OGX Releases New Estimates of Volume Certified by D&M

http://www.businesswire.com/news/home/20091109006764/en

Net Risked Prospective Resources of 6.7 bi boe and Net Contingent Resources of
212 million boe
RIO DE JANEIRO--(Business Wire)--
OGX Petróleo e Gás Participações S.A. ("OGX") (Bovespa: OGXP3, OTC: OGXPY), the
largest Brazilian private sector oil and gas company in terms of offshore
exploratory acreage, disclosed today the results of two reports prepared by
DeGolyer & MacNaughton ("D&M") which certify the new estimates of OGX´s
resources. The first report ("Prospective Resource Report") certifies the net
risked prospective resources of the Company in 6.7 billion barrels of oil
equivalent ("boe") and the second one ("Contingent Resources Report"), the net
contingent resources in 212 million of boe.

DeGolyer & MacNaughton has over 70 years of experience as a leading consultant
in reserve certification for the oil and natural gas industry with extensive
knowledge of the Brazilian sedimentary basins. D&M was responsible for OGX`s
first appraisal report as of March 2008 which estimated 4.8 billion boe of net
risked prospective resources with an average probability of success of 27% based
primarily on 2D seismic data.

"The D&M reports disclosed today confirm the expectations of our technical team,
based on the new seismic data, that the volumes in our portfolio are even better
and the exploratory risks lower than previously estimated. The new volume
estimates further encourage us to review our exploratory schedule for the next
years in order to accelerate the process of transforming our resources in proven
reserves," commented Mr. Paulo Mendonça, OGX`s General Executive Officer.

The newly-issued Prospective Resource Report, which replaces the previously
issued report from March of 2008, certified our risked prospective resources of
6.7 billion boe, considering an average probability of success of 34.5%. This
report was based on recently acquired seismic data for the five blocks located
in the southern part of the Campos basin and for the five blocks in the Espírito
Santo basin. This report also includes preliminary volume estimates based on few
existing seismic lines in the onshore blocks recently acquired in the Parnaíba
basin, Maranhão state. While these blocks comprise approximately 21,500 km²of
acreage, there was only 1,200 km of 2D seismic data available that had been
originally acquired in the 1980`s.

The Contingent Resources Report certified net contingent resources of 212
million boe in the Parnaíba Basin, based on data derived from a well drilled in
1987 on block PN-T-68, where hydrocarbons were discovered.

The table below shows the new numbers:

In millions of boe

Basin Blocks Total Probability of Total OGX Total OGX
Unrisked Success(2) Risked Risked Contingent Contingent
Resources(1) Resources Resources Resources Resources
Campos 7 9,350 44.1% 4,124 3,693 - -
Santos 5 6,659 27.0% 1,796 1,688 - -
Espírito Santo 5 5,017 32.6% 1,634 817 - -
Pará-Maranhão 5 2,104 21.3% 447 447 - -
Parnaíba 7 186 19.9% 37 26 303 212
Total 29 23,317 34.5% 8,039 6,672 303 212
(1) Gross Prospective Resources

(2) Pg = Probability of geological success

In light of the substantial volume increase, OGX is updating its Business Plan
to reflect the broader range of activities required in order to support the
process of transforming our resources in proven reserves and to expedite
production.

Both reports were prepared with information available as of September 30th 2009
and are available for download on OGX`s website, www.ogx.com.br/ri. For more
information, OGX invites all interested parties to participate in a conference
call to be held on Tuesday, November 10th, at 7:00 a.m. NY time. To access the
call:

Telephone USA: +1 888-700-0802
Telephone Brazil: +55 11 4688-6341
Telephone Other Countries: +1 786-924-6977
Access Code: OGX
Webcast: www.ccall.com.br/ogx/relevantfact.htm

Audio will be available three hours after the conference call on:
http://ri.ogx.com.br/enu/s-10-enu.html

ABOUT OGX

OGX Petróleo e Gás SA is focused on oil and natural gas exploration and
production in Brazilian offshore sedimentary basins and is Brazil`s largest
private sector oil and gas company in terms of offshore exploration area, with
approximately 7,000 km², as well as 21,500 km² onshore area. OGX has a high
potential and diversified portfolio, composed of 29 exploratory blocks in the
Campos, Santos, Espírito Santo, Pará-Maranhão and Parnaíba Basins. OGX relies on
an experienced management team and holds a solid cash position, with more than
US$4 billion in cash to fund its E&P investments and new opportunities. In June
2008, the company went public raising R$6.7 billion, the largest amount ever
raised in a Brazilian primary IPO. OGX is a member of the EBX Group, an
industrial group founded and under the leadership of Brazilian entrepreneur Eike
F. Batista, who has a proven track record in developing new ventures in the
natural resources and infrastructure sectors. For more information, please visit
www.ogx.com.br/ri

LEGAL NOTICE

This document contains Company-related statements and information that reflect
the current vision and/or expectations the Company and its management have
regarding its business plan. These include, among others, all forward-looking
statements that involve forecasts and projections, indicate or imply results,
performance or future achievements, and may contain words such as "believe,"
"foresee," "expect," "consider," "is likely to result in" or other words or
expressions of similar meaning. Such statements are subject to a series of
expressive risks, uncertainty and premises. Please be advised that several
important factors can cause the actual results to diverge materially from the
plans, objectives, expectations, estimations, and intentions expressed in this
document. 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.

OGX
Investors:
Marcelo Torres, +55 21 2555 4223
marcelo.torres@ogx.com.br
or
Luiz Garcia, +55 21 2555 4223
luiz.garcia@ogx.com.br
or
Juliana Schmith, +55 21 2555 4223
juliana.schmith@ogx.com.br
or
Media:
Camila Manfredini, +55 21 2555 4673
camila.manfredini@ogx.com.br

Copyright Business Wire 2009