,370
Plant, Property and Equips., net 18,898 16,980
Shareholder's equity 9,132,744 9,164,497
Intangible assets 2,293,958 2,052,672
Capital 8,799,004 8,798,901
Revenue reserves 366,828 366,828
Retained earnings (losses) (33,088) (1,232)
Total Asset 10,306,268 10,098,974 Total Liabilities 10,306,268 10,098,974
9

10. Income Statement - R$’000
3Q09 YTD'09 3Q08 YTD'08
Operating income (expenses)
Exploration expenses (12,577) (80,681) (18,876) (35,250)
General and administrative (28,547) (69,600) (15,895) (35,454)
Financial income 181,115 704,579 304,249 390,731
Financial expenses (167,270) (554,529) (5,133) (29,028)
Profit (loss) before income tax and social contribution (27,279) (231) 264,345 290,999
(-) Income tax and social contribution (4,577) (32,857) (16,691) (121,779)
Profit (loss) for the period (31,856) (33,088) 247,654 169,220
Number of shares 32,320,041 32,319,606
Profit (loss) per lot of thousand shares - R$ (1.0238) 5.23583
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