OGX presented a management overview and portfolio of exploration assets. Key points: - Portfolio includes 34 blocks in Brazil and Colombia with over 10 billion barrels of potential resources. - Campos Basin blocks have over 5 billion barrels already discovered in shallow waters. - Exploration drilling campaign will develop discoveries and test prospects across basins. - Presentation included disclaimers around uncertainty of resource estimates and forward-looking projections.

1. Management PresentationJuly, 2011

2. 2DisclaimerThis presentation uses the terms “potential petroleum quantities”, “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 of commerciality and lack of sufficient exploration drilling, and the lack of identified prospects, leads, or future development and exploration projects, the potential petroleum quantities estimated herein cannot be classified as prospective resources, contingent resources or reserves, and the prospective resources and contingent 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 potential petroleum quantities and prospective and contingent resources. There is no certainty that any portion of the potential petroleum quantities or 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 potential petroleum quantities or prospective resources exist, or that they can be developed economically. Accordingly, information concerning potential petroleum quantities and 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 Regulation S-K 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 projected capital and operating expenditures, installed production capacity, expected production, and number of wells drilled. 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. This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. Recipients of this presentation are not to construe the contents of this summary as legal, tax or investment advice and recipients should consult their own advisors in this regard.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 OGX 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. OGX 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.

3. 3AgendaOGX OverviewOGX PortfolioOGX OperationsPath to ProductionFinancial OverviewAppendixLastupdate: 07/13/11

4. OGX Overview

5. OGX Positioning12World-class E&P portfolio with multi-billion barrels of discoveries mostly in shallow waters and onshoreAll key equipment already secured from leading worldwide suppliers for exploration and initial production43Solid cash position to support exploratory commitment and beginning of productionExperienced management team with proved execution capability5

6. 6OGX Main AccomplishmentsOSX-1 and initial productionBond: US$ 2.6bn raisedUpdated OGX portfolio to 10.8 bn(1)boe of potential resources5 onshore blocks acquired in ColombiaOct/11High productivity horizontal wellFPSO secured for 20 yearsBeginning of thedrilling campaignMay/11OGX included in the Ibovespa IndexUS$1.3 bnraised through an equity Private Placement21 blocks acquired during the 9th Bidding RoundApr/11Acquisition of 70% stake in the Parnaíba AssetsFeb/11Total investments of US$ 3.2 bn of Drilling Capex and Bonus Signature + US$ 218 M of Seismic CampaignTotal equity raised to date: US$8.0 bnJun/10IPO: US$4.1 bn raised Jan/10OGX CreationSep/09Survey and interpretation of the 3D seismic dataAug/09Procurement of all equipment and services necessary to initiate the drilling campaignJun/08Nov/07Jul/07PROVEN EXECUTION CAPABILITY (FROM CONCEPT TO FIRST OIL IN UNPRECEDENTED TIMING) WITH FULLY ESTABLISHED OPERATIONS COMPRISING MORE THAN 5,000 PEOPLE(1) Calculated by OGX based on potential, prospective and contingent volumes contained in the DeGolyer and MacNaughton Reports

7. OGX Ownership and Corporate Structure(1)Free FloatFree Float39%61% Daily traded average volume (1 month): ~ US$184 million

8. ~33 thousand investors

9. 3rdmost representative stock in Ibovespa index 4.1%

10. Most liquid common sharePetróleo e Gás Participações S.A.(Market Capitalization (3): ~ US$30 Billion)99.99%99.99%66.67% (4)Petróleo e Gás Ltda. OGX Campos Petróleo e Gás S.A. Maranhão Petróleo e Gás Ltda.30%70%100%7100%7 Blocks 7 Blocks 20 Blocks 5 - Campos (100%) (2)2 - Campos (50%)7 - Parnaiba (70%) (2)5 - Santos (100%) (2)5 - Espirito Santo (50%)5 - PAMA (100%) (2)5 - Colombia (100%) (2)(1) EBX represented through Centennial Asset Mining Fund LLC (Nevada, USA) (“CAMF”)(2) OGX as operator(3) Market data as of May 17th(4) MPX S.A. holds 33.33%

11. Management Organization Structure (1)CEOEike BatistaGen. Exec. OfficerPaulo Mendonça (38)Oil & Gas CommercializationJoaquim Dib Cohen (32)Exploration OfficerPaulo Mendonça (38)General Counsel José Roberto FaveretCFOMarcelo TorresProduction OfficerReinaldo Belotti(34)ExplorationCampos-ESPaulo Ricardo (28)ProcurementOlavo Foerch (32)Production DevelopmentJosé Brito (42)Exploration Santos and Eq. MarginEdmundo Marques (24)Reservoir & ReservesRoberto Toledo (31)DrillingRicardo Juiniti (27)E&P LaboratoryDolores Carvalho (35)Onshore BasinCelso Martins (34)LogisticsBilly Pinheiro (30)Strategic AlliancesLuiz Reis (45)InternationalErnani Posrche (33)ProductionRicardo Abiramia (24)New Areas Executive ManagerPaulo de Tarso Guimarães (34)GeologicalOperationsMoacir Santos (38)Applied TechnologyMarcos Amaral (28)HSELeandro Leme (31)HIGHLY SUCCESSFUL AND COMMITTED MANAGEMENT TEAM, COMBINING UNIQUE INTELLECTUAL CAPITAL AND SUPERIOR EXECUTION SKILLS 8(1) Parentheses represent years experience in the E&P industry

12. Highly Qualified Exploration TeamPBR success indexExploratory TeamPaulo Mendonça led the Petrobras exploration team from 2002 to 2007Success index in excess of 60% on average offshore Brazil from 2002-2007 whilst at PetrobrasOver 10 billion boe and more than 50 new fields discoveredPROVEN TRACK RECORD HAVING OPENED SEVERAL NEW OIL FRONTIERS, INCLUDING THE PRE-SALT, AND DISCOVERING OVER 50 NEW OIL FIELDS9

13. Brazil: Vast Untapped Oil & Gas Potential10New provinces could propel Brazil into top reserves holdersLargest oil and gas discoveries in the worldStill significantly under-explored% of sedimentary basins under concession+ 35 bn boeSaudiArabiaVenezuelaIranIraqKuwaitBrazil post TupiUAERussiaLibyaKazakhstanNigeriaCanadaUSQatarChinaAngolaBrazilBrazilTurkmenistan Iran Kazakhstan China RussiaAustraliaKuwait Israel SaudiArabiaIndiaIndonesia Venezuela Papua NewGuineaGhanaLicensed 4%Unlicensed 96%Source: ANPOil & gas in the worldOil and Gas Discovered Volumes2000 – 2010 (Bn boe)Oil Resources- December 2009 (Bn bbl)Source: EIA-DOE, BP Statistical Review of World Energy 2010, Saudi Aramco, UPPSALA University, Petrobras, ANP and OGX analysisSource: IHSSource: BP Statistical Review of World Energy 2010 & analyst estimatesBRAZIL’S HISTORICAL UNDER-EXPLORATION UNDERPINS MASSIVE GROWTH OPPORTUNITIES FOR OGX

14. OGX Portfolio

15. OGX’s Portfolio34 blocks: 29 blocks in 5 Brazilian sedimentary basins and 5 onshore blocks in 3 Colombian sedimentary basinsUnique portfolio with 10.8 billion potential recoverable barrels of oil equivalent (boer)OGX’s business plan is based on 4.1 billion barrels already discovered in the shallow waters of the Campos BasinPortfolioShallowwater~120mShallowwater~150mDeepwater~1,000mShallowwater~60m12

16. Campos Basin: Low Risk, Shallow Water and Large VolumesCampos Basin5.7 bn bbl of net 3C, net delineation and net mean risked prospective resources, evaluated by D&M (pre-salt not included)5 blocks operated by OGX (100% owned) and 2 operated by Maersk Oil (50% owned)Total area of 1,177 km2Average water depth of ~120m41 wells drilled100% success rateOGX’s Discovered Accumulations confirm a new HYDROCARBON province in the southern Campos Basin13

17. 14Santos Basin: High PotentialSantos Basin1.8 bnboe of net risked prospective resources (POS of 27%), evaluated by D&M5 blocks operated by OGX (100% owned)Total area of 820 km²Average water depth of ~150 m9 wells drilled~ 65% success rateSANTOS BASIN IS ONE OF THE MOST PROMISING EXPLORATORY AREAS IN BRAZIL, WITH SIGNIFICANT POTENTIAL FOR GAS AND LIGHT OIL

18. NEW FRONTIER BASIN WITH HIGH POTENTIAL FOR GAS PRODUCTIONParnaíba Basin: Major Gas ProvinceParnaíba basin151.0 bn boe of net risked mean prospective resources POS (17%) and net 3C, evaluated by D&M7 blocks operated by OGX (47% owned)Total area of 21,500 km²Monetization of gas through thermoelectric plants to be developed by MPX/Petra (1,863 MW already licensed) 100% success rate (7 wells drilled)Commerciality declared for 2 accumulations

19. 16Pará Maranhão Basin: PromisingNewFrontierPará-Maranhão Basin447 mnboe of net mean risked prospective resources (POS of 21%), evaluated by D&M5 blocks operated by OGX (100% owned)Total area of 960 km²Average water depth of ~60m1st well to be drilled in 2H11NEW FRONTIER WITH GEOLOGICAL MODEL SIMILAR TO WEST AFRICA, WHERE SIGNIFICANT DISCOVERIES WERE MADE RECENTLY

20. 17Espírito Santo Basin: New Frontier in Deep WaterEspírito Santo Basin817 mnboe of net mean risked prospective resources (POS of 33%), evaluated by D&M5 blocks operated by Perenco (50% owned)Total area of 3,620 km²Average water depth of ~1,000 m1st well to be drilled in 2H11THE NEW FRONTIER OF ESPÍRITO SANTO HAS PROVEN TO BE A VERY ACTIVE PETROLIFIC SYSTEM

21. 18Colombia: Cesar-Ranchería, Middle and Lower Magdalena Valleys: Great Upside PotentialColombian Basins1.1 bnboe of net prospective resources and net potential petroleum quantities, evaluated by D&M5 blocks operated by OGX (100% owned), 3 of which are located close to Maracaibo Basin (~80 bnboe discovered and ~50 bnboe already produced)Beginning of the Seismic Campaign in 2H11MARACAIBO BASINBALANCED PORTFOLIO OF EXPLORATORY ASSETS, COMBINING PRODUCTION REGIONS WITH LESS EXPLORED AREAS NEXT TO THE MARACAIBO BASIN, ONE OF THE MOST PROLIFIC PROVINCES IN THE WORLD

22. OGX Portfolio Potential: BreakdownPortfolio Breakdown19%Onshore73%ShallowWater8%Deep Water21%Gas79%OilNote: “POS “ defined as geological probability of success(1) The OGX portfolio potential was calculated by OGX based on volume estimates contained in the DeGolyer and MacNaughton Reports(2) We consider the 3C contingent resources in the arithmetic summation of our potential portfolio based on the assumption that these resources will be converted to 2C and 1C resources after the appraisal campaign and that they will be converted into reserves after the removal of contingencies(3) We consider the high estimate and not Pg-adjusted delineation area prospective resources as we believe the delineation area is part of the 3C area(4) Prospective resources mean estimates Pg-adjusted. Colombia considered two Colombian basins, the Lower and Middle Magdalena Valleys Basins(5) Includes petroleum potential quantities in one Colombian basin, the Cesar-Ranchería Basin(6) OGX net interests in the table are not the same as OGX net interests contained in the DeGolyer and MacNaughton September 2009 report due to the fact that OGX now holds 100% of the interests in the concessions included in that report(7) Gas volumes were converted by OGX to barrels of oil, using a conversion rate of 5,615 ft³ of natural gas to one boeOILDISCOVERIES OF 4.1 BN BBL ARE ALREADY UNDER PRODUCTION DEVELOPMENT IN THE SHALLOW WATERS OF CAMPOS BASIN 19

23. OGX Operations

24. Exploration Drilling CampaignOnshore DrillingOffshore DrillingOcean Lexington (Diamond):Daily Rate: US$ 335kMax. well depth: 20,000 ftContract Expires: Feb.2013 (+one optional year)Ocean Ambassador (Diamond): Daily Rate: US$ 260k Max. well depth: 20,000 ft Contract Expires: Sep.2012 (+ one optional year)Ocean Quest (Diamond):Daily Rate: US$ 270kMax. well depth: 25,000 ftContract expires: Dec.2012 (+ one optional year)Ocean Star (Diamond):Daily Rate: US$ 310kMax. well depth: 25,000 ftContract Expires: Feb.2013 (+ one optional year)QG-1 (QueirozGalvão):Daily Rate: US$ 28kMax. well depth: 14,750 ftContract Expires: Jan.2012BCH-05E (BCH):Daily Rate: US$ 31.5kMax. well depth: 11,500 ftContract Expires: Feb.20123rd rig being contractedSea Explorer (Pride):Daily Rate: US$ 265kMax. well depth : 20,000 ftContract Expires: Nov.2011 (+two optional years)Pride Venezuela (Pride):Daily Rate: US$ 265kMax. well depth: 20,000 ftContract Expires: Nov.2011Ocean Scepter (Diamond):Daily Rate: US$ 135kMax. well depth: 30,000 ftContract Expires: Jan.2012 (+one optional year)DRILLING CAMPAIGN EXPANDED – 8 RIGS ALREADY OPERATING SIMULTANEOUSLY21

25. Operational Capabilities and StructureFIRST CLASS SUPPLIERSLOGISTICS OPERATIONAL SUPPORTEFFICIENCY,AGILITYAND OPERATIONAL SECURITYPLATFORM SUPPLY VESSEL (PSV)QUANTITY:5CONTRACTOR: EDISON CHOUEST/ TIDE WATERANCHOR HANDLING TUG SUPPLY (AHTS)QUANTITY: 6CONTRACTOR: EDISON CHOUEST/NORSKAN/MAERSKFAST SUPPLY VESSEL (FSV)QUANTITY: 1CONTRACTOR: EDISON CHOUESTMID SIZE HELICOPTERQUANTITY: 4CONTRACTOR: AERÓLEOHIGH QUALIFIED TEAMOGX Team: ~250 employeesOver 5,000 peoplededicated3D Room / IOSC22

26. Path to Production

27. Campos Exploratory Drilling Strategy and ResultsDrilling StrategyDrilling Results1st phase strategy (from Mar/08 to Dec/10)Seismic campaign to better image the areas and reduce risksDiscover the maximum amount of oil19 wells drilled 12nd phase strategy (from Dec/10 to Mar/13) 18 wells drilled 2Focus on the appraisal drilling campaign to delineate existing discoveriesContinue exploratory program with drilling of wildcat wellsBegin production in October 2011Drilling of 37 wells with hydrocarbonsOGX analysis supports recoverable resources of 4.1 billion barrelsOil columns of up to ~250 metersNet pay up to ~150 metersWell results confirm OGX’s geological models for the Campos BasinDSTs (drill stem tests) support conservative production estimate of 10 – 20 kbpdOne of the best DSTs ever performed in Brazil, with a production potential of 40,000 barrels per day OGX production estimates are supported by results from other fields in Campos using current technologyNotes:1 Number of wells concluded in 2010 and included in D&M’s reports2 Number of wells concluded in 201124

28. Campos & Parnaíba Basins: 2011 Appraisal ActivitiesParnaíba BasinCampos BasinAppraisal WellsOGX-35DAlbian-Cenomanian: 80m ¹OGX-36D/OGX-39HPAlbian: 60mOGX-40DAlbian: 107mOGX-41D /OGX-44HP Albian: 92mOGX-42D Albian: 82mOGX-43D Albian: 50mOGX-45DOGX-48Albian: 12mOGX-50DOGX-53Appraisal WellsOGX-46DOGX-38 Devonian: 43mOGX-46DDevonian: 15mOGX-49OGX-51DPOGX wildcat wells OGX appraisal wellsOGX wildcat wells OGX appraisal wells100% SUCCESS RATE IN THE CAMPOS AND PARNAÍBA BASINS BEGINNING PRODUCTION IN AN UNPRECENDENTED TIMEFRAMENote:1 Net pay25

29. 26Campos Basin: Development Business PlanInitial ProjectsCampos Basin Development PlanProject 2Waikiki Complex 1st oil date: 4Q134.1 bnbblShallow watersAverage production per well 10 – 20 kbpd12 FPSOs and 11 WHPs5 FPSOs and 2 WHPs already securedAverage field lifeCapex US$ 2/bblOpex <US$ 16/bbl22 development wells14 production 8 injection1 FPSO and 1 WHPOSX-3 and WHP-2Oil of 23° - 28° APIWater depth: 120mAverage production per well 15 – 20 kbpdProject 1 Waimea Complex 1st oil date: October 201142 development wells28 production 14 injection3 FPSOs and 2 WHPsOSX-1, OSX-2 and WHP-1 Oil of 20° APIWater depth: 140mAverage production per well 10 – 20 kbpdIllustrative

30. Campos Basin: OGX-26 - First Production WellOGX will begin production by Oct/11 with an extended well test (EWT) in the Waimea accumulation (OGX-26) producing up to 20,000 barrels per dayOGX-26 is located in the shallow waters in the Campos Basin (134m) and 84 km off the coastOne of the best drill-stem tests ever performed in Brazil, which confirmed an excellent productivity index (PI) of 100 m3/day/kgf/cm2Production potential of 40,000 barrels per day in definitive development phaseOil gravity of 20⁰ APIState-of-the-art drilling technology: 1,000 meters of horizontal extensionProduction concept for this well utilizes off-the-shelf technologyConfirms high productivity in the Campos carbonates1,000 mTHE RESULTS OBTAINED IN THE DRILLING OF THIS WELL VALIDATE THE GEOLOGICAL MODEL AND CONFIRM THE RELEVANCE OF THE CARBONATE PROVINCE DISCOVERED BY OGX IN THE SOUTHERN PART OF THE CAMPOS BASIN27

31. Campos Basin: OGX-26 Defined Production ConceptProduction conceptHorizontal Well (OGX-26) already drilled and successfully tested Well completed and wet christmas tree installedBuoy anchor system and flexible lines already deliveredExtended Well Test (EWT) approved by ANP (National Petroleum Agency)FPSO (OSX-1) arrival expected by mid-2011All critical equipment and services already secured Two additional horizontal production wells to be connected in 2012OSX - 1EWT WILL HAVE A WET CHRISTMAS TREE AND FLEXIBLE LINES DIRECTLY CONNECTED TO THE FPSO OSX‐1 AND AN OIL FLOW RATE OF UP TO 20,000 BARRELS PER DAY28

32. Campos Basin: Equipment SecuredFPSO OSX-1Wet Christmas TreeFlexible Lines29Critical equipment and services statusMain equipment in placeEquipmentWet Christmas Tree (WCT): Already installedUmbilical Terminal Assembly (UTA): ContractedHydraulic Power Unit (HPU): Delivered in April, 2011Flexible Lines: Contracted with WellstreamElectrical Submersible Pump (ESP): Contracted with Baker 80 kbpd of processing capacity & 950,000 barrels of storage capacityExpected arrival: Mid 2011Already installed Produced by GE Oil & Gas ServicesInstallation Vessel – Anchor System, Flexible Lines and Umbilicals: Contracted with WS and AkerMud line and Subsurface analysis for FPSO mooring and WHP piles: Contracted with FUGRO – already completedWaimea Area Survey: Contracted with FUGRO Already manufacturedProduced by WellstreamAker Wayfarer VesselContracted with Aker

33. Campos Basin: Replicable Development ConceptOperational Expenditures(Leased Equipment)WHPCapacity: 30 wellsDrilling package ontopsideOpex<US$ 16/bblFPSOOil capacity: 100 K bpdLiquid capacity: 160 K bpdOil will be offloadedWHP Subsea Flow LinesPower lineGas Lift lineService lineWater Injection lineProduction lineTest lineCapexUS$ 2/bblDrilling + CompletionDevelopment wells with dry completionGaswillbereinjected, used for gasliftorpowergenerationWaterInjectionCapital ExpendituresNote: Please see details in the Appendix slide: “Campos Basin: Typical Production Project”30

34. FPSOs and WHPs Expected DeliveriesWHPsFPSOsUnit2011… 2013201420152016Unit201320142014WaimeaOSX-1WHP-1Waimea3rd Q1st QWaimeaOSX-22nd QWHP-2Waikiki2nd QWaikikiOSX-3 3rd QWHP-3 3rd QOSX-42nd QWHP-44th QOSX-54th QWHP-54th QOSX-64th QWHP-64th QOSX-74th QWHP-71st QOSX-81st QWHP-82nd QOSX-93rd QWHP-93rd QOSX-104th QWHP-104th QOSX-11 1st QWHP-11OSX-12 4th Q1st QOSX-1 to be delivered in August 2011OSX-2 and OSX-3 to be built in world-class Singaporean shipyards by SBM and ModecOSX-4 and OSX-5 hulls already acquired by OSXWHP-1 and WHP-2 with detailed engineering ongoing (EPC awarded to Techint by OSX)Production equipment allocated to begin operations until 201331

35. Secured Production EquipmentWHPsFPSOsOSX-1: Production capacity of 80 kbpd and storage of 950 kbblAverage Day rate of US$ 263 kArrival expected to Aug/11OSX-2: Production capacity of 100 kbpd and storage of 1.3 Mbbl Expected Average day rate of US$ 290 kEPCI contract executed by OSX and SBMOSX-3: Production capacity of 100 kbpd and storage of 1.3 Mbbl Expected Average day rate of US$ 290 kLOI already signed by OSX with MODECWHP-1: Capacity to drill up to 30 wellsFour production wells on-stream by the end of 2013Detailed engineering ongoing (EPC awarded to Techint by OSX)Two sister VLCC´s (Very Large Crude Oil Carriers) purchased on November, 2010 by OSX to be converted into FPSOsWHP-2: Capacity to drill up to 30 wellsThree production wells on-stream by the end of 2013Detailed engineering ongoing (EPC awarded to Techint by OSX)OSX-4: Production capacity of 100 kbpd and storage of 1.3 Mbbl Order placed for Leasing contract and EPCI under procurementOSX-5: Production capacity of 100 kbpd and storage of 1.3 Mbbl Order placed for Leasing contract and EPCI under procurement32

36. OGX Strategy to Expedite ProductionPre-Drilling StrategyAvailable Drilling ResourcesExpedite drilling process and accelerate production ramp-upOGX plans to drill on average five horizontal wells prior to the arrival of the WHPs from semi-submersible rigsUpon arrival of each WHP, pre-drilled wells should ramp-up plateau production in approximately three quartersOcean Lexington (Diamond):Daily Rate: US$ 335kMax. well depth: 20,000 ftContract Expires: Feb.2013 (+ one optional year)Ocean Ambassador (Diamond): Daily Rate: US$ 260k Max. well depth: 20,000 ft Contract Expires: Sep.2012 (+ one optional year)Flex FPSOs Given the significant number of discoveries and their similarities, OGX has the benefit of accelerating the procurement process through the use of Flex FPSOsFlex FPSOs have capacity of processing oil for a broader range of APIs and GOR (gas/oil ratio)Standard design (same characteristics for all FPSOs)Capitalizes on economies of scaleOcean Quest (Diamond):Daily Rate: US$ 270kMax. well depth: 25,000 ftContract expires: Dec.2012 (+ one optional year)Ocean Star (Diamond):Daily Rate: US$ 310kMax. well depth: 25,000 ftContract Expires: Feb.2013 (+ one optional year)Sea Explorer (Pride):Daily Rate: US$ 265kMax. well depth : 20,000 ftContract Expires: Nov.2011 (+ two optional years)Pride Venezuela (Pride):Daily Rate: US$ 265kMax. well depth: 20,000 ftContract Expires: Nov.201133

37. Campos Basin: Oil Production Ramp-Up34150CAGR : 174%Oil Production Target (kbpd) ¹5020201120122013Note:1 To be reached through the end of the period

38. 35Parnaíba Basin: Development Business PlanParnaíbaDevelopment2 fields (GaviãoReal & GaviãoAzul)1 production complexDeclaration of commerciality of two fields already submitted to ANPInitial production expected in 2H12Low capital and operating costsTotal Capex of approximately of US$ 450 M for production of 5.7 M m³per day in 2013 (2.7 M m³per day net to OGX S.A. or ~15 kboepd)Low operating field life cost of less than US$ 0.30/1,000 ft³ on averageGas to be sold to MPX power plantsEnergy generated by MPX’s power plants will be sold to the energy marketsProject 1 1stgas: 2H1223 production wellsOGX-46DIllustrative

39. 36Parnaíba Basin: Project DevelopmentParnaíba Development SchematicGas Thermal Power Plant DevelopmentOGX Maranhão (70%) + Petra (30%) investmentsMPX + PetrainvestmentsA site to construct a power plant in the PN-T-68 block has already been acquired by MPXMPX has obtained an installation license for 1,863 MW and an environmental license for the development of an additional 1,859 MW, totaling 3,722 MWCapex field lifeTotal drilling cost: US$ 340 M (includes re-completion cost)Total facilities1 cost: US$ 110MGas Thermal Power PlantProduction Facility for Dry GasOpex field life 2Less than US$ 0.30/1,000 cubic feet Short Gas Pipeline(<2 km)LinesManifoldsTransmission LinesWellsGathering SystemNotes:1 Facilities cost includes: gathering system (lines and manifolds), a production facility for dry gas and a very short pipeline2 Includes operating and maintenance of production facilities, lines, gas pipelines and wells

40. 37Production TargetsOGX Production TargetsOGX Offshore Equipment Demand19 units12 units for Campos Basin discoveriesIn kboepdFPSO1,380CAGR : 70%24 units 11 units for Campos Basin discoveriesWHPCampos and Parnaíba discoveries development7305 unitsexpected to be used in theEspírito Santo Basin (the only deep water blocks in OGX’s portfolio)CAGR : 174%165TLWP5020Long-lead offshore production items already secured (OSX-1, OSX-2 and OSX-3; WHP-1 and WHP-2)Portfolio potential of 10.8 bn of recoverable boe: >10 years of production growthCampos and Parnaíbadiscoveries (4.2 bnboe) can support 730,000 boepd of production levelAdditional potential resources (6.6 bnboe) would allow OGX to reach and sustain a plateau of 1.4 million boepd from 2019 and beyondExpected demand of 48 offshore unitsTotal of 23 units estimated for OGX’s Campos Basin discoveries (12 FPSOs and 11 WHPs)Strategy to expedite development with production equipment contracted 2-3 years in advance

41. Financial Overview

42. OGX Financial Sources and Uses (2Q11 – 4Q13)Financial Sources and UsesCash Position of US$ 5.1 bnFinancial HighlightsCurrent cash and proceeds from the recent unsecured notes offering, together with operating cash flows from 2011-2013 of approximately $0.5 -$1.0 billion, will be sufficient to cover OGX’s anticipated capital expenditures of approximately $4.0 - $5.0 billion through 2013, while maintaining liquidity of $1.0 - $1.5 billionCurrent cash position of US$ 5.1 billion is sufficient to fund the development of Campos and Parnaíba discoveries until OGX reaches stable positive cash flow in 2014Notes:1 As of March 31, 20112 Includes net financial results3 Represents 40% of Exploration capex (contemplating all OGX basins) and 60% of Development capex (contemplating Campos and Parnaíba discoveries only)39

43. US$ 2.563 Billion Notes OfferingTransaction HighlightsSummary of TermsOGX raised US$ 2.563 billion in a bond issuance in May 26, 2011 Largest non-investment grade offering ever by an O&G companyFinal book of demand featured traditional HY investors that do not commonly invest in EM namesAfter in-depth diligence by the main rating agencies Moody’s, Fitch and S&P, OGX was rated B1, B+ and B with positive outlook Investor Breakdown40

44. Appendix

45. Ongoing Drilling Activities42Parnaíba BasinCampos BasinSantos BasinOGX Blocks Oil & Gas Fields1OGX Maranhão has 70% W.I

46. Concluded Wells (1 of 3)43

47. Concluded Wells (2 of 3)44