1. OGX Timeline

2. 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. Disclaimer 2

3. 3 OGX Creation. July 2007 US$1.3 bi raised through a private placement of shares. November 25 th 2007 21 blocks acquired in the ANP 9 th Bid Round. November 26 th 2007 From creation until Bid Round

4. 4 OGX raises US$ 4,8 billions in what was the largest IPO in Brazil so far: private placement shareholders see there investment multiplied by 6 times in less than 6 months!!! June 2008 From Bid Round until IPO Additional seismic data related to OGX blocks are acquired, interpreted and reprocessed by OGX team. Months after bid round Issued independent report estimating the existence of 4,8 BBOE of net risked prospective resources in OGX blocks. March 2008

5. 5 PRE IPO 72.7% 13.6% (1) Petróleo e Gás Participações S.A. Petróleo e Gás Ltda. 99.99% AFTER IPO 61.3% 11.9% 11.5% Ridgefield Capital Passport GXG & Holdings Free Float: 38.7% IPO Investors 15.8% (1) EBX represented through Centennial Asset Mining Fund LLC (Nevada, USA) (“CAMF”) 29 Blocks Capital Stock after IPO

6. In order to secure critical equipment and services necessary to drilling campaign, more than 200 contracts negotiated and executed within 6 months representing an investment of approximately US$ 2 billion. Months after IPO Beginning of drilling campaign: up to now more than 13 wells have been drilled and it is envisaged additional 66 until mid 2013 (more than all other IOCs in Brazil together) August 2009 From IPO until August 2009 Acquisition of 50% participation in block BMS-29 (Santos Basin in front State of São Paulo) later increased to 65%. November 2008

7. Equipment and Services Highlights 7 Wellhead + Casing Drilling and Completion Fluids Remote Operated Vehicle – ROV IPM + Well Testing Bits + BHA + Fishing Tools Mudlogging Liner Hangers + Bucking Units Casing Services Diesel Fuel Well Control Geohazards Rig Service Coring Ocean Lexington: Arrival Date: : Feb. 2010 Max. well depth : 20,000 ft BOP: 10,000 psi Contract Period: : 3 + 1 years Supplier: Diamond Ocean Ambassador: Arrival Date: Sep. 2009 Max. well depth: 20,000 ft BOP: 10,000 psi Contract Period: 3 + 1 years Supplier: Diamond Ocean Quest: Arrival Date: Dec. 2009 Max. well depth : 25,000 ft BOP: 15,000 psi Contract Period: : 2 + 1 years Supplier: Diamond Sea Explorer: Arrival Date: : Sep. 2009 Max. well depth : 20,000 ft BOP: 10,000 psi Contract Period: : 2 + 1 years Supplier: Pride Ocean Star: Arrival Date: Feb. 2010 Max. well depth 25,000 ft BOP: 15,000 psi Contract Period: : 1 + 1 year(s) Supplier: Diamond Pride Venezuela: Arrival Date: Sep. 2010 Max. well depth 20,000 ft BOP: 15,000 psi Contract Period: : 1 year Supplier: Pride

8. 8 Announcement of the first oil discoveries: 13 wells drilled so far and all of them with positive results. October 2009 Issued second independent report about estimated resources increasing the net risked prospective resources to 6,7 BBOE and including net contingent resources of 212 BOE. November 2009 October and November 2009 Acquisition of 70% participation in 7 offshore blocks located in the State of Maranhão (Northeast Region of Brazil) October 2009

9. (2) Net Risked Volume for OGX A B C D E F Campos Basin Drilling Activities Highlights G (1) Maersk Oil is the operator. OGX has 65% WI 9 H I J K L OGX blocks Oil Field Santos Basin M N O

10. 10 OSX is created to provide offshore equipment and service and leases to OGX its first FPSO for a period of 20 years. January 2010 Largely based on the OGX demand, OSX carried out the largest IPO in Brazil in 2010: US$ 1.5 billion. March 2010 OGX announces to the market intention to farm-out minority stake of its participation in the Campos Basin Blocks. April 2010 2010

11. 11 Mutual Right of first negotiation Open Book procedure to establish contracted prices Predetermined economics: Shipyard: target margin of 15% Leasing: target leveraged return of 15% O&M services: target margin of 5% Equipment provided by OSX at competitive prices will contribute to OGX’s compliance with local content requirement obligations assumed with ANP Agreed Terms and Conditions Agreement to support OGX’s long-term demand for equipment and production services Equipment leasing will minimize capital needs for OGX in the short and medium terms and will optimize OGX’s use of cash. OGX/OSX Cooperation Agreement Highlights

12. 12 FPSO 19 units TLWP WHP 5 units 24 units Expected Demand Production Targets CAGR: 70% Initial Production Expected to Begin in Early 2011, ahead of schedule CAGR of 70% from 2011 to 2019 1 st FPSO already secured for a period of 20 years, at an average daily rate of US$263,000 In Kboepd Production Targets And Expected Demand Expected demand of 48 equipments in order to reach production of 1.4 M boepd in 2019

13. Today 13 After only 3 years from its creation: US$ 30 billion market cap US$ 170 million average daily trade in Bovespa Production target of 1,4 BBOE/d in 2019

14. OGX IR Contacts: ri@ogx.com.brri@ogx.com.br + 55 21 2555 6237