OGX Announces Oil and Gas Evidence in the BM-S-29 Block

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, announced today that it has indications of hydrocarbons in the well 1-MRK-2A-SPS, located in the BM-S-29 block, shallow waters of the Santos Basin. The block is part of a concession in which OGX holds a 65% working interest, and operator Maersk Oil controls 35%.

"This evidence in Brazil’s most promising basin represents an important achievement for OGX. The drilling of well 1-MRK-2A-SPS is still in progress and the gathering of additional data will be necessary to determine the significance of the shows”, commented Paulo Mendonça, OGX’s General Executive Officer.

The well is located in the BM-S-29 block and is situated approximately 130 kilometers off the coast of the state of São Paulo at a water depth of approximately 100 meters. The rig Sovereign Explorer, provided by Transocean, initiated the drilling activities on August 16, 2009. Once new data is available, OGX will provide further information.

ABOUT OGX

OGX Petróleo e Gás S.A. is focused on oil and natural gas exploration and production in Brazilian sedimentary basins and is Brazil’s largest private sector oil and gas company in terms of offshore exploratory acreage, 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

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