OGX finds hydrocarbons in well OGX-15

OGX Petróleo e Gás Participações S.A. (“OGX”), the Brazilian oil and gas company conducting the largest private sector exploratory campaign in Brazil, announced today that it has identified an oil-bearing interval in the Albian section of well 1-OGX-15-RJS, located in the BM-C-41 block, in the shallow waters of the Campos Basin. OGX holds a 100% working interest in this block.

An oil column of about 96 meters with approximately 32 meters of net pay was encountered in carbonate reservoirs in the Albian section. The drilling of well OGX-15, also known as the Santa Helena prospect, is still in progress and is expected to continue to a maximum final depth of approximately 3,450 meters.

The information obtained to date from the drilling of the well OGX-15, mainly pressure data from the structure, analyzed in conjunction with the interpretation of 3D seismic data, suggests connectivity between this prospect and the discoveries of Etna (OGX-6) and Pipeline (OGX-2). The Santa Helena prospect is located 1.81km northwest of the Etna prospect and 6.41 km northeast of the Pipeline prospect.

“This information reinforces the hypothesis that the accumulation identified in the Albian section of the Santa Helena prospect is the same that was verified through the drilling of the Etna and Pipeline prospects. This ratifies the great importance of petrolific potential of the southern Campos Basin and contributes enormously to a better understanding of the recently discovered province in the region,” commented Mr. Paulo Mendonça, General Executive Officer of OGX.

The OGX-15 well, located in the BM-C-41 block, is situated approximately 78 kilometers off the coast of the state of Rio de Janeiro at a water depth of approximately 130 meters. The rig Ocean Ambassador initiated drilling activities there on June 18, 2010.