OGX Spies Hydrocarbons in Barremian Section of OGX-2A Well

OGX has identified an oil interval in the Barremian section on the well 1-OGX-2A-RJS, located in the BM-C-41 block, in the shallow waters of southern part of the Campos Basin. OGX holds a 100% working interest in this block.

Preliminary log analysis, oil shows in the cuttings and presence of natural gas in the well OGX-2A indicate an oil column of 50 meters and net pay around 15 meters, with up to 22% porosity, in carbonate reservoirs in the Barremian section. The drilling of OGX-2A is now in its final stage.

"These carbonate reservoirs, primarily coquinas, are very common in the southern part of the Campos Basin," commented Mr. Paulo Mendonça, OGX's General Executive Officer.

The well is located in the BM-C-41 block and is situated approximately 77 kilometers off the coast of the state of Rio de Janeiro at a water depth of approximately 130 meters. The rig Ocean Ambassador, provided by Diamond Offshore, initiated the drilling activities on October 22nd, 2009.