Maersk, OGX Encouraged by Preliminary Results in BM-S-29

OGX announced that it has indications of hydrocarbons in the well 1-MRK-2A-SPS, located in the BM-S-29 block in the 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.