This presentation discusses potential oil and gas resources that have not been proven or classified as reserves due to uncertainty. It cautions investors that potential quantities should not be assumed to exist or be economically recoverable. Certain projections were prepared to illustrate potential risks, benefits, expenditures and production under limited assumptions, but actual results may vary significantly. The presentation does not constitute an investment offer and recipients should rely on their own advisors. OGX's actual future results could differ materially from any projections due to various risk factors.

1. Management Presentation

2. DisclaimerThis 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.112

3. AgendaOGX Overview

4. OGX Portfolio

5. OGX Operations

6. Path to Production

7. Financial Overview

8. AppendixLastupdate: 09/23/113

9. OGX Overview

10. OGX OverviewOGX is among the 15 largest pure E&P companies globally with a market cap of approximately US$25 billion, and is the 3rd most traded stock in Latin AmericaWorld class E&P portfolio with 10.8 billion boe of potential resources, mostly in shallow waters and onshore (low cost and off-the-shelf technology)Multi-billion barrel discoveries and overall success rate exceeding 90% with high productivity reservoirs amongst the best in BrazilSolid cash position allows OGX to conclude the largest and most successful private sector exploratory campaign in Brazil and to support production development (more than 60 wells spud since the beginning of its exploratory campaign in Aug. 2009)Highly successful and experienced management team, combining unique intellectual capital and superior execution skillsProven execution capability (from concept to oil in an unprecedented timing) with fully established operations comprising more than 5,000 peopleBrazil’s historical under-exploration underpins massive growth opportunities for OGX5

11. OGX Main AccomplishmentsOSX-1 and initialproduction1 block acquired in Parnaíba (50% stake)OGX Main Accomplishments5 onshore blocks acquired in ColombiaUpdated OGX portfolio to 10.8 bn(1)boe of potential resourcesBond: US$ 2.6bn raisedNov/ 11High productivity horizontal well1st FPSO secured for 20 yearsSep/11US$1.3 bnraised through an equity Private Placement21 blocks acquired during the 9th Bidding RoundOGX included in the Ibovespa IndexBeginning of thedrilling campaignMay/11Apr/11Acquisition of 70% stake in the Parnaíba AssetsTotal investments of US$ 3.7 bn of Drilling Capex and Bonus Signature + US$ 218 M of Seismic Campaign

12. Total cash raised to date: US$8.0 bnFeb/11Jun/10IPO: US$4.1 bn raised Jan/10OGX CreationSurvey and interpretation of the 3D seismic dataSep/09Aug/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 Reports6

13. (1)Free FloatFree Float39%61%Petróleo e Gás Participações S.A.(Market Capitalization (3): ~ US$25 Billion)99.99%66.67% (4)Petróleo e Gás Ltda. Maranhão Petróleo e Gás Ltda.70%100%OGX Ownership and Corporate StructureDaily traded average volume (1 month): ~ US$184 million

14. ~33 thousand investors

15. 3rdmost representative stock in Ibovespa index 4.1%

16. Most liquid common share99.99%OGX Campos Petróleo e Gás S.A. 30%100%8 Blocks 7 Blocks 20 Blocks 7 - Parnaíba(70%) (2)

17. 1 – Parnaíba (50%) (2)

18. 5 - Campos (100%) (2)

19. 2 - Campos (50%)

20. 5 - Santos (100%) (2)

21. 5 - Espirito Santo (50%)

22. 5 - PAMA (100%) (2)

23. 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 June 30, 2011(4) MPX S.A. holds 33.33%7

24. 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 Management Organization Structure (1)(1) Parentheses represent years experience in the E&P industry8

25. PBR success indexExploratory TeamPaulo Mendonça led the Petrobras exploration team from 2002 to 2007

26. Success index in excess of 60% on average offshore Brazil from 2002-2007 whilst at Petrobras

27. Over 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 fieldsHighly Qualified Exploration Team9

28. Brazil: Vast Untapped Oil & Gas PotentialBrazil: Vast Untapped Oil & Gas PotentialLargest oil and gas discoveries in the worldNew provinces could propel Brazil into top reserves holdersStill significantly under-explored% of sedimentary basins under concession+ 35 bn boeSaudiArabiaVenezuelaIranIraqKuwaitBrazil post TupiUAERussiaLibyaKazakhstanNigeriaCanadaUSQatarChinaAngolaBrazilLicensed 4%BrazilTurkmenistan Iran Kazakhstan China RussiaAustraliaKuwait Israel SaudiArabiaIndiaIndonesia Venezuela Papua NewGuineaGhanaUnlicensed 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 OGX10

29. OGX Portfolio

30. 35 blocks: 30 blocks in 5 Brazilian sedimentary basins and 5 onshore blocks in 3 Colombian sedimentary basins

31. Unique portfolio with 10.8 billion potential recoverable barrels of oil equivalent (boer)

32. OGX’s business plan is based on 4.1 billion barrels already discovered in the shallow waters of the Campos BasinPortfolioShallowwater~120mShallowwater~150mShallowwater~60mDeepwater~1,000m12OGX Portfolio

33. Campos Basin5.7 bn bbl of net 3C, net delineation and net mean risked prospective resources, evaluated by D&M (pre-salt not included)

34. 5 blocks operated by OGX (100% owned) and 2 operated by Maersk Oil (50% owned)

35. Total area of 1,177 km2

36. Average water depth of ~120m

37. 46 wells drilled

38. 100% success rateOGX’s discovered accumulations confirm a new hydrocarbon province in the southern Campos BasinCampos Basin: Low Risk, Shallow Water and Large13

39. Santos Basin: High PotentialSantos Basin1.8 bnboe of net risked prospective resources (POS of 27%), evaluated by D&M

40. 5 blocks operated by OGX (100% owned)

41. Total area of 820 km²

42. Average water depth of ~150 m

43. 9 wells drilled

44. ~ 65% success rateSantos Basinis oneofthemostpromisingexploratoryareas in Brazil, withsignificantpotential for gasandlight oil14

45. Parnaíba basinNewfrontierBasinwithhighpotential for gasproductionParnaíba Basin: Major Gas Province1.0 bn boe of net risked mean prospective resources POS (17%) and net 3C, evaluated by D&M

46. 8 blocks operated by OGX Maranhão

47. Total area of 24,500 km²

48. Monetization of gas through thermoelectric plants to be developed by MPX/Petra (3,722 MW already licensed)

49. >75% success rate (9 wells drilled)