OGX Secures Ocean Star Semisub for Brazilian Ops

OGX has secured, through its subsidiary OGX Petróleo e Gás Ltda, a fifth semisubmersible drilling rig named Ocean Star, to be provided by Diamond Offshore Netherlands B.V.

The decision of hiring a fifth rig reflects our strong positive outlook regarding the potential of OGX's prospects supported by additional analysis of our 3D seismic data, as well as the successes in the recently commenced drilling campaign. OGX has built a mutually beneficial relationship with Diamond Offshore who is now supplying us with a fourth rig from the company, the Ocean Star.

Ocean Star has a BOP of 15,000 psi and the capacity to drill wells up to 7,600 meters of depth, at a water depth up to 1,500 meters. The rig will be used primarily in drilling activities in the Campos and Santos Basins and will be available to OGX beginning in the first quarter of 2010 for a period of one year, with an option to extend the period for one additional year.