OREANDA-NEWS. July 02, 2012. OGX, the Brazilian oil and gas company responsible for the largest private-sector exploratory campaign in Brazil, announces that as a result of the evolution of OGX into a new phase, in which production becomes increasingly important, without prejudice to the exploratory campaign, the Company's Board of Directors, chaired by Mr. Eike Batista, has nominated Mr. Luiz Eduardo Guimaraes Carneiro, current Chief Executive Officer of OSX, as Chief Executive Officer of OGX. After a successful exploratory cycle, initiated in 2008, the current Chief Executive Officer, Mr. Paulo Mendonca, will occupy the position of Special Advisor to the Chairman of EBX Group.

Mr. Luiz Carneiro has more than 30 years of solid experience in the oil industry having held several high-level positions in Petrobras, leading various areas including Exploration and Production (E&P), Engineering, Production in the Campos Basin and other basins in Brazil. Mr. ?Carneiro has been CEO of OSX since 2009 and is a graduate in Mechanical Engineering from Universidade Federal Fluminense and Petroleum Engineering from Petrobras. Mr. Carneiro holds an MBA degree from Columbia University in New York.

“I thank Paulo Mendonca for his significant contribution to OGX’s historical exploratory achievements. As we take this next important step towards the consolidation of OGX’s oil production, we are pleased to have the solid experience of Luiz Carneiro to lead the organization,” commented Mr. Eike Batista, Chairman of the Board of Directors of OGX.