1. Management Presentation

2. Disclaimer This 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.11 2

4. OGX Portfolio

5. OGX Operations

6. Path to Production

7. Financial Overview

8. AppendixLastupdate: 07/13/11 3

9. OGX Overview

10. 2 1 World-class E&P portfolio with multi-billion barrels of discoveries mostly in shallow waters and onshore All key equipment already secured from leading worldwide suppliers for exploration and initial production 4 3 Solid cash position to support exploratory commitment and beginning of production Experienced management team with proved execution capability 5 OGX Positionning

12. Total equity raised to date: US$8.0 bnJun/10 IPO: US$4.1 bn raised Jan/10 OGX Creation Sep/09 Survey and interpretation of the 3D seismic data Aug/09 Procurement of all equipment and services necessary to initiate the drilling campaign Jun/08 Nov/07 Jul/07 Proven 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 Reports 6

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% 7 Blocks 7 Blocks 20 Blocks 7 - Parnaiba (70%) (2) 5 - Campos (100%) (2) 2 - Campos (50%) 5 - Santos (100%) (2) 5 - Espirito Santo (50%) 5 - PAMA (100%) (2) 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 May 17th (4) MPX S.A. holds 33.33% 7

17. CEO Eike Batista Gen. Exec. Officer Paulo Mendonça (38) Oil & Gas Commercialization Joaquim Dib Cohen (32) Exploration Officer Paulo Mendonça (38) General Counsel José Roberto Faveret CFO Marcelo Torres Production Officer Reinaldo Belotti(34) ExplorationCampos-ES Paulo Ricardo (28) Procurement Olavo Foerch (32) Production Development José Brito (42) Exploration Santos and Eq. Margin Edmundo Marques (24) Reservoir & Reserves Roberto Toledo (31) Drilling Ricardo Juiniti (27) E&P Laboratory Dolores Carvalho (35) Onshore Basin Celso Martins (34) Logistics Billy Pinheiro (30) Strategic Alliances Luiz Reis (45) International Ernani Posrche (33) Production Ricardo Abiramia (24) New Areas Executive Manager Paulo de Tarso Guimarães (34) GeologicalOperations Moacir Santos (38) Applied Technology Marcos Amaral (28) HSE Leandro 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 industry 8

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

20. 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 fields Highly Qualified Exploration Team 9

21. Brazil: Vast Untapped Oil & Gas Potential Brazil: Vast Untapped Oil & Gas Potential New provinces could propel Brazil into top reserves holders Still significantly under-explored Largest oil and gas discoveries in the world % of sedimentary basins under concession + 35 bn boe SaudiArabia Venezuela Iran Iraq Kuwait Brazil post Tupi UAE Russia Libya Kazakhstan Nigeria Canada US Qatar China Angola Brazil Licensed 4% BrazilTurkmenistan Iran Kazakhstan China Russia Australia Kuwait Israel SaudiArabiaIndia Indonesia Venezuela Papua NewGuineaGhana Unlicensed 96% Source: ANP Oil & gas in the world Oil and Gas Discovered Volumes 2000 – 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 analysis Source: IHS Source: BP Statistical Review of World Energy 2010 & analyst estimates Brazil’s historical under-exploration underpins massive growth opportunities for OGX 10

22. OGX Portfolio

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

25. OGX’s business plan is based on 4.1 billion barrels already discovered in the shallow waters of the Campos BasinPortfolio Shallowwater ~120m Shallowwater ~150m Deepwater ~1,000m Shallowwater ~60m 12 OGX Portfolio

27. 5 blocks operated by OGX (100% owned) and 2 operated by Maersk Oil (50% owned)

28. Total area of 1,177 km2

29. Average water depth of ~120m

30. 41 wells drilled

31. 100% success rateOGX’s discovered accumulations confirm a new hydrocarbon province in the southern Campos Basin Campos Basin: Low Risk, Shallow Water and Large 13

33. 5 blocks operated by OGX (100% owned)

34. Total area of 820 km²

35. Average water depth of ~150 m

36. 9 wells drilled

37. ~ 65% success rateSantos basin is oneofthemostpromisingexploratoryareas in brazil, withsignificantpotential for gasand light oil 14

39. 7 blocks operated by OGX (47% owned)

40. Total area of 21,500 km²

41. Monetization of gas through thermoelectric plants to be developed by MPX/Petra (1,863 MW already licensed)

42. 100% success rate (7 wells drilled)

43. Commerciality declared for 2 accumulations15

45. 5 blocks operated by OGX (100% owned)

46. Total area of 960 km²

47. Average water depth of ~60m

48. 1st well to be drilled in 2H11Newfrontierwithgeologicalmodel similar to westafrica, wheresignificantdiscoveriesweremaderecently 16

50. 5 blocks operated by Perenco (50% owned)

51. Total area of 3,620 km²

52. Average water depth of ~1,000 m

53. 1st well to be drilled in 2H11Thenewfrontierof Espírito Santo hasproven to be a veryactivepetrolific system 17

55. 5 blocks operated by OGX (100% owned), 3 of which are located close to Maracaibo Basin (~80 bnboe discovered and ~50 bnboe already produced)

56. Beginning of the Seismic Campaign in 2H11Balancedportfolioofexploratoryassets, combiningproductionregionswithlessexploredareasnext to themaracaibobasin, oneofthemostprolificprovinces in the world 18

57. Portfolio Breakdown 19% Onshore 8% Deep Water Oildiscoveries of 4.1 bn bbl are already under production development in the shallow waters of campos basin OGX Portfolio Potential: Breakdown 73% Shallow Water 21% Gas 79% Oil Note: “POS “ defined as geological probability of success (1) The OGX portfolio potential was calculated by OGX based on volume estimates contained in the DeGolyer and MacNaughton Reports (2) We consider the 3C contingent resources in the arithmetic summation of our potential portfolio based on the assumption that these resources will be converted to 2C and 1C resources after the appraisal campaign and that they will be converted into reserves after the removal of contingencies (3) We consider the high estimate and not Pg-adjusted delineation area prospective resources as we believe the delineation area is part of the 3C area (4) Prospective resources mean estimates Pg-adjusted. Colombia considered two Colombian basins, the Lower and Middle Magdalena Valleys Basins(5) Includes petroleum potential quantities in one Colombian basin, the Cesar-Ranchería Basin(6) OGX net interests in the table are not the same as OGX net interests contained in the DeGolyer and MacNaughton September 2009 report due to the fact that OGX now holds 100% of the interests in the concessions included in that report (7) Gas volumes were converted by OGX to barrels of oil, using a conversion rate of 5,615 ft³ of natural gas to one boe 19

58. OGX Operations

60. Max. well depth: 20,000 ft

62. Max. well depth: 20,000 ft

64. Max. well depth: 25,000 ft

66. Max. well depth: 25,000 ft

68. Max. well depth: 14,750 ft

70. Max. well depth: 11,500 ft

71. Contract Expires: Feb.2012

73. Max. well depth : 20,000 ft

75. Max. well depth: 20,000 ft

77. Max. well depth: 30,000 ft

78. Contract Expires: Jan.2012 (+one optional year)Drilling campaign expanded – 8 rigs already operating simultaneously Exploration Drilling Campaign 21

83. CONTRACTOR: AERÓLEO

84. OGX Team: ~270 employees

85. Over 5,000 peoplededicated

86. 3D Room / IOSCOperational Capabilities and Structure 22

87. Path to Production

89. Seismic campaign to better image the areas and reduce risks

90. Discover the maximum amount of oil

91. 19 wells drilled 1

92. 2nd phase strategy (from Dec/10 to Mar/13)

93. 18 wells drilled 2

94. Focus on the appraisal drilling campaign to delineate existing discoveries

95. Continue exploratory program with drilling of wildcat wells

96. Begin production in October 2011

97. Drilling of 37 wells with hydrocarbons

98. OGX analysis supports recoverable resources of 4.1 billion barrels

99. Oil columns of up to ~250 meters

100. Net pay up to ~150 meters

101. Well results confirm OGX’s geological models for the Campos Basin

102. DSTs (drill stem tests) support conservative production estimate of 10 – 20 kbpd

103. One of the best DSTs ever performed in Brazil, with a production potential of 40,000 barrels per day

104. OGX production estimates are supported by results from other fields in Campos using current technologyNotes:1 Number of wells concluded in 2010 and included in D&M’s reports2 Number of wells concluded in 2011 24

105. Campos Basin: Focusing on Wildcat & Appraisal Wells Wildcat Wells Appraisal Wells Note:1 Numbers indicate the well drilling area as per D&M’s Dec/10 reports and net pay 26 wildcat wells and 19 appraisal wells drilled with hydrocarbons and results which support expectations 25

107. Shallow waters

108. Average production per well 10 – 20 kbpd

109. 12 FPSOs and 11 WHPs

110. 5 FPSOs and 2 WHPs already secured

111. Average field life

112. Capex US$ 2/bbl

113. Opex <US$ 16/bbl

114. 22 development wells

115. 14 production

116. 8 injection

117. 1 FPSO and 1 WHP

118. OSX-3 and WHP-2

119. Oil of 23° - 28° API

120. Water depth: 120m

122. 28 production

123. 14 injection

124. 3 FPSOs and 2 WHPs

125. OSX-1, OSX-2 and WHP-1

126. Oil of 20° API

127. Water depth: 140m

128. Average production per well 10 – 20 kbpdIllustrative 26

130. Oil Quality of 20o API

132. Oil Quality of 23o API

134. Oil Quality of 19o API

135. Tested in Jul/20113 drill-stem tests already performed in horizontal wells prepared for production and more to come in the second half 27

137. Oilqualityof 20° API

138. Waterdepthof 140 metersFlexible lines delivered Anchor system (moorings and piles) delivered Installation support vessel delivered EWT approved by ANP (National Petroleum Agency) Electricalsubmersiblepump Horizontal Well OGX first oil expected for October/November through Extended Well Test (EWT) Illustrative frames 28

140. Wet Christmas Tree (WCT): Already installed

141. Umbilical Terminal Assembly (UTA): Contracted

142. Hydraulic Power Unit (HPU): Delivered in April, 2011

143. Flexible Lines: Contracted with Wellstream

144. Electrical Submersible Pump (ESP): Contracted with Baker

145. 80 kbpd of processing capacity & 950,000 barrels of storage capacity

146. Expected arrival: 3Q11

147. Already installed

148. Produced by GE Oil & Gas

149. Services

150. Installation Vessel – Anchor System, Flexible Lines and Umbilicals: Contracted with WS and Aker

151. Mud line and Subsurface analysis for FPSO mooring and WHP piles: Contracted with FUGRO – already completed

152. Waimea Area Survey: Contracted with FUGRO

153. Already manufactured

155. Final StepsTowardsProduction Flexible lines / umbilicals connection and risers installation Mooringsand Piles installation Arrival of the FPSO OSX-1 Beginningofproduction 1 3 2 Arrival of the Buoy and installation Buoy hook-up and connection to the FPSO 5 4 6 Illustrative frames 30

157. 3 horizontal production wells

158. 1st production well, OGX-26HP, ready for production

159. 2nd production well, OGX-55HP, currently being drilled

160. 3rd production well, OGX-53D, currently being drilled

161. Average production per well 10–20 kbpd

162. 2 subsea injection wells

163. 1 FPSO: OSX-1

164. OSX-1 expected arrival for September/2011

165. OGX-55HP and OGX-53D wells to be hooked-up to OSX-1 after the declaration of commerciality next year

166. With 3 production wells on stream, OGX should reach production levels of ~50 kbpdProductionWell 1 (OGX-26HP) ProductionWell 3 (OGX-53D) InjectionWell 2 InjectionWell 1 ProductionWell 2 (OGX-55HP) Development Wells Illustrative frame 31

167. Operational Expenditures (Leased Equipment) Opex <US$ 16/bbl FPSOOil capacity: 100 K bpd Liquid capacity: 160 K bpd Oil will be offloaded WHPCapacity: 30 wellsDrilling package on topside WHP Subsea Flow Lines Power line Gas Lift line Service line Water Injection line Production line Test line Drilling + Completion Development wells with dry completion Gaswillbereinjected, used for gasliftorpowergeneration WaterInjection Capital Expenditures Campos Basin: Replicable Development Concept Capex US$ 2/bbl Note: Please see details in the Appendix slide: “Campos Basin: Typical Production Project” 32

169. OSX-2 and OSX-3 to be built in world-class Singaporean shipyards by SBM and Modec

170. OSX-4 and OSX-5 hulls already acquired by OSX

171. WHP-1 and WHP-2 with detailed engineering ongoing (EPC awarded to Techint by OSX)FPSOs and WHPs Expected Deliveries Production equipment allocated to begin operations until 2013 33

173. Average Day rate of US$ 263 k

175. Expected Average day rate of US$ 290 k

177. Expected Average day rate of US$ 290 k

179. Four production wells on-stream by the end of 2013

180. Detailed engineering ongoing (EPC awarded to Techint by OSX)

182. Three production wells on-stream by the end of 2013

185. Order placed for Leasing contract and EPCI under procurementSecured Production Equipment 34

187. OGX plans to drill on average five horizontal wells prior to the arrival of the WHPs from semi-submersible rigs

189. Max. well depth: 20,000 ft

190. Contract Expires: Feb.2013

192. Max. well depth: 20,000 ft

194. Flex FPSOs have capacity of processing oil for a broader range of APIs and GOR (gas/oil ratio)

195. Standard design (same characteristics for all FPSOs)

197. Max. well depth: 25,000 ft

199. Max. well depth: 25,000 ft

201. Max. well depth : 20,000 ft

203. Max. well depth: 20,000 ft

204. Contract Expires: Nov.201135

205. Campos Basin: Oil Production Ramp-Up 150 CAGR : 174% Oil Production Target (kbpd) ¹ 50 20 2011 2012 2013 Note: 1 To be reached through the end of the period 36

207. Initial production expected in 2H12

208. Low capital and operating costs

209. Production of 5.7 M m³per day in 2013 (2.7 M m³per day net to OGX S.A. or ~15 kboepd)

210. Second seismic crew contracted to work on the southern blocks

211. Recently approved leasing agreement of 2 additional rigs

212. Gas to be sold to MPX Power Plants

213. MPX has obtained an additional 1,859 MW of installation license, totaling 3,722 MW

214. 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

215. Energy generated by MPX’s power plants will be sold to the energy marketsGavião Azul Gavião Real Legend: Seismic Lines 37

220. Campos and Parnaíbadiscoveries (4.2 bnboe) can support 730,000 boepd of production level

221. Additional potential resources (6.6 bnboe) would allow OGX to reach and sustain a plateau of 1.4 million boepd from 2019 and beyond

222. Expected demand of 48 offshore units

223. Total of 23 units estimated for OGX’s Campos Basin discoveries (12 FPSOs and 11 WHPs)

224. Strategy to expedite development with production equipment contracted 2-3 years in advance39

225. Financial Overview

227. Current cash position of US$ 5.1 billion is sufficient to fund the development of Campos and Parnaíba discoveries until OGX reaches stable positive cash flow in 2014Notes: 1 As of March 31, 2011 2 Includes net financial results 3 Represents 40% of Exploration capex (contemplating all OGX basins) and 60% of Development capex (contemplating Campos and Parnaíba discoveries only) 41

228. Appendix

229. OngoingActivities Parnaíba Basin Campos Basin Santos Basin OGX Blocks Oil & Gas Fields 1OGX Maranhão has 70% W.I 43

230. Concluded Wells (1 of 3) Concluded Wells (1 of 4) 44

231. Concluded Wells (2 of 4) 45

232. Concluded Wells (3 of 4) ¹ OGX Maranhão has 70% W.I. ² OGX has 50% W.I. and Maersk is the operator 46

233. Concluded Wells (4 of 4) ¹ OGX Maranhão has 70% W.I. ² OGX has 50% W.I. and Maersk is the operator 47

235. Water depth: 100 to 150 meters

236. Recoverable volume: 500 million bbl (low Gas:OilRatio (GOR)): all gas produced will be used for power generation or gas reinjection, if applicable

237. Equipment oil producing capacity:

238. 1 FPSO: 100 Kbblpd

239. 1 WHP: 30 wells

240. Drilled wells:16 horizontal production wells and 9 injection wells

241. 5 horizontal production wells pre-drilled from semi-submersible rig

242. 11 production and 9 injection wells drilled from WHP

243. Capex:estimated unit cost of approximately US$ 2 / barrel

244. Pre-drilled wells = US$ 50M (75 days per well)

245. WHP drilled wells = US$ 20M (75 days per well)

246. Well completion = US$ 15M (30 days per well)

247. Package of sub-sea flow lines = US$ 65M

248. Opex:estimated unit cost lower than US$ 16 / barrel

249. Leased equipment day rates with high local content (FPSOs US$ 350k / day & WHPs US$ 160k /day)

250. Operating and maintenance expenditures of US$ 85k / day

251. Variable operating costs of US$ 3.5 / barrel

252. Abandonment costs at end of field life of US$ 100M

253. Production profile:

254. Achieve production plateau in 3 quarters

255. Plateau maintained for an additional 4 years

256. 20 to 22 years of production decline from the plateau thereafter48

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