OGX announces its financial results for the second quarter of 2008. The company had a net loss of R$273.6 million for the quarter due to one-time IPO expenses. However, excluding these expenses, OGX had a pro forma net income of R$35.9 million. Cash and cash equivalents increased significantly to R$7.26 billion due to funds raised from the IPO. OGX continues its exploration activities, including seismic surveys and contracting drilling rigs, across its oil and gas concessions in Brazil.

1. Earnings Release 2Q08
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Rio de Janeiro, August 13 , 2008 – OGX S.A. (Bovespa: OGXP3), announces today its financial results for
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the quarter ended June 30 , 2008. The financial and operational information as follows are presented on a
consolidated basis, in accordance with the Brazilian corporation law and in thousands of Brazilian reais,
except when otherwise indicated.
Recent Events
2Q08 Conference Call
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On June 13 , 2008, OGX held its IPO, offering a total of 5.93 million
common shares, including the hot issue and greenshoe lot shares, at a price
of R$ 1,131.00 per share. The transaction, which was strictly primary, English
reached a total volume of R$ 6.7 billion, representing the largest IPO ever in Date: 08/14/2008
Brazil. The resources will be used to fund OGX’s exploration campaign, initial Time: 14h00 (13h00 NY)
development of the production facilities in the Campos Basin, as well as to
new investments; EUA
Phone: 1-888-700-0802
3D seismic surveys have been contracted or are in final stage of Code: 236468#
negotiations for all of OGX’s blocks;
Brazil
Executive managers have been recruited for the drilling, logistics, Phone: +55-11-4688-6300
procurement and production development areas. All key employees needed Code: 236468#
for the exploration campaign are already members of our staff;
Other Countries
Phone: 1-786-924-6977
On July 4th, OGX announced the hiring of Credit Suisse as market maker,
Code: 236468#
aiming at increasing the liquidity of our shares;
OGX announced the chartering of three drilling rig units. The first two, IR Contacts
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announced on August 01 , are the semi-submersible units “Ocean
Ambassador” and “Ocean Lexington”, from Diamond Offshore. The former is Marcelo Faber Torres
equipped to operate in water depths of up to 335m and can drill up to 6,100m CFO
deep. The latter is equipped to operate in water depths of up to 610m and can marcelo.torres@ogx.com.br
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drill up to 6,100m deep. The latest deal, announced on August 5 , is the
hiring of the semi-submersible “Ocean Quest”, also from Diamond Offshore. Luiz Garcia
This is a 15,000psi BOP rig equipped to operate in water depths of up to Manager
1,100m and that can drill up to 7,600m deep. luiz.garcia@ogx.com.br
Juliana Schmith
Analyst
juliana.schmith@ogx.com.br
Phone: +55-21- 2555-4223
ri@ogx.com.br
www.ogx.com.br/ri

2. Offering Summary
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On June 13 , 2008, OGX held its Initial Public Offering (IPO) as part of the company’s growth strategy. See
below OGX’s ownership after the IPO:
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OGX’s cash position which amounted to R$ 7.2 billion as of June 30 2008, will be used to fund our exploration
campaign, initial development of the production facilities in the Campos Basin, new investments, as well as
working capital and general and administrative expenses. The use of proceeds are estimated as follows:
Use of proceeds Use of proceeds
Projects
(R$ billion) (%)
Exploration campaign 3.2 45%
Development of initial production facilities 1.6 22%
New ventures 2.1 29%
G&A 0.3 4%

3. Update: Exploration Assets
Campos Basin
Campos Basin, with a total sedimentary area of approximately 115,000 km², is the largest oil and natural gas
producing region in Brazil. In 2007, Campos Basin accounted for approximately 77% of the Brazilian oil
production.
OGX has concession rights over seven exploration blocks, which comprise a total area of 1,177 km² in the
Southern part of Campos Basin, considered the most prolific basin in Brazil. OGX will operate five of these
concessions, while the other two will be operated by our partner Maersk.
Below are some recent events in Campos Basin:
Hiring of PGS for the execution of the 3D seismic campaign. Seismic data shooting will start in the second
half of 2008 and final reprocessed data will be interpreted by the OGX team during the first half of 2009;
Charter of the drilling units “Ocean Ambassador” and “Ocean Lexington”. OGX will charter each rig for a
period of 3 years and will use them in the exploration campaign in Campos Basin from the second half of
2009 on;
The environmental study for the drilling license is in the development phase.
Santos Basin
Santos Basin currently represents one of the most promising exploration areas in Brazil, with a total area of
approximately 350,000 km²
OGX currently has rights over five exploration blocks in Santos Basin, covering a total area over 1,000 km², of
which four were acquired in ANP’s Ninth Bidding Round and one through a farm-in agreement in which we
acquired a 50% participating interest that remains subject to ANP’s approval.
Below are some recent events in this basin:
Hiring of CGG to reprocess the 3D seismic data which will be finished in the second half of 2008;
Charter of the drilling unit “Ocean Quest”, which can drill up to 7,600m deep, in water depths up to 1,100m.
OGX will charter this unit for a period of two years and it will be used primarily for the OGX exploration
campaign in Santos Basin, starting in the second half of 2009;
The environmental study for the drilling license is in the development phase.

4. Espírito Santo Basin
It is believed that Espírito Santo Basin is a promising oil and natural gas region in Brazil, with a total area of
90,000 km².
Currently, the Company has concession rights over five exploration blocks in the Espírito Santo Basin, with a
total area of 3,620 km². All of these blocks are located in deepwater and will be operated by Perenco, which is
our partner in these blocks with a 50% ownership.
The exploration prospects identified have similar geologic features to those of oil and natural gas fields
already discovered in this basin, such as the Golfinho, Camarupim and Canapu light oil and natural gas fields.
In this basin, we highlight:
The operator, Perenco, is hiring WesternGeco to perform the seismic campaign, comprising 3D and 2D
seismic data. Data shooting is planned to start by the end of the second half of 2008.
Pará-Maranhão Basin
Although no commercial discovery has been announced in the Pará-Maranhão Basin to date, OGX believes
there is significant potential there, given that the geologic features present in the region are similar to those in
Ghana (West Africa), where there have been important discoveries of light oil in recent years. The Pará-
Maranhão Basin has a total sedimentary area of approximately 100,000 km².
OGX currently has concession rights over five exploration blocks in the Pará-Maranhão Basin, covering a
total area of 960 km². Past drilling activities in the region, near three of our exploration blocks, indicated the
presence of light oil.
In this basin, we highlight:
We have acquired and are reprocessing 3D data in two of our blocks and we have hired PGS to execute
the 3D seismic campaign for the remaining blocks in this basin, which will be initiated by the second half of
2008;
The environmental study for the drilling license is in the development phase.

5. OGX Milestones Roadmap
Capital Market
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Between June 13 and 30 , OGX’s share price appreciated 12.29%, ending the second quarter at R$ 1,290.
In the same period, Ibovespa decreased 3.25%. The average daily trading volume for the period amounted to
R$ 461.9 million.
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Since the end of 2Q08, our stock was negatively affected by market volatility. Between July 1 and August
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11 , the share price decreased 44.9%. Such performance can be attributed, among others reasons, to the
price of oil in the international market. Significant drops were also seen in the stock price of the main Oil &
Gas companies.
In addition, the statements made by Government officials in relation to possible changes in taxation and in
regulatory framework in the Brazilian oil and gas sector also generated uncertainty and negatively impacted
our stock price.
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On July 4 , Credit Suisse was hired as OGX’s market maker, aiming at improving the liquidity of our shares.

6. Financial Performance
Main Financial Accounts (Consolidated) - Values in Thousand R$
Given the pre-operational nature of OGX S.A.’s subsidiary OGX Ltda, company’s financial accounts mainly
reflect the impact of OGX’s IPO and cash investments.
The table below highlights the main balance sheet and income statement itens, as well as the change in the
quarter:
Main Accounts 1Q08 2Q08 Change
Net Income (Loss) 25,141 (273,635) (298,776)
General and Administrative Expenses (5,433) (305,571) (300,138)
Financial Result 42,931 19,579 (23,352)
Deferred Charges 20,964 43,583 22,619
Property, plant and equipment 8,141 10,129 1,988
Cash and cash equivalents 828,545 7,256,886 6,428,341
Net Income (Pro-forma)* 25,141 35,908 10,767
*Pro-forma: does not consider expenses referred to the IPO, such as bank and lawyers commissions.
Net Income
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The Company’s net loss for the quarter ending June 30 , 2008, amounted to R$ 273.6 million. Excluding the
effect of the non-recurring expenses of the initial public offering, the Company presented a pro-forma net
income of R$35.9 million. The reversal in net result for the quarter was primarily driven by the expenses
mentioned in the next item.
General and Administrative Expenses
The significant increase in the period was driven by the costs related to the initial public offering, held in June
2008. The main expenses that occurred were: bank commissions in the total amount of R$283.7 million,
brokers commissions of R$10.9 million, liquidation and custody services of R$2.3 million, auditors and lawyers
fees of R$6.7 million and publications of R$495 thousand.
Financial Results
The change was a result of the negative adjustments from hedge positions of future commitments in foreign
currency (US dollar) occurred in the period, as well as financial income.
Deferred charges/Property, plant and equipment
The increase was due to capitalized expenditures of the subsidiary OGX Ltda. during the quarter, as it is in its
pre-operation phase, as well as to the net increase in the property, plant and equipment. The most significant
change refer to the acquisition of seismic data in the amount of R$9.8 million; the recruiting of technical
experts (engineers, G&G, among others), for managerial and strategic positions; fees owed to ANP referring

7. to the exploration blocks and commissions related to financial guarantees associated with on minimum work
program (PEM) and fees (technical, environmental, IT) and auditing.
Cash and cash equivalents
The very significant change was a result of funds obtained from the Initial Public Offering, held in July 2008.
Such resources are managed by the Company by means of an exclusive investment fund called Fundos de
Investimento Multimercado Crédito Privado OGX63. On June 30, 2008, the net average rate which
remunerated the investment funds was equivalent to 103.5% of CDI.

8. Balance Sheet – Consolidated (in thousand Reais)
Description 06/30/2008 03/31/2008
Total Assets 9,344,765 2,887,213
Current Assets 7,275,488 842,543
Cash and Cash Equivalent 7,256,886 828,545
Credits 18,428 11,085
Other 174 2,913
Non-Current Assets 2,069,277 2,044,670
Property, plant and equipment 10,129 8,141
Intangible 2,015,565 2,015,565
Deferred Charges 43,583 20,964
Description 06/30/2008 03/31/2008
Total Liabilities 9,344,765 2,887,213
Current Liabilities 568,987 549,578
Suppliers 6,670 697
Tax, Duties and Contributions 8,726 12,638
Provisions 14,669 -
Accountable for acquisitions of Exploration Blocks 535,842 535,842
Other 3,080 401
Non-Current Liabilities 279 176
Related Parties Debt 279 176
Shareholders’ Equity 8,775,499 2,337,459
Capital 9,035,853 2,324,177
Retained Earnings/(Losses ) (260,354) 13,282

9. Income Statements – Consolidated (in thousand of Reais)
Pro-Forma*
Description 2Q08 1H08
1H08
Operating Income/(Expenses)
General and Administrative (8,228) (305,571) (311,004)
Financial Income 71,707 20,259 71,707
Financial Expenses (9,197) (680) (9,197)
Income/(Loss) Before Income Tax and Social Contribution 54,282 (285,992) (248,494)
Income Tax and Social Contribution (18,374) 12,357 -
Net Income / (Loss) for the Period 35,908 (273,635) (248,494)
NUMBERS OF SHARES, EXCLUDING TREASURY STOCKS (Units) 32,319,606 32,319,606 32,319,606
EARNINGS / (LOSS) PER LOT OF THOUSAND SHARES (Reais) 1,111.03 (846,653) (768,865)
*Pro-forma: does not consider expenses referred to the IPO, such as bank and lawyers commissions.

10. Legal Advice
This presentation includes information and statements related to the Company that reflect the current
expectations of the Company and its management in relation to its Business Plan. These statements are often
characterized by the use of words such as “projects”, “expects”, “anticipates”, “intends”, “plans”, “believes”,
“estimates”, “may”, “will”, or “intends”, or by discussions or comments about our objectives, strategy, plans or
intentions and results of operations. Forward-looking statements include projections regarding our operating
capacity, operating expenditures, capital expenditures and start-up dates. By their nature, these statements
involve numerous assumptions, uncertainties and opportunities, both general and specific. The risk exists that
these statements may not be fulfilled or, even if they are fulfilled, the results or developments described in
such statements may not be indicative of results or developments in future periods. We caution participants of
this presentation not to place undue reliance on these statements as a number of factors could cause future
results to differ materially from these statements. Company does not intend to give to any shareholders a
review of statements or analysis of the differences between the statements and results.
About OGX
Focusing on the exploration and production of oil and natural gas in Brazil's offshore sedimentary basins,
OGX Petróleo e Gás SA is the country's leading private-sector oil and gas company in terms of offshore
exploration area. Our portfolio comprises 21 exploratory concessions in the Campos, Santos, Espírito Santo
and Pará-Maranhão Basins, acquired at the ninth ANP auction, and one farm-in agreement pending approval
by ANP, totaling 6,800 km2. In June 2008, the company raised R$ 6.7 billion at its initial public offering,
Brazil's biggest ever IPO.For further information please visit the our web site:www.ogx.com.br