1Q13 RESULTS PRESENTATIONRio de Janeiro | May 10, 2013

1Q13 HIGHLIGHTS

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1Q13 HIGHLIGHTS AND SUBSEQUENT EVENTS

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OGX delivered a sequential improvement in the first quarter:

OGX posted higher net revenues and positive EBITDA: R$289 million and R$74 million, respectively

Production volumes in Tubarão Azul Field up 5.1% on the previous quarter, totaling 954 thousand barrels of oil

Efficient development of the Tubarão Martelo Field; six production wells drilled and lower completed

Commercial gas production in the Gavião Real Field started in January 2013

Important advances in exploration campaign:

Four fields declared commercial: Tubarão Tigre, Tubarão Gato and Tubarão Areia in the Campos Basin; and Gavião Branco

Field in the Parnaíba Basin

New Discovery Evaluation Plans (PAD) submitted for other accumulations in the Campos and Santos basins

First Cretaceous Sandstone discovery in the Campos Basin: Tulum

Three gas discoveries in the Parnaíba Basin (Fazenda Chicote, São Raimundo and Fazenda Santa Isabel)

Tubarão Azul operational issues:

Production was affected by operational issues in March and April

Strategic partnership with Petronas:

Important strategic partnership with Petronas to jointly exploit the Tubarão Martelo Field and the Peró and Ingá

accumulations

FINANCIAL & OPERATIONAL HIGHLIGHTS

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FINANCIAL HIGHLIGHTS: 1Q13 RESULTS

Net Revenue rose 66% in 1Q13 and positive EBITDA for the first time

KEY FINANCIAL METRICS 1Q 2013 4Q 2012

Net Revenue (R$ mm) 289 175

EBITDA (R$ mm) 74 (38)

Net Profit (Loss) (R$ mm) (805) (286)

Realized oil price per barrel (US$) 103 104

CAPEX (US$ mm) 289 550

Cash Position (US$ mm) 1,148 1,655

Production volume (kboepd) 10.9 10.2

Net revenue of R$289 million booked

in 1Q13 from 5th and 6th cargos

1.2 million barrels sold in 1Q13

Net profit impacted by dry well and

area relinquishment

Cash position of US$1.15 billion as of

March 31, 2013

Average production volume of 10.9

kboepd in 1Q13

Disciplined cash management focused on maintaining flexibility for ongoing operations and

additional opportunities

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Notes:

¹ Considers average exchange rate equivalent to: BRL 1.77/USD (1Q12); BRL 1.96/USD (2Q12); BRL 2.03/USD (3Q12); BRL 2.06/USD (4Q12); BRL 2.00/USD (1Q13)

² Considers end of period exchange rate equivalent to: BRL 2.04/USD (4Q12); BRL 2.01/USD (1Q13)

³ Final stage of GTU assembly and two additional rigs

Cash Flow (US$ million)1,2 Cash Expenditure – Accrual Basis (US$ million)1

FINANCIAL HIGHLIGHTS: CASH POSITION

Capex

SG&A/G&G

Additional Parnaíba Capex³

653

460 483550

289

5

67 9

81

56

38 52

33

734

521588 611

322

1Q12 2Q12 3Q12 4Q12 1Q13

1,655

1,148

(28) (184)

(295)

4Q12 1Q13Financing activities

Operating activities

Investing activities

– 47%

OGX has the option to require controlling shareholder Eike Batista to purchase up to

US$1.0 billion of new common shares of OGX at a price of R$6.30 per share

OPERATIONAL HIGHLIGHTS: 1Q13 PRODUCTION

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Campos Basin:

954 thousand barrels of oil produced in 1Q13 at an average daily production of 10.9 kboepd

1.2 million barrels of oil sold in 1Q13, delivered in two different cargos

3rd production well in Tubarão Azul Field on-stream since January 4, 2013

Average daily cost of ~US$531 thousand per day in FPSO OSX-1 operation

In March and April, production was affected by operational issues

Parnaíba Basin:

Average net gas production of 3.2 kboepd, 5.5 kboepd, 6.8 kboepd and 12.1 kboepd in January, February, March and

April 2013, respectively, in the Gavião Real Field

Achieved total production of 4.0 M m³/d (~25 kboepd) in the Gavião Real Field after the fourth turbine at the Parnaíba I

Thermo Power Plant has been synchronized with the National System on April 5, 2013

Commenced the drilling of two additional development wells: GVR-17 and GVR-18, which should be completed and

connected soon to the production clusters

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OPERATIONAL HIGHLIGHTS: TUBARÃO AZUL FIELD

Average Monthly Production (kboepd)

OGX-68HP well:

15 day stoppage during March due to operational

issues in the ESP

Repairs commenced in mid-April – conclusion

expected for mid-May

TBAZ-1HP well:

11 day stoppage during March due to unstable

electrical generation at OSX-1 and lower than

expected flow rate at the well

Repairs to begin after OGX-68HP well

OGX-26HP well:

2 day stoppage at the well during March due to

unstable electrical generation at OSX-1

Well production has been periodically stopped

since the beginning of April to prevent damage to

the ESP - production is being monitored

Effective Production Days

Jan-13 Feb-13 Mar-13 Apr-13

OGX-26HP 29 28 29 16

OGX-68HP 29 28 16 -

TBAZ-1HP 26 28 20 -

Total 84 84 65 16

Average per offshore well

(kboepd)4.9 3.8 3.9 3.4

13.2

11.3

8.3

1.8

Operational Issues

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OPERATIONAL HIGHLIGHTS: TUBARÃO MARTELO FIELD

Tubarão Martelo Field Development

Concluded the drilling and lower completion of 6 horizontal

production wells (TBMT-2HP, TBMT-4HP, TBMT-6HP, OGX-

44HP, TBMT-8H and TBMT-10H)

FPSO OSX-3 scheduled to arrive by 3Q13

Tubarão Martelo Field scheduled to come on-stream by 4Q13

Exploration wells drilled

Production wells drilled

BM-C-39

BM-C-40

TUBARÃO

MARTELO

35D

TBMT-10H

TBMT-4HPTBMT-6HP

TBMT-2HP 44HP

TBMT-8H

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Strategic Partnership with Petronas

OGX recently entered into a strategic agreement with

Petronas to sell a 40% stake in BM-C-39 and BM-C-

40 blocks

Sale price for OGX’ stake was of US$850 million

The blocks encompass:

Tubarão Martelo Field (2C resources of 212

million barrels estimated by DeGolyer and

MacNaughton in February 2012)

Peró and Ingá accumulations

Petronas has an option to purchase 5% of OGX’s capital

at a price of R$6.30 per share at any time until April

2015

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OPERATIONAL HIGHLIGHTS: GAVIÃO REAL FIELD

Four turbines synchronized as of April 5, 2013

Achieved total production of 4.0 M m³/d (~25 kboepd)

in the Gavião Real Field

Available production capacity of up to ~6 M m³/day;

future available production capacity of up to 7.5 M

m³/day

GTU EBITDA margin of approximately 73% leaves space

for margin increase with full production ramp-up, in

particular in April and May, with the synchronization of

the fourth and fifth turbines

Average Monthly Production (kboepd)¹ ² Production advancing

3.2

5.5

6.8

12.1

Jan-13 Feb-13 Mar-13 Apr-13

GTU Site View

Notes:

1 Average net production (OGX participation only) in the Gavião Real Field. Conversion factor considered: 6.29 kboe = 1 million cubic meters of natural gas

2 January 2013 refers to a production period of 12 days, since the beginning of the synchronization of the first turbine in the TPP Parnaíba I

OPERATIONAL HIGHLIGHTS: 1Q13 EXPLORATION

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Campos Basin:

Declaration of Commerciality of Tubarão Tigre, Tubarão Gato and Tubarão Areia fields with total estimated volume of oil in place of 823 million barrels of oil (P50)

Submitted PAD for Vesúvio, Viedma, Tulum and Itacoatiara accumulations to ANP

Decided to not continue the exploration of the Cozumel, Cancun, Tambora and Tupungato areas

Parnaíba Basin:

Declaration of Commerciality of Bom Jesus accumulation (Gavião Branco Field)

Three new discoveries in the basin:

• OGX-107: 66 meters of net pay gas in Fazenda Chicote accumulation with drill-stem test indicating gas flow rate of 3.2 Mm³/d (AOF)

• OGX-108: 24 meters of net pay gas in Fazenda Santa Isabel accumulation

• OGX-110: 27 meters of net pay gas in São Raimundo accumulation

Espírito Santo Basin:

Commenced drilling PERN-3, Caju prospect, in the BM-ES-39 block

Santos Basin:

Expected to commence in the coming days a drill-stem test at the OGX-94DA well (Curitiba accumulation PAD)

Submitted PAD for Belém, Curitiba and Natal accumulations to ANP

60% success rate in exploratory and appraisal program in 1Q13

COMPANY OUTLOOK

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UPCOMING EVENTS

Other Key EventsEvents by Basin

Update our resource evaluation report

Arrival of FPSOs OSX-2 and OSX-3

• Production expected to come on-stream by

2013YE

Commence drilling of the first development well in the

Atlanta Field (BS-4 Block) in 2H13

Campos Basin:

Continue execution of PADs by drilling appraisal wells

and perform tests

Continue to develop the Tubarão Martelo Field with

Petronas by preparing for OSX-3’s arrival and conclude

studies for OSX-2’s development area

Parnaíba Basin:

Continued exploration campaign with the drilling of

wildcat wells

Santos Basin:

Perform tests as execution of the PADs

Espírito Santo Basin:

Continued exploration campaign with the drilling of

wildcat wells

APPENDIX

FINANCIAL STATEMENTS

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¹ This balance does not include parts of COGS related to depreciation, amortization and royalties that are disclosed in specific lines of the table above

R$ ('000)

INCOME STATEMENT 1Q13 4Q12 ∆ 1Q13 1Q12 ∆

Net revenue 289,391 174,707 114,684 289,391 - 289,391

Cost of goods sold (COGS) ¹ (144,259) (100,203) (44,056) (144,259) - (144,259)

Exploration expenses (27,851) (54,784) 26,933 (27,851) (89,202) 61,351

Sales expenses (5,508) (5,831) 323 (5,508) - (5,508)

General and administrative expenses (37,949) (52,121) 14,172 (37,949) (54,266) 16,317

EBITDA 73,824 (38,232) 112,056 73,824 (143,468) 217,292

Depreciation (part of COGS) (38,776) (17,173) (21,603) (38,776) (1,533) (37,243)

Amortization (part of COGS) (5,202) (4,522) (680) (5,202) (1,757) (3,445)

Stock option (20,566) (7,372) (13,194) (20,566) (35,334) 14,768

Dry/subcommercial wells/areas (1,194,862) (231,238) (963,624) (1,194,862) (19,941) (1,174,921)

Equity results (479) - (479) (479) - (479)

EBIT (1,186,061) (298,537) (887,524) (1,186,061) (202,033) (984,028)

Financial revenue 24,435 43,145 (18,710) 24,435 87,719 (63,284)

Financial expense (127,485) (149,637) 22,152 (127,485) (94,769) (32,716)

Net financial results (103,050) (106,492) 3,442 (103,050) (7,050) (96,000)

Currency exchange 66,160 1,788 64,372 66,160 31,070 35,090

Derivatives (5,704) (1,909) (3,795) (5,704) (5,461) (243)

EBT (1,228,655) (405,150) (823,505) (1,228,655) (183,474) (1,045,181)

(-) Income tax 424,068 119,444 304,624 424,068 38,672 385,396

Net profit (loss) for the year- Pro forma (804,587) (285,706) (518,881) (804,587) (144,802) (659,785)

OGX Campos Merger - - - - - -

Net profit (loss) for the year- Book value (804,587) (285,706) (518,881) (804,587) (144,802) (659,785)

Attributed to:

Non controlling interests 5,818 (12,803) 18,621 5,818 (12,399) 18,217

Controlling shareholders (810,405) (272,903) (537,502) (810,405) (132,403) (678,002)

FINANCIAL STATEMENTS

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R$ ('000)

BALANCE SHEET Mar 31, 2013 Dec 31, 2012 Mar 31, 2013 Dec 31, 2012

ASSETS LIABILITIES AND EQUITY

Current assets Current Liabilities

Cash and cash equivalents 2,311,016 3,381,326 Trade payables 522,944 925,513

Escrow deposits 15,180 14,963 Taxes, contributions and profit sharing payable 28,617 22,894

Taxes and contributions recoverable 28,879 - Salaries and payroll charges 70,297 58,921

Derivative financial instruments 24,975 26,350 Loans and financings 136,967 84,534

Oil inventories 77,107 118,027 Derivative financial instruments 2 1,416

Other credits 106,226 94,686 Accounts payable to related parties 84,244 100,845

Other accounts payable 23,576 20,096

2,563,383 3,635,352

866,647 1,214,219

Noncurrent Liabilities

Loans and financings 7,854,127 7,960,166

Provisions 218,250 210,887

Noncurrent Assets

Inventories 231,895 206,511 8,072,377 8,171,053

Taxes and contributions recoverable 199,080 215,311 Shareholders’ Equity

Deferred income taxes and social contributions 1,216,497 791,893 Capital stock 8,821,155 8,821,155

Credits with related parties 180,514 179,454 Capital reserves 191,013 178,793

Earnings reserves - -

Investments 12,490 - Currency translation adjustments 38,583 42,571

Retained earnings (deficit) (2,142,075) (1,343,306)

Fixed assets 9,756,663 10,027,389

Portion attributed to controlling shareholders 6,908,676 7,699,213

Intangible assets 1,713,223 2,060,438 Portion attributed to non-controlling interests 26,045 31,863

13,310,362 13,480,996 6,934,721 7,731,076

Total Assets 15,873,745 17,116,348 Total Shareholders’ Equity 15,873,745 17,116,348

FINANCIAL STATEMENTS

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R$ ('000)

FIXED ASSETS

Balance as of December 31, 2012 10,027,389

(+) CAPEX

Campos Basin 422,764

Santos Basin 10,969

Parnaíba Basin 49,688

Espirito Santo Basin 6,947

Pará Maranhão Basin 3,974

Colombian Basins 0

Corporate 83,854

578,196

(+) Borrowing costs 44,477

(+) Asset retirement obligation -

(-) Gross margin EWT -

(-) Disposals -

(-) Depreciation (37,189)

(-) Write off Dry/Subcommercial wells (856,210)

Balance as of March 31, 2013 9,756,663

R$ ('000)

LOANS AND FINANCING

Balance as of December 31, 2012 (8,044,700)

(-) New fundings -

(-) Accrued interests (163,884)

(-) Currency exchange 109,169

(+) Interest paid 112,658

(+) Funding costs -

(-) Amortization of funding costs (4,337)

Balance as of March 31, 2013 (7,991,094)