OGX: 2Q11 Results

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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2Q11 Highlights and Subsequent Events

First oil expected in October/November 2011

— Horizontal well OGX-26HP (Waimea) prepared for start-up of production

— All key equipment already secured and delivered

— FPSO OSX-1 expected to arrive in September

Important new discoveries announced during the quarter

— Campos Basin: OGX-33 (Chimborazo) and OGX-52 (Tambora)

— Parnaíba Basin: OGX-34 (Bom Jesus)

— Santos Basin: OGX-30 (Salvador) and OGX-47 (Maceió)

Continued intensification of appraisal campaign

— 11 wells in Campos Basin, 2 wells in Parnaíba Basin

New drill-stem tests in horizontal wells

— OGX-39HP (Pipeline) and OGX-44HP (Waikiki) in the Campos Basin

— New tests to be performed in Campos and Santos Basins

Declaration of commerciality in the Parnaíba Basin

— 2 fields: Gavião Real and Gavião Azul

Successful $2.6bn bond offering

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Financial Results Highlights

2Q11 Financial Results

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Net Financial Results: Impact of interest

income, net losses on hedging of future

commitments in foreign currency and

negative impact of marking-to-market the

fair value of financial instruments

Exploration Expenses: Primarily related to

the acquisition of seismic data in the

Parnaíba, Espírito Santo and Campos basins

General and Administrative Expenses:

Increase in the number of employees from

184 to 266 between 2Q10 and 2Q11 and the

stock options plan

Intangibles: Impacted by the intensification

of our drilling campaign mainly in Campos,

Santos and Parnaíba Basins

Financial Statements

R$ ('000) 2Q11 2Q10 1H11

Net Financial Result (30,157) 135,548 (12,256)

Financial Income 160,159 151,292 290,760

Financial Expenses (190,316) (15,744) (303,016)

Exploration Expenses (42,689) (25,252) (74,982)

G&A Expenses (87,047) (57,119) (130,486)

Taxes 47,667 (5,346) 66,404

Minority Interest (3,469) (9,960) (8,679)

Net Result (108,757) 57,791 (142,641)

Balance Sheet

R$ ('000) 06/30/2011 12/31/2010 Δ

Cash and cash equivalents 7,012,272 4,788,166 2,224,106

Intangible 5,932,045 4,589,418 1,342,627

Exploratory drilling and studies 4,369,661 2,948,754 1,420,907

Mobilization of rigs 70,661 148,941 (78,280)

Signature Bonus on exploratory blocks 1,491,723 1,491,723 -

Net Financial Debt (3,938,823) - (3,938,823)

Financing Secured Until OGX is Cash Flow Positive

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OGX raised US$ 2.563 billion in a bond issuance on

May 26, 2011

Moody’s, Fitch and S&P gave OGX B1, B+ and B

(positive outlook) ratings, respectively

Largest non-investment grade offering ever in the

industry

Transaction Highlights Summary of Terms

Investor Breakdown

Issuer:OGX Petróleo e Gás

Participações S.A.

Guarantors:Subsidiaries with over 75% of

OGX’s resources

Security Description:

Senior unsecured notes

Distribution: 144A / Reg-S

Ratings: B1 / B (positive outlook) / B+

Size: US$2.563 billion

Tenor: 7 year NC4

Maturity: June 3, 2018

Coupon: 8.500%

Price: $100.00

Use of Proceeds:

Fund the appraisal and

development of Campos Basin

and other concessions

US78%

Europe18%

Asia3%

LAtam3%

0.0

2.0

4.0

6.0

0.0

2.0

4.0

6.0

1Q11 APR MAY JUN

Cash in R$ Cash in US$

Robust Cash Position Following Bond Offering

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Solid cash position of R$7.0 billion, or US$4.5

billion, to support the exploratory commitments, the

development and beginning of production until

becomes cash flow positive

Foreign exchange hedge position of approximately US$

901.2 million, representing approximately 5 months of

financial commitments denominated in US$

Cash allocated in R$: Average cumulative gross return

equivalent to approximately 103.6% of the Interbank

Deposit Rate (CDI), or 11.7% p.a., generating R$223.4

million of interest income for the period

Cash Allocated in US$: Average cumulative gross return

equivalent to approximately 1.5% p.a, generating US$ 2.8

million of interest income for the period.

Cash invested in fixed income instruments with some of

the most solid financial institutions in Brazil

Allocation by InstitutionR$ billion US$ billion

Cash Position Evolution Cash Allocation

Itau Unibanco

33%

Bradesco37%

Votorantim4%

Santander8% Safra

3%

BTG Pactual8%CS4%Others

3%

Path to Production

Production Will Begin in the Waimea Accumulation

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Beginning of Production

Horizontal production well already drilled, completed and successfully tested

Hydraulic Power Unit (HPU)

installed

Umbilicals delivered

Flexible lines delivered

Anchor system (moorings and

piles) delivered Installation support vessel

delivered

Wet christmas tree installed Electrical submersible pump

installed

EWT approved by ANP

(National Petroleum Agency)

1st Oil Production Concept

OGX first oil expected for October/November through Extended Well Test (EWT)

Main characteristics:

Production potentialof 40 kbpd w/ capacity limited to 20 kbpd

Oil quality of 20° API

Water depth of 140 meters

BuoyOSX-1

Risers andUmbilicals

Flexiblelines

Wetchristmastree

Mooringsand Piles

Illustrative frames

Electricalsubmersiblepump

Flexible lines / umbilicalsconnection and risers installation

Moorings and Piles installationArrival of the Buoy and

installation

Arrival of the FPSO OSX-1 Buoy hook-up and connection to the FPSO

Beginning of production

Final Steps Towards Production

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1

54

32

6

Illustrative frames

Waimea Complex Production Concept

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Pioneer Project Development

5 development wells connected to

the FPSO OSX-1

— 3 horizontal production wells

— 1st production well, OGX-

26HP, ready for production

— 2nd production well, OGX-

55HP, currently being

drilled

— 3rd production well, OGX-

53D, currently being drilled

— Average production per well

10–20 kbpd

— 2 subsea injection wells

1 FPSO: OSX-1

— OSX-1 expected arrival for

September/2011

OGX-55HP and OGX-53D wells to be

hooked-up to OSX-1 after the

declaration of commerciality next

year

With 3 production wells on

stream, OGX should reach

production levels of ~50 kbpd

Illustrative frame

Pioneer Production Concept

Development Wells

ProductionWell 1(OGX-26HP)

ProductionWell 2(OGX-55HP)

ProductionWell 3(OGX-53D)

InjectionWell 1

InjectionWell 2

Campos Basin: Production Concept

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Full Project Development

Illustrative frame

Future production concepts in the Campos Basin will contemplate pairs of 1 FPSO and 1 WHP per project

Waimea Project:

3 FPSOs and 2 WHPs

— OSX-1 (expected arrival for Sep/11)

— OSX-2 (under development by SBM)

— WHP-1 (engineered by Techint)

Waikiki Project:

1 FPSO and 1 WHP

— OSX-3 (under development by Modec)

— WHP-2 (engineered by Techint)

Module 1

Module 2

Module 4

Module 3

Module N

Moving Forward with Parnaíba Basin Business Plan

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Declaration of commerciality of two

fields (Gavião Real & Gavião Azul)

already submitted to ANP

Initial production expected in 2H12

Second seismic crew contracted to work

on the southern blocks

Recently approved leasing agreement of

2 additional rigs

MPX has obtained an additional 1,859

MW of installation license, totaling

3,722 MW

MPX acquired 2 projects from Bertin with

a total capacity of 660 MW, which will be

transferred to Parnaíba’s Complex after

ANEEL’s approval

Paraníba Complex

Legend:

Seismic Lines

Gavião Real

Gavião Azul

Exploratory Campaign

Appraisal Wells

26 wildcat wells and 19 appraisal wells drilled with hydrocarbons and results which support expectations

Campos Basin: Focusing on Wildcat & Appraisal Wells

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Wildcat Wells

Note:1 Numbers indicate the well drilling area as per D&M’s Dec/10 reports and net pay

2011¹ Activities

Well Drilling Area

OGX-35D 3C – Albian 80m

OGX-36D/OGX-39HP

3C – Albian 60m

OGX-40D 2C – Albian 107m

OGX-41D/OGX-44HP

2C – Albian 92m

OGX-42D 3C – Albian 82m

OGX-43D Delineation – Albian 50m

OGX-45D Delineation – Maastric. 5m

OGX-48 3C – Albian 12m

OGX-50D/OGX-55HP

1C – Albian 52m

OGX-53 1C – Ongoing

OGX-54 Delineation - Ongoing

OGX-56D 3C - Ongoing

2010 Activities

OGX-9D

OGX-13

OGX-21D/OGX-26HP

2009 Activities

OGX-1

OGX-2A

OGX-3

2010 Activities

OGX-4

OGX-5

OGX-6

OGX-7A

OGX-8

OGX-10

OGX-14

OGX-15

OGX-18

OGX-20

MRK-3/4P

2011 Activities

OGX-25/27

OGX-28D

OGX-29/32

OGX-31

MRK-5

OGX-33

OGX-37

OGX-52

OGX-58DP

Waimea OGX – 26HP

Production capacity of up to 20,000 bbl/day

Oil Quality of 20o API

Tested in Jan/2011

Recent Horizontal Wells TestedCampos Basin: Positve Horizontal Wells TestResults

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3 drill-stem tests already performed in horizontal wells prepared for production

and more to come in the second half

Pipeline OGX-39HP

Production capacity of around 10,000 bbl/day

Oil Quality of 19o API

Tested in Jul/2011

Waikiki OGX-44HP

Production capacity of up to 20,000 bbl/day

Oil Quality of 23o API

Tested in Jun/2011

Drill-stem tests performed in horizontal wellsHorizontal wells tested

Appraisal Wells

Declaration of commerciality declared only 20 months after beginning of exploration campaign

Parnaíba Basin: Rapid Declaration of Commerciality

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Wildcat Wells

Note:1 Numbers indicate the well drilling area as per D&M’s Dec/10 reports and net pay

2010 Activities

OGX-16

OGX-22

2011 Activities

OGX-34

OGX-49

2011¹ Activities

Well Drilling Area

OGX-38 3C – 43m

OGX-46D 3C – 15m

OGX-51D 3C – 8m

OGX-57 3C - Ongoing

Recent discoveries OGX-30 (Salvador) and OGX-47 (Maceió) tested classic targets and new geological models reinforcing the gas province in the Basin

Santos Basin: New Significant Discoveries

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Wildcat Wells

2010 Activities

MRK-2B

OGX-11D

OGX-12

OGX-17

OGX-19

2011 Activities

OGX-23

OGX-24

OGX-30

OGX-47

Continued Progress

Beginning of production in October/November through an EWT in the Waimeaaccumulation (OGX-26HP)

Commercialization contracts for first oil sale prior to the beginning of production

Continue appraisal campaign in the Campos and Parnaíba Basins

Commencement of the drilling campaign in the Espírito Santo and Pará-Maranhão Basins in 2H11

New drill-stem tests in Campos, Santos and Parnaíba Basins

Beginning of exploratory campaign in Colombia initiating seismic shooting and interpretation

Participation on ANP next bidding rounds

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