New Extension of the Agreement for Tests in Tubarao Azul

Source: www.gulfoilandgas.com 3/28/2014, Location: South America

Oleo e Gas Participacoes S.A. – Em Recuperacao Judicial announces, regarding the agreement signed together with its subsidiary, OGX Petroleo e Gas S.A. – Em Recuperacao Judicial, and OSX 1 Leasing B.V. (“OSX 1L”) and OSX Servicos Operacionais Ltda. – Em Recuperacao Judicial, disclosed on February 3rd, 2014 as a Material Fact, that the testing period in the Tubarao Azul Field will proceed until April 4, 2014.

The Company continues in the process of negotiating agreements and seeking consents that would allow the Vessel to continue producing, and still subject to certain precedent conditions, especially the signing of a new agreement establishing all the operational and financial conditions among all the parties involved.

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