- OGX reached an important milestone in 2012 by beginning oil production in the Tubarão Azul Field, only 4 years after its creation. Production reached 3.2 million barrels in 2012. - OGX posted its first revenues of R$325 million in 2012 from oil sales. - Important advances were made in exploration, including new commercial discoveries. However, initial production estimates for some wells were lower than expected. - As of December 2012, OGX had a cash position of R$3.4 billion to develop its portfolio and pursue new opportunities. Average daily production was around 9.8 kboepd for the year.

1. 2012 RESULTS
PRESENTATION
Rio de Janeiro | March 27, 2013

2. 1
2012 HIGHLIGHTS

3. 2012 HIGHLIGHTS AND SUBSEQUENT EVENTS
OGX reaches production stage:
 OGX hit a historical milestone in 2012 initiating oil production, only 4 years after its creation. Production in the Tubarão Azul Field reached
3.2 million barrels and 2.4 million barrels were sold in 2012
 OGX posted revenues for the first time of R$325 million
 Efficient development of the Tubarão Martelo Field; six production wells drilled and lower completed
 Commercial gas production in the Gavião Real Field started in January 2013
Important advances in exploration campaign:
 Three more fields declared commercial in the Campos Basin within the Pipeline and Fuji-Illimani accumulations; Bom Jesus accumulation
(Gavião Branco Field) in Parnaíba Basin (onshore) declared commercially viable
 New Discovery Evaluation Plans (PAD) submitted for other accumulations in the Campos and Santos basins
 Further oil discoveries such as Tulum and Viedma in Campos Basin and a gas discovery in Parnaíba Basin (Fazenda Chicote)
Reassessment of initial estimates:
 Production in the first two producing wells in Tubarão Azul stabilized at a rate of 5,000 boepd per well in 2012
 Third production well in Tubarão Azul connected in January 2013 has not stabilized yet, while the first two wells are jointly producing
slightly below 10,000 boepd on average in 2013
OGX fully prepared to continue to develop the business in 2013:
 Development of recently acquired stake in Block BS-4, in Santos Basin
 Planned capex of US$1.3 billion to leverage OGX’s asset portfolio
 Opportunities to reshuffle the base through asset divestment, acquisition of new assets and strong partnerships
3

4. 2
FINANCIAL & OPERATIONAL
HIGHLIGHTS

5. FINANCIAL HIGHLIGHTS
First revenue stream achieved in 2012
KEY FINANCIAL METRICS 4Q 2012 2012
Revenues (R$ mm) ¹ 175 325 Revenues of R$325 million booked in
2012 from 3rd and 4th offloads
EBITDA – Pro forma (R$ mm) (38) (343)
Delivery of 2.4 million barrels in 2012
and 1.2 million barrels in 1Q13
Net Profit (Loss) (R$ mm) (286) (1,173)
Cash position of R$3.4 billion
Realized oil price per barrel (US$) ¹ 104 99
(~US$1.7 billion) as of December 31,
2012
CAPEX (R$ mm) (1,150) (4,336)
Average production volume of 9.8
Cash Position (US$ mm) 1,655 1,655 kboepd in the year
Production volume (kboepd) 10.2 9.8 ²
Notes:
¹ Refers to the cargos booked as revenues after the Extended Well Test (EWT) conclusion and the Declaration of Commerciality
for the Tubarão Azul Field
² Production volume from January 31, 2012 to December 31, 2012 5

6. CASH POSITION
Disciplined cash management focused on maintaining flexibility for ongoing operations and
additional opportunities
Cash Flow (US$ million)1,2 Cash Spending – Accrual Basis (US$ million)1
(2,310) Capex
394
708 SG&A/G&G
Additional Parnaíba Capex³
2,862
734
81 588 611
521 52
38
1,655 56 67 9
5
653
483 550
460
4Q11 Financing Operating Investing 4Q12 1Q12 2Q12 3Q12 4Q12
activities activities activities
OGX has the option to require controlling shareholder Eike Batista to purchase up to
US$1.0 billion of new common shares of OGX at a price of R$6.30 per share
Notes:
¹ Considers average exchange rate equivalent to: BRL 1.77/USD (1Q12); BRL 1.96/USD (2Q12); BRL 2.03/USD (3Q12); BRL 2.06/USD (4Q12)
² Considers end of period exchange rate equivalent to: BRL 1.88/USD (4Q11); BRL1.82/USD (1Q12); BRL 2.02/USD (2Q12); BRL 2.03/USD (3Q12); BRL 2.04/USD (4Q12)
³ Final stage of GTU assembly and two additional rigs 6

7. 4Q12 & 2012 OPERATIONAL HIGHLIGHTS: PRODUCTION
Production advancing
Campos Basin:
 907,000 barrels of oil produced in 4Q12 at an average daily production of 10.2 kboepd
 Total production volume of 3.2 million boe in the Tubarão Azul Field in 2012
 3rd production well in Tubarão Azul Field on-stream since January 4, 2013
 Produced more than 3.9 million barrels of oil and delivered six shipments until Feb/13
 Average daily cost of ~US$531 thousand per day
Parnaíba Basin:
 Concluded the drilling and completion of all 16 production wells planned for the Gavião Real Field
 Achieved first gas production at the end of Nov/12 with the commissioning of the Gas Treatment Unit (GTU) in the
Gavião Real Field
 Average net gas production of 3.2 kboepd and 5.5 kboepd in January and February 2013, respectively
7

8. OPERATIONAL HIGHLIGHTS: CAMPOS BASIN
Tubarão Azul Field Development Tubarão Martelo Field Development
BM-C-41 BM-C-39
TUBARÃO
AZUL TUBARÃO
MARTELO
35D
TBMT-10H
Exploration wells drilled TBMT-8H Exploration wells drilled
25
Production wells drilled TBMT-4HP
TBMT-6HP Production wells drilled
TBMT-2HP 44HP
BM-C-40
Average Quarterly/Monthly Production (kboepd)
13.2
11.0 11.3
10.2
9.1 9.3
 Concluded the drilling and lower completion of 6 horizontal
production wells (TBMT-2HP, TBMT-4HP, TBMT-6HP, OGX-
Effective
Production Days
1Q12 2Q12 3Q12 4Q12 Jan-13 Feb-13 44HP, TBMT-8H and TBMT-10H)
OGX-26HP 60 79 57 92 29 28
OGX-68HP - 47 92 92 29 28  FPSO OSX-3 scheduled to arrive by 3Q13
TBAZ-1HP - - - - 26 28
Total 60 126 149 184 84 84  Tubarão Martelo Field scheduled to come on-stream by 4Q13
Average per
offshore well 11.0 9.1 9.3 10.2 4.9 3.8
(kboepd)
8

9. OPERATIONAL HIGHLIGHTS: PARNAĺBA BASIN
Gavião Real Field Development
 Three turbines synchronized as of March 16, 2013; Average Monthly Production (kboepd)
average net gas production of 5.5 kboepd (0.9 M m³/d)
5.5
in February 2013
 Available production capacity of up to ~6 Mm³/day; 3.2
future available production capacity of up to 7.5
Mm³/day
 GTU EBITDA margin of approximately 73% leaves space Jan-13 Feb-13
for margin increase with full production ramp-up
including final commissioning of two remaining turbines
estimated to be fully operable by March and April 2013,
respectively
9

10. 4Q12 & 2012 OPERATIONAL HIGHLIGHTS: EXPLORATION
70% success rate in exploratory and appraisal program in 2012
Campos Basin:
 Declaration of Commerciality of Pipeline and Fuji-Illimani accumulations (Tubarão Tigre, Tubarão Gato and Tubarão Areia
fields)
 Submitted PAD for Vesúvio, Viedma, Tulum and Itacoatiara accumulations to ANP
Parnaíba Basin:
 Declaration of Commerciality of Bom Jesus accumulation (Gavião Branco Field)
 Three new discoveries in the basin:
• 66 meters of net pay gas in Fazenda Chicote accumulation with drill-stem test indicating gas flow rate of 3.2
Mm³/d (AOF)
• 24 meters of net pay gas in Fazenda Santa Isabel accumulation
• 27 meters of net pay gas in São Raimundo accumulation
Santos Basin:
 Submitted PAD for Belém, Curitiba and Natal accumulations to ANP
 Returned blocks BM-S-57 and BM-S-29 to ANP
Other Basins:
 Resuming exploratory campaign in Espírito Santo Basin by drilling two wells in 2013
 Plan to commence drilling of first exploration well in Colombia in 1H14
10

11. EXPLORATION HIGHLIGHTS
Campos Basin – New Fields and PADs Santos Basin – New PADs
New Fields Declared Commercial
PAD (Discovery Evaluation Plan)
Areas Returned to the ANP
Fields already Declared Commercial
Declarations of Commerciality – Campos Basin PADs – Santos Basin
Total estimated volume of oil
Accumulation Block Commitment Deadline
Field Accumulation Block in place (mmboe)
P90 P50 P10 Natal1 BM-S-59 - Seismic reprocessing 1H13
Tubarão Tigre Pipeline BM-C -41 314 461 675 C uritiba 1
BM-S-58 - Drill-Stem test (OGX-94DA) 2H13
Tubarão Gato Pipeline BM-C -41 50 71 101 Belém BM-S-56 - Drill-Stem test (OGX-17) 2H13
Tubarão Areia Fuji/Illimani BM-C -41 157 291 563
Notes:
Total 521 823 1,339 ¹ Pending PAD approval from ANP
11

12. 3
COMPANY OUTLOOK

13. 2013 OUTLOOK
2013 Estimated Capex
2013 Capex Breakdown Development
2013 Annual  Tubarão Martelo: Preparing for arrival of FPSO OSX-3
estimate:
Exploration
~US$1.3 billion  Tubarão Tigre, Tubarão Gato and Tubarão Areia:
25%
Finalizing reservoir engineering
 BS-4: First well to be drilled by 2013YE
Exploration
Development
75%  Campos Basin: Three wells committed in PADs by
2H13
 Santos Basin: Drill-stem tests and seismic
reprocessing
 Parnaíba Basin: ~10 wells in 2013
 Espírito Santo Basin: Two wells in 2013
13

14. UPCOMING EVENTS
Events by Basin Other Key Events
Campos Basin:
 Third party resources report
 Drill appraisal wells and perform tests as execution of
the PADs  Arrival of FPSOs OSX-2 and OSX-3
Parnaíba Basin: • Production expected to come on-stream by
 Ramp-up of gas production with the commissioning of
2013YE
the remaining TPP turbine
 Continue the exploration campaign with the drilling of
wildcat wells
Santos Basin:
 Perform tests as execution of the PADs
Espírito Santo Basin:
 Continue the exploration campaign with the drilling of
two wildcat wells
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15. APPENDIX

16. FINANCIAL STATEMENTS
R$ ('000)
INCOME STATEMENT 2012 2011 ∆ 4Q12 4Q11 ∆
Net revenue 325,393 - 325,393 174,707 - 174,707
Cost of goods sold (COGS) ¹ (224,802) - (224,802) (100,203) - (100,203)
Exploration expenses (227,350) (189,775) (37,575) (54,784) (64,618) 9,834
Sales expenses (5,831) - (5,831) (5,831) - (5,831)
General and administrative expenses (210,732) (240,733) 30,001 (52,121) (61,080) 8,959
EBITDA (343,322) (430,508) 87,186 (38,232) (125,698) 87,466
Deprec iation (part of COGS) (31,838) (4,504) (27,334) (17,173) (1,465) (15,708)
Amortization (part of COGS) (11,859) (5,938) (5,921) (4,522) (1,768) (2,754)
Stoc k option (54,663) (56,989) 2,326 (7,372) (34,512) 27,140
Dry/subc ommerc ial wells/areas (691,474) (236,055) (455,419) (231,238) (236,055) 4,817
EBIT (1,133,156) (733,994) (399,162) (298,537) (399,498) 100,961
Financ ial revenue 265,382 417,322 (151,940) 43,145 71,573 (28,428)
Financ ial expense (478,790) (216,853) (261,937) (149,637) (83,683) (65,954)
Net financ ial results (213,408) 200,469 (413,877) (106,492) (12,110) (94,382)
Currenc y exc hange (364,292) (71,644) (292,648) 1,788 (67,453) 69,241
Derivatives 16,385 (122,705) 139,090 (1,909) (40,890) 38,981
EBT (1,694,471) (727,874) (966,597) (405,150) (519,951) 114,801
(-) Inc ome tax 508,595 217,989 290,606 119,444 187,364 (67,920)
Net profit (loss) for the year- Pro forma (1,185,876) (509,885) (675,991) (285,706) (332,587) 46,881
OGX Campos Merger 13,102 - 13,102 - - -
Net profit (loss) for the year- Book value (1,172,774) (509,885) (662,889) (285,706) (332,587) 46,881
Attributed to:
Non c ontrolling interests (34,109) (27,720) (6,389) (12,803) (10,553) (2,250)
Controlling shareholders (1,138,665) (482,165) (656,500) (272,903) (322,034) 49,131
Note:
16
¹ This balance does not include parts of COGS related to depreciation, amortization and royalties that are disclosed in specific lines of the table above

17. FINANCIAL STATEMENTS
R$ ('000)
BALANCE SHEET Dec 31, 2012 Dec 31, 2011 Dec 31, 2012 Dec 31, 2011
ASSETS LIABILITIES AND EQUITY
Current assets Current Liabilities
Cash and cash equivalents 3,381,326 5,367,451 Trade payables 925,513 431,931
Marketable securities - 52,290 Taxes, contributions and profit sharing payable 22,894 26,070
Escrow deposits 14,963 39,039 Salaries and payroll charges 58,921 54,507
Taxes and contributions recoverable - 78,137 Loans and financings 84,534 22,301
Derivative financial instruments 26,350 8,879 Derivative financial instruments 1,416 -
Oil inventories 118,027 - Accounts payable to related parties 100,845 96,692
Other credits 94,686 27,934 Other accounts payable 20,096 87,807
3,635,352 5,573,730 1,214,219 719,308
Noncurrent Liabilities
Loans and financings 7,960,166 4,750,113
Provisions 210,887 11,743
8,171,053 4,761,856
Noncurrent Assets Shareholders’ Equity
Inventories 206,511 390,071 Capital stock 8,821,155 8,810,307
Taxes and contributions recoverable 215,311 278,810 Capital reserves 178,793 274,109
Deferred income taxes and social contributions 791,893 282,693 Earnings reserves - -
Credits with related parties 179,454 139,386 Currency translation adjustments 42,571 19,588
Retained earnings (deficit) (1,343,306) (289,444)
Fixed assets 10,027,389 6,172,783
Portion attributed to controlling shareholders 7,699,213 8,814,560
Intangible assets 2,060,438 1,512,724 Portion attributed to non-controlling interests 31,863 54,473
13,480,996 8,776,467 7,731,076 8,869,033
Total Assets 17,116,348 14,350,197 Total Shareholders’ Equity 17,116,348 14,350,197
17

18. FINANCIAL STATEMENTS
R$ ('000) R$ ('000)
FIXED ASSETS LOANS AND FINANCING
Balance as of December 31, 2011 6,172,783 Balance as of December 31, 2011 (4,772,414)
(+) CAPEX
(-) New fundings (2,536,892)
Campos Basin 2,707,599
(-) Accrued interests (608,572)
Santos Basin 706,817
(-) Currency exchange (714,834)
Parnaíba Basin 477,697
(+) Interest paid 565,682
Espirito Santo Basin 49,650
(+) Funding costs 39,032
Pará Maranhão Basin 46,902
Colombian Basins -
(-) Amortization of funding costs (16,702)
Corporate 347,511
4,336,175 Balance as of December 31, 2012 (8,044,701)
(+) Borrowing costs 173,136
(+) Asset retirement obligation 146,302
(-) Gross margin EWT (79,644)
(-) Disposals (98)
(-) Depreciation (49,892)
(-) Write off Dry/Subcommercial wells (671,373)
Balance as of December 31, 2012 10,027,389
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