This document provides a summary of OGX's 3Q11 results and subsequent events. Key highlights include: - Progress towards first oil production from the Waimea field and installation of the FPSO vessel. - Drilling and testing of production wells in the Parnaiba basin and contracting for a gas production facility. - Continued intensification of the appraisal campaign with 9 wells drilled in the Campos Basin. - Sale of first oil cargo to Shell totaling 1.2 million barrels at an average discount of $5.5 to Brent crude prices. The document also provides financial results for 3Q11 including exploration expenses, general and administrative expenses, and cash position

1. OGX: 3Q11 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 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.
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3. 3Q11 Highlights and Subsequent Events
 Efficient execution towards 1st oil production
— Horizontal well OGX-26HP (Waimea) prepared for initial production
— Installation of mooring system
— FPSO OSX-1 in Brazil
 Substantial progress in the Parnaíba basin
— Acquisition of a 50% stake in block PN-T-102
— Drilling and testing of the first production well (GVR-1D)
— Contracted EPC for gas production facility
 Continued intensification of appraisal campaign
— Drilled 9 wells in the Campos Basin
 New drill-stem tests in the Santos Basin
— OGX-47 (Maceió) and OGX-11D (Natal)
 Sale of first oil to Shell
— Total volume of 1.2 million barrels (600k barrels each cargo)
— Priced at an average discount of US$5.5 to Brent
 Spudding of first well in Espírito Santo Basin
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4. Financial Results Highlights

5. 3Q11 Financial Results
 Net Financial Results: Impact of interest Financial State me nts - Main Ite ms
R$ ('000) 3Q11 3Q10 YTD 2011
income, net losses on hedging of future
N et Financ ial Res ult 138,829 (62,916) 126,573
commitments in foreign currency, positive Financial Income 1,158,124 (6,211) 1,448,884
Financial Expenses (1,019,295) (56,705) (1,322,311)
impact of marking-to-market the fair value
Exploration Expens es (50,175) (15,467) (125,157)
of financial instruments, interest expenses G&A Expens es (78,854) (117,475) (209,340)
Taxes (35,778) (6,434) 30,625
and exchange rate variations N et Res ult for the period (25,978) (202,292) (177,298)
Interest of non controlling shareholders (8,488) (2,823) (17,167)
 Exploration Expenses: Primarily related to Attributed to controlling shareholders' interest (17,490) (199,469) (160,131)
the acquisition of seismic data in the
Balance She e t
Parnaíba, Espírito Santo and Campos basins R$ ('000) 09/30/2011 12/31/2010 Δ
Cas h and c as h equivalents * 6,701,228 4,788,166 1,913,062
 General and Administrative Expenses: Intangible 6,814,548 4,589,418 2,225,130
Exploratory drilling and studies 5,249,486 2,948,754 2,300,732
Increase in the number of employees from
Mobilization of rigs 73,339 148,941 (75,602)
212 to 305 between 3Q10 and 3Q11 and the Signature Bonus on exploratory blocks 1,491,723 1,491,723 -
stock options plan Financ ial Debt 4,752,827 - 4,752,827
* cash and cash equivalent + marketable securities
 Intangibles: Impacted by the intensification
of our drilling campaign mainly in
Campos, Santos and Parnaíba basins
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6. Strong Cash Position
Cash Position Evolution Cash Allocation
Allocation by Institution
R$ billion US$ billion CS Others
Votorantim 4% 3%
5%
6.0 6.0 Santander
8%
4.0 4.0 Bradesco
BTG Pactual
37%
8%
2.0 2.0
Itau
Unibanco
36%
0.0 0.0
2Q11 JUL AUG SEP
Cash in R$ Cash in US$
 Solid cash position of R$6.7 billion, or US$3.6 billion, to  Cash allocated in R$: Average cumulative gross return
support exploration commitments, development and equivalent to approximately 103.4% of the Interbank
initial production Deposit Rate (CDI), or 13% p.a., generating R$79.0 million
of interest income for the period
 ~80% of total cash protected against FX variations
 Cash Allocated in US$: Average cumulative gross return
— US$2.5 billion invested in offshore deposits
equivalent to approximately 1.4% p.a., generating US$8.5
— US$465 million hedged through NDF (non million of interest income for the period
deliverable forward) contracts  Cash position in fixed income instruments allocated to
Brazil’s most solid financial institutions
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7. Execution on Track

8. Campos Basin: Steps Towards 1st Oil
Granting of first Beginning of subsea
Buoy Installation
licenses (LP and LI) installation
Public hearing: Jul 16, 2011  10 Piles 
Preliminary License (LP): Sep 8, 2011  Moorings chains  Mobilization of equipment to the site 

Installation License (LI): Sep 16, 2011 MWA (middle water arch)  Installation of buoy underway 
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9. Campos Basin: Steps Towards 1st Oil
Launch of the lines FPSO OSX-1 1st Oil
Installation of flexible lines and umbilicals 
Arrived in Brazil on October 06, 2011 Granting of the Operation License (LO)
Connection to wet christmas tree Connection to the production system Production start-up
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10. Parnaíba Basin: Latest Events
and Project Development
 Acquisition of a 50% stake in block PN-T-102
 3rd onshore rig contracted and expected to
commence operation in 4Q11
 Drilled and tested the first production well in
the basin, GVR-1 (Gavião Real field)
 EPC contracted for the construction of the gas
processing facility
— Contract signed with Valerus-Geogas (Brazilian
engineering company)
 EPC contracted by MPX for projects:
— TPP Maranhão III (A-3) 517 MW
— TPP Maranhão IV + V (Bertin) 676 MW
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11. Exploratory Campaign

12. Campos Basin: Appraisal Campaign
2010 Activities
Highlights
2011¹ Activities
OGX-9D  Intensive appraisal
Well Drilling Area
OGX-13
campaign to delineate
OGX-35D 3C – Albian 80m discovered
OGX-21D/OGX-26HP
OGX-36D/OGX-39HP 3C – Albian 60m accumulations
OGX-40D 2C – Albian 107m
 New results from wells
OGX-41D/OGX-44HP 2C – Albian 92m drilled in 3C and
delineation area
OGX-42D 3C – Albian 82m
OGX-43D Delineation – Albian 50m  Beginning of the
OGX-45D Delineation – Maastric. 5m
appraisal in the Peró-
Ingá accumulation
OGX-48 3C – Albian 12m
OGX-50D/OGX-55HP 1C – Albian 52m
 Focus on retaining areas
for the production phase
OGX-53D/OGX-60HP 1C – Ongoing
OGX-54 Delineation – Albian: 24m
 Continuation of the
Waimea development
OGX-56D 3C – Albian: 60m
towards production
OGX-61 3C - Ongoing
Waimea*
 New seismic
OGX-62 3C – Santonian: 26m
Peró-Ingá* Albian: 20m reprocessing at BM-C-43
OGX-64 3C - Ongoing block to better image the
subvulcanic section
OGX-65D 1C - Ongoing
Note: 1 Numbers indicate the well drilling area as per D&M’s
Dec/10 reports and net pay
Drilled in the 3Q11
Focus on the appraisal campaign to expedite production development
* Illustrative images
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13. Espírito Santo Basin: First Step
into the Deep Waters
Highlights
 Frontier area with recent important
discoveries in neighboring blocks
 Proven active petrolific system in
the region
 Operator and partner: Perenco
 2 well locations agreed:
— Moriche
— Guarapari
Other companies’
 First well currently being drilled in
recent discoveries
deep waters (~1,100m)
Initiating the drilling campaign in a new basin with two well locations already
defined for this year
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14. Parnaíba Basin: Important New Discoveries
and Test
Exploratory campaign Drill-stem test for first production well
Wildcat Wells Appraisal Wells
2010 Activities 2011¹ Activities
OGX-16 Well Drilling Area Characteristics:
OGX-22 Flame: 23m
OGX-38 3C: 43m 0% sand
0% liquid
OGX-46D 3C: 15m
2011 Activities
OGX-51D 3C: 8m
OGX-34
OGX-49 OGX-57 3C: -
OGX-59
OGX-66
Drilled in the 3Q11
Gavião Real field (GVR-1 well)
 First production well successfully drilled and tested
 Dry gas
 Excellent results - Production Potential (AOF):
— 3.5 M m³/day of gas
New acquisition (3Q11)
4 accumulations already discovered of which 2 were declared commercial
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15. Santos Basin: Positive Drill-Stem Test Results
Recent Horizontal Wells Tested
Exploratory Campaign Drill-stem tests performed
2010 Activities
Maceió (OGX – 47)
MRK-2B
 Gas and condensate (~20%
OGX-11D
with approx. 50° API)
OGX-12
 AOF production potential
OGX-17 results:
OGX-19 — Vertical well: 1.0M
m³/day of gas
2011 Activities — Horizontal well: 2.5M
OGX-23 m³/day of gas
OGX-24
OGX-30
OGX-47
Natal (OGX-11D)
OGX-63  Gas and condensate (~25%
with approx. 47° API)
Spud in the 3Q11  AOF production potential
results:
— Vertical well: 1.0 M
m³/day of gas and 1.2K
bbl/day of condensate
— Horizontal well: 5.0M
m³/day of gas and 6K
bbl/day of condensate
Encouraging results from 2 drill-stem tests confirm emergence of a new gas and
condensate center in the region
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16. Sale of First Oil to Shell
 Sales contract signed for the first 2 cargos
totaling volume of 1.2 million barrels (600
thousand barrels each cargo)
 Priced at an average of US$5.5 discount to
Brent (GoM reference)
 Transaction confirms the quality of the
Waimea accumulation oil and the execution
capability of OGX’s teams
 LOI also signed to explore future business
opportunities with Shell
 Strategic partner for future ventures
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17. Upcoming Events
 Commencement of production in the Waimea accumulation (OGX-26HP)
 Spudding of the second well and drilling results in Espírito Santo Basin
 Continued exploratory and appraisal campaign in the Campos, Parnaíba and
Santos Basins
 New drill-stem tests in Campos, Santos and Parnaíba Basins
 Commencement of exploratory campaign in Colombia through the initiation
of seismic shooting and interpretation
 Participation in upcoming ANP bidding rounds
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