OGX Petroleo e Gas Participacoes SA : OGX Receives Operating License for Extended Well Test and Production Development of the Waimea Accumulation in the Campos Basin

OGX PETRÓLEO E GÁS PARTICIPAÇÕES S.A.

CNPJ/MF: 07.957.093/0001-96

Publicly Held Company - BOVESPA: OGXP3

- OGX Receives Operating License for Extended Well Test and Production Development of the Waimea Accumulation in the Campos Basin -

Rio de Janeiro, January 02, 2012 - OGX Petróleo e Gás Participações S.A. ("OGX") (Bovespa: OGXP3; OTC: OGXPY.PK),the Brazilian oil and gas company responsible for the largest private-sector exploratory campaign in Brazil, today announced that it has received from IBAMA (the Brazilian Institute for Environment and Renewable Natural Resources) the Operating License authorizing the operation of FPSO OSX-1 and the respective subsea structures related to the Extended Well Test (EWT) and the Production Development of the Waimea accumulation, in the BM-C-41 block in the Campos Basin.

With subsea equipment already installed and the requisite inspections from the respective governmental bodies completed, the FPSO OSX-1 is now being prepared to travel to the EWT location and to be connected with the production system for the beginning of the EWT which is currently anticipated to take place on January 23, 2012.

The Waimea accumulation, which is located in the shallow waters of the Campos Basin, was discovered through wildcat well OGX-3 on December 18, 2009. The EWT, which is expected to begin in an exceptionally short timeframe - approximately two years after the discovery was made - will be performed utilizing the existing OGX-26HP horizontal well.

ABOUT OGX

OGX Petróleo e Gás SA is focused on oil and natural gas exploration and production and is conducting the largest private-sector exploratory campaign in Brazil. OGX has a diversified, high-potential portfolio, comprised of 30 exploratory blocks in the Campos, Santos, Espírito Santo, Pará-Maranhão and Parnaíba Basins in Brazil, and 5 exploratory blocks in Colombia, in the Middle Magdalena Valley, the Lower Magdalena Valley and the Cesar-Ranchería basins. The total extension area is of approximately 7,000 km² in sea and approximately 37,000 km² on land, with 24,500 km² in Brazil and 12,500 km² in Colombia. OGX relies upon an experienced management team and holds a solid cash position, with approximately US$ 3.6 billion in cash (as of September 30, 2011) to fund its E&P investments and new opportunities. In June 2008, the company went public raising R$ 6.7 billion, which at the time was 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/ir. 

LEGAL NOTICE

This document contains Company-related statements and information that reflect the current vision and/or expectations the Company and its management have regarding its business plan. These include, among others, all forward-looking statements that involve forecasts and projections, indicate or imply results, performance or future achievements, and may contain words such as "believe," "foresee," "expect," "consider," "is likely to result in" or other words or expressions of similar meaning. Such statements are subject to a series of expressive risks, uncertainty and premises. Please be advised that several important factors can cause the actual results to diverge materially from the plans, objectives, expectations, estimations, and intentions expressed in this document. 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.

OGX Contacts

Investors:

Marcelo [e-mail]

Eduardo [e-mail]

Gustavo [e-mail]

[phone]

Media:

Camila [e-mail] 

[phone]