OGX declares Tubarão Azul field offshore Brazil to be commercial

Offshore staff

RIO DE JANEIRO –OGX Petróleo e Gás Participações S.A. (Bovespa: OGXP3; OTC: OGXPY.PK) has sent a Declaration of Commerciality on part of the Waimea Complex to Brazil’s National Petroleum, Natural Gas, and Biofuels Agency.

The declaration covers thefirst production module for the newly designated Tubarão Azul field, block BM-C-41, in the shallow waters of the Campos basin. OGX holds a 100% interest in these blocks.

A Development Plan, which will be submitted to the ANP, estimates a total recoverable volume of 110 MMbbl of oil from Tubarão Azul over the concession production phase.

“This important step will allow us to connect the second well and intensify production by theFPSOOSX-1,” said Paulo Mendonça, OGX CEO.

5/15/2012