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OGX AND LOTUS RENAULT GP - A SLICK OPERATION

07/09/2011

OGX and Lotus Renault GP have announced a partnership until the end of the 2011 Formula 1 season. Through its involvement with the team, the OGX brand name will feature prominently on the chassis in front of the cockpit on both R31 cars, in addition to Bruno Senna’s helmet and racing overalls.

OGX CEO, Eike Batista:
“We’re proud to be partnering with Lotus Renault GP, a team that will be heavily-supported in our home market of Brazil. Passion, the spirit of leadership and discipline are all part of the values of the EBX Group. It is these values, along with Lotus Renault GP’s knowledge of and drive for success that leads us to believe this partnership will be a prosperous one.”

About OGX

OGX Petróleo e Gás SA is focused on oil and natural gas exploration and production and is conducting the largest private-sector exploratory campaign in Brazil. OGX has a diversified, high-potential portfolio, comprised of 29 exploratory blocks in Brazil and 5 exploratory blocks in Colombia. The total extension area is of approximately 7,000 km” in sea and approximately 34,000 km” on land, with 21,500 km” in Brazil and 12,500 km” in Colombia.

OGX has prospective resources estimated at 10.8 billion barrels, most of which is concentrated in shallow waters. Twenty months into its exploration campaign, which began in September 2009, the company has drilled over 50 wells in Brazil and has made important discoveries, achieving a success rate exceeding 90%.

OGX will begin oil production during the last quarter of 2011. The projected initial production is for up to 20,000 barrels/day this year and should reach 730,000 barrels/day in 2015, a volume that would make OGX the largest private oil producer in Brazil.

OGX relies upon an experienced management team and holds a solid cash position, with approximately US$ 4.5 billion in cash to fund its E&P investments and new opportunities. OGX is a member of the EBX Group, an industrial group founded and under the leadership of Brazilian entrepreneur Eike F. Batista, who has a proven track record in developing new ventures in the natural resources and infrastructure sectors.

Credit: Lotus Renault GP (www.lotusrenaultgp.com)