Brazilian OGX Announces Changes to Executive Management

OGX Petroleo e Gas announced to its shareholders and the market that its Board of Directors approved changes in the senior management of the Company at a meeting held on April 22, 2009.

As a result of decisions taken by the Board, Mr. Rodolfo Landim, who has held the position of Chief Executive Officer of OGX during the Company's pre-operational phase, will now move to the holding company, EBX, and focus on the development of new ventures, primarily infrastructure projects for the EBX Group. Prior to joining OGX, Mr. Landim served as CEO for MMX, another EBX operating company, from 2006 to March 2008. Mr. Landim will continue to be a member of the Board of Directors of OGX.

Chairman of the Board, Mr. Eike Batista, will assume the position of Chief Executive Officer, and Mr. Paulo Mendonça, currently Exploration and Production Officer, will assume the position of General Executive Officer (Diretor Geral) in addition to his existing position, coordinating the daily activities of the Company and reporting to the Chief Executive Officer.

Mr. Mendonça joined OGX in July 2007, following more than 34 years at Petrobras, where he held a number of senior positions, including General Manager and, later, Executive Manager, of the Exploration Division. Under his leadership, the success ratio of Petrobras exploratory team increased significantly, resulting in the discovery of over 9 billion barrels of oil equivalent in 50 fields from 2002 to 2007 and the first discovery in the now famous pre-salt cluster of the Santos Basin.

"Rodolfo has been instrumental in the organization and success we have had to date in the implementation of our business plan and the procurement of equipment and services," commented Mr. Eike Batista, Chairman and CEO. "Within the EBX group, we have tremendous management talent and are fortunate to be able to draw on these resources as we grow and expand. Paulo Mendonça's demonstrated leadership ability will continue to be a great asset to OGX and we look forward to his continued contributions as we further the execution of our exploratory campaign, a key activity for OGX in the near future."

ABOUT OGX

Focused on oil and natural gas exploration and production in Brazilian offshore sedimentary basins, OGX is Brazil's largest private sector oil and gas company in terms of offshore exploration area. The Company portfolio is composed of 22 exploratory blocks in the Campos, Santos, Espírito Santo and Pará-Maranhão Offshore Basins, which combined have a total area of 6,800 km² (2,700 square miles). In June 2008, OGX raised funds in the order of R$6.7 billion in its initial public offering, the largest amount ever raised in a Brazilian IPO.