OGX: 3Q11 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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3Q11 Highlights and Subsequent Events

Efficient execution towards 1st oil production

— Horizontal well OGX-26HP (Waimea) prepared for initial production

— Installation of mooring system

— FPSO OSX-1 in Brazil

Substantial progress in the Parnaíba basin

— Acquisition of a 50% stake in block PN-T-102

— Drilling and testing of the first production well (GVR-1D)

— Contracted EPC for gas production facility

Continued intensification of appraisal campaign

— Drilled 9 wells in the Campos Basin

New drill-stem tests in the Santos Basin

— OGX-47 (Maceió) and OGX-11D (Natal)

Sale of first oil to Shell

— Total volume of 1.2 million barrels (600k barrels each cargo)

— Priced at an average discount of US$5.5 to Brent

Spudding of first well in Espírito Santo Basin

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Financial Results Highlights

3Q11 Financial Results

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Net Financial Results: Impact of interest

income, net losses on hedging of future

commitments in foreign currency, positive

impact of marking-to-market the fair value

of financial instruments, interest expenses

and exchange rate variations

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

212 to 305 between 3Q10 and 3Q11 and

the stock options plan

Intangibles: Impacted by the

intensification of our drilling campaign

mainly in Campos, Santos and Parnaíba

basins

Financial Statements - Main Items

R$ ('000) 3Q11 3Q10 YTD 2011

Net Financial Result 138,829 (62,916) 126,573

Financial Income 1,158,124 (6,211) 1,448,884

Financial Expenses (1,019,295) (56,705) (1,322,311)

Exploration Expenses (50,175) (15,467) (125,157)

G&A Expenses (78,854) (117,475) (209,340)

Taxes (35,778) (6,434) 30,625

Net Result for the period (25,978) (202,292) (177,298)

Interest of non controlling shareholders (8,488) (2,823) (17,167)

Attributed to controlling shareholders' interest (17,490) (199,469) (160,131)

Balance Sheet

R$ ('000) 09/ 30/ 2011 12/ 31/ 2010 Δ

Cash and cash equivalents* 6,701,228 4,788,166 1,913,062

Intangible 6,814,548 4,589,418 2,225,130

Exploratory drilling and studies 5,249,486 2,948,754 2,300,732

Mobilization of rigs 73,339 148,941 (75,602)

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

Financial Debt 4,752,827 - 4,752,827* cash and cash equivalent + marketable securities

Strong Cash Position

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Solid cash position of R$6.7 billion, or US$3.6 billion, to

support exploration commitments, development and

initial production

~80% of total cash protected against FX variations

— US$2.5 billion invested in offshore deposits

— US$465 million hedged through NDF (non

deliverable forward) contracts

Cash allocated in R$: Average cumulative gross

return equivalent to approximately 103.4% of the

Interbank Deposit Rate (CDI), or 13% p.a., generating

R$79.0 million of interest income for the period

Cash Allocated in US$: Average cumulative gross

return equivalent to approximately 1.4% p.a.,

generating US$8.5 million of interest income for the

period

Cash position in fixed income instruments allocated to

Brazil’s most solid financial institutions

Allocation by InstitutionR$ billion US$ billion

Cash Position Evolution Cash Allocation

2Q11 JUL AUG SEP0.0

2.0

4.0

6.0

0.0

2.0

4.0

6.0

Cash in R$

Bradesco37%

Itau Unibanco36%

BTG Pactual8%

Santander8%

Votorantim5%

CS4%

Others3%

Execution on Track

Granting of first licenses (LP and LI)

Public hearing: Jul 16, 2011Preliminary License (LP): Sep 8, 2011Installation License (LI): Sep 16, 2011

Buoy Installation

Mobilization of equipment to the siteInstallation of buoy underway

Beginning of subsea installation

10 PilesMoorings chains

MWA (middle water arch)

Campos Basin: Steps Towards 1st Oil

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Launch of the lines

Installation of flexible lines and umbilicalsConnection to wet christmas tree

1st Oil

Granting of the Operation License (LO)Production start-up

FPSO OSX-1

Arrived in Brazil on October 06, 2011Connection to the production system

Campos Basin: Steps Towards 1st Oil

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Parnaíba Basin: Latest Eventsand Project Development

Acquisition of a 50% stake in block PN-T-102

3rd onshore rig contracted and expected to commence operation in 4Q11

Drilled and tested the first production well in the basin, GVR-1 (Gavião Real field)

EPC contracted for the construction of the gas processing facility

— Contract signed with Valerus-Geogas (Brazilian engineering company)

EPC contracted by MPX for projects:

— TPP Maranhão III (A-3) 517 MW

— TPP Maranhão IV + V (Bertin) 676 MW

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Exploratory Campaign

Campos Basin: Appraisal Campaign

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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-53D/OGX-60HP

1C – Ongoing

OGX-54 Delineation – Albian: 24m

OGX-56D 3C – Albian: 60m

OGX-61 3C - Ongoing

OGX-62 3C – Santonian: 26m Albian: 20m

OGX-64 3C - Ongoing

OGX-65D 1C - Ongoing

2010 Activities

OGX-9D

OGX-13

OGX-21D/OGX-26HP

Drilled in the 3Q11

Intensive appraisal campaign to delineate discovered accumulations

New results from wells drilled in 3C and delineation area

Beginning of the appraisal in the Peró-Ingá accumulation

Focus on retaining areas for the production phase

Continuation of the Waimea development towards production

New seismic reprocessing at BM-C-43 block to better image the subvulcanic section

Focus on the appraisal campaign to expedite production development

Highlights

Peró-Ingá*

Waimea*

* Illustrative images

Espírito Santo Basin: First Step into the Deep Waters

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Frontier area with recent

important discoveries in

neighboring blocks

Proven active petrolific system in

the region

Operator and partner: Perenco

2 well locations agreed:

— Moriche

— Guarapari

First well currently being drilled in

deep waters (~1,100m)

Other companies’ recent discoveries

Highlights

Initiating the drilling campaign in a new basin with two well locations already defined for this year

4 accumulations already discovered of which 2 were declared commercial

Parnaíba Basin: Important New Discoveries and Test

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Exploratory campaign

Wildcat Wells2010 Activities

OGX-16

OGX-22

2011 Activities

OGX-34

OGX-49

OGX-59

OGX-66

Drilled in the 3Q11

Appraisal Wells2011¹ Activities

Well Drilling Area

OGX-38 3C: 43m

OGX-46D 3C: 15m

OGX-51D 3C: 8m

OGX-57 3C: -

Drill-stem test for first production well

Gavião Real field (GVR-1 well)

First production well successfully drilled and tested

Dry gas Excellent results - Production Potential (AOF):

— 3.5 M m³/day of gas

Characteristics:Flame: 23m0% sand0% liquid

New acquisition (3Q11)

Maceió (OGX – 47)

Gas and condensate (~20% with approx. 50° API)

AOF production potential results:— Vertical well: 1.0M

m³/day of gas— Horizontal well: 2.5M

m³/day of gas

Recent Horizontal Wells TestedSantos Basin: Positive Drill-Stem Test Results

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Encouraging results from 2 drill-stem tests confirm emergence of a new gas and condensate center in the region

Natal (OGX-11D)

Gas and condensate (~25% with approx. 47° API)

AOF production potential results:— Vertical well: 1.0 M

m³/day of gas and 1.2K bbl/day of condensate

— Horizontal well: 5.0M m³/day of gas and 6K bbl/day of condensate

Drill-stem tests performedExploratory Campaign2010 Activities

MRK-2B

OGX-11D

OGX-12

OGX-17

OGX-19

2011 Activities

OGX-23

OGX-24

OGX-30

OGX-47

OGX-63

Spud in the 3Q11

Sale of First Oil to Shell

Sales contract signed for the first 2 cargos

totaling volume of 1.2 million barrels (600

thousand barrels each cargo)

Priced at an average of US$5.5 discount

to Brent (GoM reference)

Transaction confirms the quality of the

Waimea accumulation oil and the

execution capability of OGX’s teams

LOI also signed to explore future business

opportunities with Shell

Strategic partner for future ventures

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Upcoming Events

Commencement of production in the Waimea accumulation (OGX-26HP)

Spudding of the second well and drilling results in Espírito Santo Basin

Continued exploratory and appraisal campaign in the Campos, Parnaíba

and Santos Basins

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

Commencement of exploratory campaign in Colombia through the initiation

of seismic shooting and interpretation

Participation in upcoming ANP bidding rounds

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