OGX Petróleo e Gás Participações S.A.

Transcription

1 OGX Petróleo e Gás Participações S.A. Independent accountants review report on Quarterly Information (ITR) March 31, 2010 (A translation of the original report in Portuguese, as filed with the Brazilian Securities and Exchange Commission (CVM), prepared in accordance with rules of the CVM)

2 KPMG Auditores Independentes Av. Almirante Barroso, 52-4º Rio de Janeiro, RJ - Brasil Caixa Postal Rio de Janeiro, RJ - Brasil Central Tel 55 (21) Fax 55 (21) Internet Independent accountants review report (A translation of the original report in Portuguese, as filed with the Brazilian Securities and Exchange Commission (CVM), prepared in accordance with rules of the CVM) To The Board of Directors and Shareholders of OGX Petróleo e Gás Participações S.A. Rio de Janeiro - RJ 1. We have reviewed the accounting information included in the Quarterly Information of OGX Petróleo e Gás Participações S.A. ( the Company ) and in the consolidated Quarterly Information of this Company and its subsidiaries, for the quarter ended March 31, 2010, comprising the balance sheets and the related statements of income, changes in shareholders equity, cash flows, added value, the explanatory notes and the management report, which are the responsibility of its management. 2. Our review was performed in accordance with the review standards established by the IBRACON - Brazilian Institute of Independent Auditors and the Federal Council of Accountancy - CFC, which comprised, mainly: (a) inquiry and discussion with management responsible for the accounting, financial and operational areas of the Company and its subsidiaries, regarding the main criteria adopted in the preparation of the Quarterly Information; and (b) review of the information and subsequent events, which have, or may have, a material effect on the financial position and operations of the Company and its subsidiaries. 3. Based on our review, we are not aware of any material change that should be made to the accounting information included in the Quarterly Information referred to in the first paragraph, for them to be in accordance with the accounting practices adopted in Brazil and regulation issued by the Brazilian Securities Exchange Commission (CVM), specifically applicable to the preparation of the Quarterly Information. 2 KPMG Auditores Independentes, uma sociedade simples brasileira e firma-membro da rede KPMG de firmas-membro independentes e afiliadas à KPMG International Cooperative ( KPMG International ), uma entidade suíça. KPMG Auditores Independentes, a Brazilian entity and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity.

3 4. As mentioned in Note 3, CVM has approved, throughout 2009, several accounting pronouncements, interpretations and orientations issued by the Accounting Pronouncements Committee (CPC), which are effective for 2010, and change the accounting practices adopted in Brazil. As permitted by Deliberation CVM nº 603/09, Company s Management opted to present its Quarterly Information using the accounting practices adopted in Brazil as of December 31, 2009, and therefore not applying those Standards in force for As required by Deliberation CVM nº 603/09, the Company has disclosed in note 3 this fact, the description of the main changes which may impact its financial statements for the year ending, and the estimate of possible effects on the shareholders equity and statement of income. 5. As mentioned in Note 1, the subsidiary OGX Petróleo e Gás Ltda. has not had revenues from its operations up to the moment. The recoverability of the amounts recorded as non-current assets depends on the success of the future operations of the Company and its subsidiary. Management s plans for their operating activities are described in Notes 1, 7 and 9. Rio de Janeiro, May 13, 2010 KPMG Auditores Independentes CRC SP /O-6 F-RJ Vânia Andrade de Souza Accountant CRC RJ /O-2 3

4 Base Date - March 31, 2010 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS REGISTRATION AT THE CVM DOES NOT REQUIRE ANY EVALUATION OF THE COMPANY, BEING ITS MANAGEMENT RESPONSIBLE FOR THE VERACITY OF THIS INFORMATION IDENTIFICATION 1 - CVM CODE 2 - COMPANY S NAME 3 - GENERAL TAXPAYERS REGISTER 4 - NIRE ADDRESS OF COMPANY HEADQUARTERS 1 - COMPLETE ADDRESS 2 - DISTRICT PRAIA DO FLAMENGO, 154, 5th FLOOR, FLAMENGO 3 - ZIP CODE 4 - MUNICIPALITY 5 - STATE RIO DE JANEIRO RJ 6 - AREA CODE 7 - TELEPHONE NUMBER 8 - TELEPHONE NUMBER 9 - TELEPHONE NUMBER 10 - TELEX AREA CODE 12 - FAX 13 - FAX 14 - FAX ri@ogx.com.br INVESTOR RELATIONS OFFICER (Address for correspondence to Company) 1 - NAME MARCELO FABER TORRES 2 - COMPLETE ADDRESS 3 - DISTRICT PRAIA DO FLAMENGO, 154-5th FLOOR FLAMENGO 4 - ZIP CODE 5 - MUNICIPALITY 6 - STATE RIO DE JANEIRO RJ 7 - AREA CODE 8 - TELEPHONE NUMBER 9 - TELEPHONE NUMBER 10 - TELEPHONE NUMBER 11 - TELEX AREA 13 - FAX 14 - FAX 15 - FAX CODE marcelo.torres@ogx.com.br REFERENCE/AUDITOR CURRENT FISCAL YEAR CURRENT QUARTER PRIOR QUARTER 1 - BEGINNING 2 - ENDING 3 - QUARTER 4 - BEGINNING 5 - ENDING 6 - QUARTER 7 - BEGINNING 8 - ENDING 01/01/ /31/ /01/ /31/ /01/ /31/ NAME/COMPANY NAME AUDITOR 10 - CVM CODE KPMG Auditores Independentes NAME TECHINICAL RESPONSIBLE 12 - CPF TECHINICAL RESPONSIBLE Vânia Andrade de Souza

5 Base Date - March 31, 2010 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS IDENTIFICATION 1 - CVM CODE 2 - COMPANY NAME 3 - GENERAL TAXPAYERS REGISTER OGX PETRÓLEO E GÁS PARTICIPACOES S.A / COMPOSITION OF PAID-UP CAPITAL QUANTITY OF SHARES 1 - CURRENT QUARTER 2 - PRIOR QUARTER 3 - SAME QUARTER OF PRIOR YEAR (IN THOUSANDS) 03/31/ /31/ /31/2009 ISSUED CAPITAL 1 - COMMON 3,232,288,300 32,320,041 32,319, PREFERRED TOTAL 3,232,288,300 32,320,041 32,319,606 TREASURY SHARES 4 - COMMON PREFERRED TOTAL COMPANY S CHARACTERISTICS 1 - TYPE OF COMPANY Commercial, Industrial and Other 2 - SITUATION Operational 3 - TYPE OF CONTROLLING INTEREST Private national Company 4 - ACTIVITY CODE EMP. ADM. PART. - SEM SETOR PRINCIPAL 5 - MAIN ACTIVITY EQUITY IN OTHER COMPANIES 6 - TYPE OF CONSOLIDATED Total 7 - TYPE OF ACCOUNTANTS REVIEW REPORT Unqualified SUBSIDIARIES EXCLUDED FROM THE CONSOLIDATED FINANCIAL STATEMENTS 1 - ITEM 2 - GENERAL TAXPAYERS REGISTER 3 - NAME DIVIDENDS APPROVED AND/OR PAID DURING AND AFTER THE QUARTER 1 - ITEM 2 - EVENT 3 - APPROVAL 4 - DIVIDEND 5 - BEGINNING PAYMENT 6 - TYPE OF SHARE 7 - VALUE OF THE DIVIDEND PER SHARE 5

6 Base Date - March 31, 2010 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS IDENTIFICATION 1 - CVM CODE 2 - COMPANY S NAME 3 - GENERAL TAXPAYERS REGISTER CAPITAL STOCK SUBSCRIBED AND ALTERATION IN CURRENT YEAR 1 - ITEM 2 - DATE OF CHANGE 3 - CAPITAL STOCK (In thousands of reais) 4 - VALUE OF CHANGE (In thousands of reais) 01 05/23/2008 2,324, /23/2008 2,324, ORIGIN OF ALTERATION 6 - NUMBER OF SHARES ISSUED (In thousands) 7 - ISSUED PRICE OF SHARES (In reais) Grouping common stocks and preferred stocks Preferred and Common stocks Conversion (125:1) Preferred stocks conversion to common (1:1) /11/2008 2,324, /11/2008 2,324, Underwriting bonus 10,231, /11/2008 8,196,877 5,872,687 public subscription 5,192,473 1, /16/2008 9,035, ,976 public subscription 741,800 1, /16/2009 9,035, Realização de opção de compra , /01/2010 9,037,627 1,672 Private subscription in cash 284, INVESTORS RELATIONS OFFICER 1 - DATE 2 - SIGNATURE 6

7 Base Date - March 31, 2010 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS IDENTIFICATION 1 - CVM CODE 2 - COMPANY NAME 3 - GENERAL TAXPAYERS REGISTER BALANCE SHEETS - ASSETS (IN THOUSANDS OF REAIS) 1 - CODE 2 - ACCOUNT DESCRIPTION 3-03/31/ /31/ TOTAL ASSETS 9,274,398 9,225, CURRENT ASSETS 850, , CASH AND CASH EQUIVALENTS 806, , CREDITS 44,208 77, CUSTOMERS SUNDRY CREDITS 44,208 77, INVENTORIES OTHER NON-CURRENT ASSETS 8,423,,617 8,337, LONG TERM ASSETS SUNDRY CREDITS INVENTORY CREDITS FROM RELATED PARTIES FROM ASSOCIATED COMPANIES FROM SUBSIDIARIES FROM OTHER RELATED PARTIES OTHER PERMANENT ASSETS 8,423,617 8,337, INVESTMENTS 8,423,617 8,337, ASSOCIATED COMPANIES ASSOCIATED COMPANIES-GOODWILL SUBSIDIARIES 8,423,617 8,337, SUBSIDIARIES-GOODWILL OTHER INVESTMENTS PROPERTY, PLANT AND EQUIPMENT INTANGIBLE DEFERRED CHARGES 0 0 7

8 Base Date - March 31, 2010 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS IDENTIFICATION 1 - CVM CODE 2 - COMPANY NAME 3 - GENERAL TAXPAYERS REGISTER BALANCE SHEETS - LIABILITIES (IN THOUSANDS OF REAIS - R$) 1 - CODE 2 - ACCOUNT DESCRIPTION 3-03/31/ /31/ TOTAL LIABILITIES 9,274,398 9,225, CURRENT LIABILITIES 5,329 39, LOANS AND FINANCINGS DEBENTURES SUPPLIERS TAXES, DUTIES AND CONTRIBUTIONS 5,075 37, DIVIDENDS PAYABLE PROVISIONS RELATED PARTY DEBTS OTHER 184 1, NON-CURRENT LIABILITIES LONG TERM LIABILITIES LOANS AND FINANCINGS DEBENTURES PROVISIONS RELATED PARTY DEBTS ADVANCES FOR FUTURE CAPITAL INCREASE OTHER DEFERRED INCOME SHAREHOLDERS EQUITY 9,269,069 9,186, CAPITAL 8,800,676 8,799, CAPITAL RESERVES 14,423 9, REVALUATION RESERVES COMPANY ASSETS SUBSIDIARIES/ASSOCIATED COMPANIES PROFIT RESERVES 377, , LEGAL 18,535 18, STATUTORY 359, , CONTINGENCIES UNREALIZED PROFITS PROFIT RETENTION SPECIAL RESERVE FOR UNDISTRIBUTED DIVIDENDS OTHER PROFIT RESERVES EQUITY VALUATION ADJUSTMENTS (9) AJUSTMENTS OF MARKETABLE SECURITIES CUMULATIVE TRANSLATION ADJUSTMENTS (9) 0 8

9 Base Date - March 31, 2010 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS IDENTIFICATION 1 - CVM CODE 2 - COMPANY NAME 3 - GENERAL TAXPAYERS REGISTER BALANCE SHEETS - LIABILITIES (IN THOUSANDS OF REAIS - R$) 1 - CODE 2 - ACCOUNT DESCRIPTION 3-03/31/ /31/ BUSINESS COMBINATION ADJUSTMENTS RETAINING EARNINGS/(ACCUMULATED LOSSES) 76, ADVANCES FOR FUTURE CAPITAL 0 0 9

10 CVM - BRAZILIAN SECURITIES AND EXCHANGE COMMISSION COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS Base Date - March 31, IDENTIFICATION 1 - CVM CODE COMPANY NAME OGX PETRÓLEO E GÁS PARTICIPAÇÕES S.A. 3 - CNPJ (Corporate Taxpayer s ID) / STATEMENTS OF INCOME (IN THOUSANDS OF REAIS - R$) 1 - CODE 2 - DESCRIPTION 3-01/01/2010 to 03/31/ /01/2010 to 03/31/ /01/2009 to 03/31/ /01/2009 to 03/31/ GROSS REVENUE FROM SALES AND/OR SERVICES DEDUCTIONS FROM GROSS REVENUE NET REVENUE FROM SALES AND/OR SERVICES COST OF GOODS AND/OR SERVICES SOLD GROSS PROFIT OPERATING EXPENSES/INCOME 81,369 81, , , SELLING EXPENSES GENERAL AND ADMINISTRATIVE (13,998) (13,998) (1,449) (1,449) FINANCIAL 17,129 17,129 21,010 21, FINANCIAL INCOME 17,193 17,193 73,082 73, FINANCIAL EXPENSES (64) (64) (52,072) (52,072) OTHER OPERATING INCOME OTHER OPERATING EXPENSES EQUITY GAIN (LOSS) 78,238 78, , , OPERATING INCOME 81,369 81, , , NON-OPERATING INCOME (EXPENSES) INCOME EXPENSES INCOME (LOSS) BEFORE TAXES AND INTERESTS 81,369 81, , ,185 PROVISION FOR INCOME TAX AND SOCIAL 3.10 CONTRIBUTION (5,047) (5,047) (23,599) (23,599) 10

11 CVM - BRAZILIAN SECURITIES AND EXCHANGE COMMISSION COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS Base Date - March 31, IDENTIFICATION 1 - CVM CODE COMPANY NAME OGX PETRÓLEO E GÁS PARTICIPAÇÕES S.A. 3 - CNPJ (Corporate Taxpayer s ID) / STATEMENTS OF INCOME (IN THOUSANDS OF REAIS - R$) 1 - CODE 2 - DESCRIPTION 3-01/01/2010 to 03/31/ /01/2010 to 03/31/ /01/2009 to 03/31/ /01/2009 to 03/31/ DEFERRED INCOME TAX STATUTORY INTEREST/ CONTRIBUTIONS INTERESTS CONTRIBUTIONS REVERSAL OF INTEREST ON SHAREHOLDERS EQUITY NET INCOME (LOSS) FOR THE PERIOD 76,322 76, , ,586 NUMBER OF SHARES, OUTSTANDING, EXCLUDING TREASURY STOCK (UNITS) 3,232,288,300 3,232,288,300 32,319,606 32,319,606 EARNINGS PER SHARE (REAIS) LOSS PER SHARE (REAIS) 11

12 CVM - BRAZILIAN SECURITIES AND EXCHANGE COMMISSION COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS Base Date - March 31, IDENTIFICATION 1 - CVM CODE COMPANY NAME OGX PETRÓLEO E GÁS PARTICIPAÇÕES S.A. 3 - CNPJ (Corporate Taxpayer s ID) / STATEMENTS OF CASH FLOWS - INDIRECT METHOD (IN THOUSANDS OF REAIS - R$) 1 - CODE 2 - DESCRIPTION 3-01/01/2010 to 03/31/ /01/2010 to 03/31/ /01/2009 to 03/31/ /01/2009 to 03/31/ NET CASH OPERATING ACTIVITIES 1,739 1,739 43,814 43, CASH FLOWS FROM OPERATING 2,878 2,878 47,972 47, CHANGES IN ASSETS AND LIABILITIES (1,139) (1,139) (4,158) (4,158) OTHER NET CASH INVESTMENTS ACTIVITIES (7,650) (7,650) (2,804,438) (2,804,438) 4.03 NET CASH FINANCING ACTIVITIES 1,672 1, EXCHANGE VARIATION ON CASH AND EQUIVALENTS INCREASE (DECREASE) IN CASH AND EQUIVALENTS (4,239) (4,239) (2,760,624) (2,760,624) OPENING BALANCE OF CASH AND EQUIVALENTS 810, ,812 3,553,739 3,553, CLOSING BALANCE OF CASH AND EQUIVALENTS 806, , , ,115 12

13 CVM - BRAZILIAN SECURITIES AND EXCHANGE COMMISSION COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS Base Date - March 31, IDENTIFICATION 1 - CVM CODE COMPANY NAME OGX PETRÓLEO E GÁS PARTICIPAÇÕES S.A. 3 - CNPJ (Corporate Taxpayer s ID) / STATEMENT OF CHANGES IN SHAREHOLDER S EQUITY - 01/01/2010 TO 03/31/2010 (IN THOUSANDS OF REAIS - R$) 1 - CODE 2 - DESCRIPTION 3 - CAPITAL 4 -CAPITAL RESERVES 5 - REVALUATION RESERVES 6 - PROFIT RESERVES 7 - RETAINED EARNINGS ACCUMULATE D LOSSES 8 - AJUSTMENTS OF REVALUATION RESERVE 9 - TOTAL SHAREHOLDER S EQUITY 5.01 OPENING BALANCES 8,799,004 9, , ,186, PRIOR YEAR ADJUSTMENTS ADJUSTED BALANCES 8,799,004 9, , ,186, NET INCOME (LOSS) FOR THE PERIOD , , DISTRIBUTIONS: DIVIDENDS INTEREST ON SHAREHOLDERS EQUITY OTHER DISTRIBUTIONS REALIZATION OF PROFIT RESERVES EQUITY EVALUATION AJUSTMENTS (9) (9) AJUSTMENTS OF MARKETABLE SECURITIES CUMULATIVE TRANSLATION ADJUSTMENTS (9) (9) BUSINESS COMBINATION ADJUSTMENTS INCREASE / DECREASE IN CAPITAL 1, , FORMATION / REALIZATION OF CAPITAL RESERVES 0 4, , TREASRY SHARES OTHER CAPITAL TRANSACTIONS OTHERS CLOSING BALANCE 8,800,676 14, ,657 76,322 (9) 9,269,069 13

14 CVM - BRAZILIAN SECURITIES AND EXCHANGE COMMISSION COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS Base Date - March 31, IDENTIFICATION 1 - CVM CODE COMPANY NAME OGX PETRÓLEO E GÁS PARTICIPAÇÕES S.A. 3 - CNPJ (Corporate Taxpayer s ID) / STATEMENT OF CHANGES IN SHAREHOLDER S EQUITY - 01/01/2010 TO 03/31/2010 (IN THOUSANDS OF REAIS - R$) 1 - CODE 2 - DESCRIPTION 3 - CAPITAL 4 -CAPITAL RESERVES 5 - REVALUATION RESERVES 6 - PROFIT RESERVES 7 - RETAINED EARNINGS ACCUMULATE D LOSSES 8 - AJUSTMENTS OF REVALUATION RESERVE 9 - TOTAL SHAREHOLDER S EQUITY 5.01 OPENING BALANCES 8,799,004 9, , ,186, PRIOR YEAR ADJUSTMENTS ADJUSTED BALANCES 8,799,004 9, , ,186, NET INCOME (LOSS) FOR THE PERIOD , , DISTRIBUTIONS: DIVIDENDS INTEREST ON SHAREHOLDERS EQUITY OTHER DISTRIBUTIONS REALIZATION OF PROFIT RESERVES EQUITY EVALUATION AJUSTMENTS (9) (9) AJUSTMENTS OF MARKETABLE SECURITIES CUMULATIVE TRANSLATION ADJUSTMENTS (9) (9) BUSINESS COMBINATION ADJUSTMENTS INCREASE / DECREASE IN CAPITAL 1, , FORMATION / REALIZATION OF CAPITAL RESERVES 0 4, , TREASRY SHARES OTHER CAPITAL TRANSACTIONS OTHERS CLOSING BALANCE 8,800,676 14, ,657 76,322 (9) 9,269,069 14

15 Base Date - March 31, 2010 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS IDENTIFICATION 1 - CVM CODE 2 - COMPANY NAME 3 - GENERAL TAXPAYERS REGISTER OGX PETRÓLEO E GÁS PARTICIPACOES S.A / BALANCE SHEETS - ASSETS CONSOLIDATED (IN THOUSANDS OF REAIS) 1 - CODE 2 - ACCOUNT DESCRIPTION 3-03/31/ /31/ TOTAL ASSETS 10,307,562 10,388, CURRENT ASSETS 6,919,114 7,564, CASH AND CASH EQUIVALENTS 6,691,846 7,337, CREDITS 180, , CUSTOMERS SUNDRY CREDITS 180, , RECOVARABLE TAXES 180, , INVENTORIES OTHER 47,109 17, NON-CURRENT ASSETS 3,388,448 2,824, LONG TERM ASSETS 139,436 85, SUNDRY CREDITS 139,436 85, INVENTORY 139,436 85, CREDITS FROM RELATED PARTIES FROM ASSOCIATED COMPANIES FROM SUBSIDIARIES FROM OTHER RELATED PARTIES OTHER PERMANENT ASSETS 3,249,012 2,739, INVESTMENTS 0 1, ASSOCIATED COMPANIES ASSOCIATED COMPANIES-GOODWILL SUBSIDIARIES 0 1, PROPERTY, PLANT AND EQUIPMENT 21,819 19, INTANGIBLE 3,227,193 2,718, DEFERRED CHARGES

16 Base Date - March 31, 2010 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS IDENTIFICATION 1 - CVM CODE 2 - COMPANY NAME 3 - GENERAL TAXPAYERS REGISTER OGX PETRÓLEO E GÁS PARTICIPACOES S.A / BALANCE SHEETS - LIABILITIES CONSOLIDATED (IN THOUSANDS OF REAIS - R$) 1 - CODE 2 - ACCOUNT DESCRIPTION 3-03/31/ /31/ TOTAL LIABILITIES 10,307,562 10,388,632 CURRENT LIABILITIES 1,028,945 1,199,940 LOANS AND FINANCINGS 0 0 DEBENTURES 0 0 SUPPLIERS 318, ,262 TAXES, DUTIES AND CONTRIBUTIONS 10,222 40,116 DIVIDENDS PAYABLE 0 0 PROVISIONS 618, ,533 RELATED PARTY DEBTS 0 0 OTHER 82, ,029 DERIVATIVE FINANCIAL INSTRUMENTS 19, ,757 SALARIES AND WAGES 30,593 23,960 OTHER ACCOUNTS PAYABLE 32,152 65,312 NON-CURRENT LIABILITIES 5,408 2,402 LONG TERM LIABILITIES 5,408 2,402 LOANS AND FINANCINGS 0 0 DEBENTURES 0 0 PROVISIONS 0 0 RELATED PARTY DEBTS 5,408 2,402 ADVANCES FOR FUTURE CAPITAL INCREASE 0 0 OTHER 0 0 DEFERRED INCOME 0 0 NON-CONTROLLING SHAREHOLDERS' INTEREST 4,140 0 SHAREHOLDERS EQUITY 9,269,069 9,186,290 CAPITAL 8,800,676 8,799,004 CAPITAL RESERVE 14,423 9,629 REVALUATION RESERVES 0 0 COMPANY ASSETS 0 0 SUBSIDIARIES/ASSOCIATED COMPANIES 0 0 PROFIT RESERVES 377, ,657 LEGAL 18,535 18,535 STATUTORY 359, ,122 CONTINGENCIES 0 0 REALIZABLE PROFITS RESERVES 0 0 PROFIT RETENTION

17 Base Date - March 31, 2010 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS IDENTIFICATION 1 - CVM CODE 2 - COMPANY NAME 3 - GENERAL TAXPAYERS REGISTER OGX PETRÓLEO E GÁS PARTICIPACOES S.A / BALANCE SHEETS - LIABILITIES CONSOLIDATED (IN THOUSANDS OF REAIS - R$) 1 - CODE 2 - ACCOUNT DESCRIPTION 3-03/31/ /31/ SPECIAL RESERVE FOR UNDISTRIBUTED DIVIDENDS OTHER PROFIT RESERVES EQUITY VALUATION ADJUSTMENTS (9) AJUSTMENTS OF MARKETABLE SECURITIES CUMULATIVE TRANSLATION ADJUSTMENTS (9) BUSINESS COMBINATION ADJUSTMENTS RETAINING EARNINGS/(ACCUMULATED LOSSES) 76, ADVANCES FOR FUTURE CAPITAL

18 Base Date March 31, 2010 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS IDENTIFICATION 1 - CVM CODE COMPANY NAME OGX PETRÓLEO E GÁS PARTICIPACOES S.A. 3 - CNPJ (Corporate Taxpayer s ID) / CONSOLIDATED STATEMENTS OF INCOME (IN THOUSANDS OF REAIS - R$) 1 - CODE 2 - DESCRIPTION 3-01/01/2010 to 03/31/ /01/2010 to 03/31/ /01/2009 to 03/31/ /01/2009 to 03/31/ GROSS REVENUE FROM SALES AND/OR SERVICES DEDUCTIONS FROM GROSS REVENUE NET REVENUE FROM SALES AND/OR SERVICES COST OF GOODS AND/OR SERVICES SOLD GROSS PROFIT OPERATING EXPENSES/INCOME 81,308 81, , , SELLING EXPENSES GENERAL AND ADMINISTRATIVE (45,100) (45,100) (16,867) (16,867) FINANCIAL 149, , , , FINANCIAL INCOME 435, , , , FINANCIAL EXPENSES (285,821) (285,821) (71,885) (71,885) OTHER OPERATING INCOME OTHER OPERATING EXPENSES (23,414) (23,414) (55,510) (55,510) EQUITY GAIN (LOSS) OPERATING INCOME 81,308 81, , , NON-OPERATING INCOME (EXPENSES) INCOME EXPENSES INCOME (LOSS) BEFORE TAXES AND INTERESTS 81,308 81, , ,185 PROVISION FOR INCOME TAX AND SOCIAL 3.10 CONTRIBUTION (5,047) (5,047) (23,599) (23,599) 18

19 Base Date March 31, 2010 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS IDENTIFICATION 1 - CVM CODE COMPANY NAME OGX PETRÓLEO E GÁS PARTICIPACOES S.A. 3 - CNPJ (Corporate Taxpayer s ID) / CONSOLIDATED STATEMENTS OF INCOME (IN THOUSANDS OF REAIS - R$) 1 - CODE 2 - DESCRIPTION 3-01/01/2010 to 03/31/ /01/2010 to 03/31/ /01/2009 to 03/31/ /01/2009 to 03/31/ DEFERRED INCOME TAX STATUTORY INTEREST/ CONTRIBUTIONS INTERESTS CONTRIBUTIONS REVERSAL OF INTEREST ON SHAREHOLDERS EQUITY NON-CONTROLLING SHAREHOLDERS' INTEREST NET INCOME (LOSS) FOR THE PERIOD 76,322 76, , ,586 NUMBER OF SHARES, OUTSTANDING, EXCLUDING TREASURY STOCK (UNITS) 3,232,288,300 3,232,288,300 32,319,606 32,319,606 EARNINGS PER SHARE (REAIS) LOSS PER SHARE (REAIS) 19

20 Base Date March 31, 2010 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS IDENTIFICATION 1 - CVM CODE COMPANY NAME OGX PETRÓLEO E GÁS PARTICIPACOES S.A. 3 - CNPJ (Corporate Taxpayer s ID) / CONSOLIDATED STATEMENTS OF CASH FLOWS - INDIRECT METHOD (IN THOUSANDS OF REAIS - R$) 1 - CODE 2 - DESCRIPTION 3-01/01/2010 to 03/31/ /01/2010 to 03/31/ /01/2009 to 03/31/ /01/2009 to 03/31/ NET CASH OPERATING ACTIVITIES (136,510) (136,510) 213, , CASH FLOWS FROM OPERATING (194,856) (194,856) 218, , CHANGES IN ASSETS AND LIABILITIES 58,346 58,346 (5,183) (5,183) OTHER NET CASH INVESTMENTS ACTIVITIES (511,217) (511,217) (5,107) (5,107) 4.03 NET CASH FINANCING ACTIVITIES 1,672 1, EXCHANGE VARIATION ON CASH AND 4.04 EQUIVALENTS INCREASE (DECREASE) IN CASH AND 4.05 EQUIVALENTS (646,055) (646,055) 208, ,707 OPENING BALANCE OF CASH AND EQUIVALENTS 7,337,901 7,337,901 7,601,234 7,601,234 CLOSING BALANCE OF CASH AND EQUIVALENTS 6,691,846 6,691,846 7,809,941 7,809,941 20

21 Base Date March 31, 2010 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS IDENTIFICATION 1 - CVM CODE COMPANY NAME OGX PETRÓLEO E GÁS PARTICIPACOES S.A. 3 - CNPJ (Corporate Taxpayer s ID) / CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER S EQUITY - 01/01/2010 TO 03/31/2010 (IN THOUSANDS OF REAIS - R$) 7 - RETAINED 8 - AJUSTMENTS 9 - TOTAL 4 - CAPITAL 5 - REVALUATION 6 - PROFIT EARNINGS 1 - CODE 2 - DESCRIPTION 3 - CAPITAL OF REVALUATION SHAREHOLDERS RESERVES RESERVES RESERVES ACCUMULATE RESERVE EQUITY D LOSSES 5.01 OPENING BALANCES 8,799,004 9, , ,186, PRIOR YEAR ADJUSTMENTS ADJUSTED BALANCES 8,799,004 9, , ,186, NET INCOME (LOSS) FOR THE PERIOD , , DISTRIBUTIONS: DIVIDENDS INTEREST ON SHAREHOLDERS EQUITY OTHER DISTRIBUTIONS REALIZATION OF PROFIT RESERVES EQUITY EVALUATION AJUSTMENTS (9) (9) AJUSTMENTS OF MARKETABLE SECURITIES CUMULATIVE TRANSLATION (9) (9) ADJUSTMENTS BUSINESS COMBINATION ADJUSTMENTS INCREASE / DECREASE IN CAPITAL 1, ,672 FORMATION / REALIZATION OF CAPITAL 0 4, , RESERVES 5.10 TREASURY SHARES OTHER CAPITAL TRANSACTIONS OTHERS CLOSING BALANCE 8,800,676 14, ,657 76,322 (9) 9,269,069 21

22 Base Date March 31, 2010 COMMERCIAL, INDUSTRIAL COMPANY AND OTHERS IDENTIFICATION 1 - CVM CODE COMPANY NAME OGX PETRÓLEO E GÁS PARTICIPACOES S.A. 3 - CNPJ (Corporate Taxpayer s ID) / CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER S EQUITY - 01/01/2010 TO 03/31/2010 (IN THOUSANDS OF REAIS - R$) 7 - RETAINED 8 - AJUSTMENTS 9 - TOTAL 4 - CAPITAL 5 - REVALUATION 6 - PROFIT EARNINGS 1 - CODE 2 - DESCRIPTION 3 - CAPITAL OF REVALUATION SHAREHOLDERS RESERVES RESERVES RESERVES ACCUMULATE RESERVE EQUITY D LOSSES 5.01 OPENING BALANCES 8,799,004 9, , ,186, PRIOR YEAR ADJUSTMENTS ADJUSTED BALANCES 8,799,004 9, , ,186, NET INCOME (LOSS) FOR THE PERIOD , , DISTRIBUTIONS: DIVIDENDS INTEREST ON SHAREHOLDERS EQUITY OTHER DISTRIBUTIONS REALIZATION OF PROFIT RESERVES EQUITY EVALUATION AJUSTMENTS (9) (9) AJUSTMENTS OF MARKETABLE SECURITIES CUMULATIVE TRANSLATION (9) (9) ADJUSTMENTS BUSINESS COMBINATION ADJUSTMENTS INCREASE / DECREASE IN CAPITAL 1, ,672 FORMATION / REALIZATION OF CAPITAL 0 4, , RESERVES 5.10 TREASURY SHARES OTHER CAPITAL TRANSACTIONS OTHERS CLOSING BALANCE 8,800,676 14, ,657 76,322 (9) 9,269,069 22

23 NOTES 1 Operations OGX Petróleo e Gás Participações S.A. ( OGX S.A. or Company ) is an investment vehicle into Brazilian or foreign companies, of any corporate nature in the oil and gas segment. The Company was incorporated on April 10, 2006 in Rio de Janeiro, named as Centennial Asset Participações Corumbá S.A. ( Centennial Corumbá ), and changed its name to OGX Petróleo e Gás Participações S.A. on September 3, On November 27, 2007 the subsidiary OGX Ltda. acquired 21 exploratory concessions located in the Campos, Pará-Maranhão, Santos and Espírito Santo basins for the amount of R$1,479,723, which refers to the signature bonus and yet obtained with financial institutions guarantees amounting to R$552,174 relative to the PEM - Programa Exploratório Mínimo or Minimum Working Program. On December 3, 2008 ANP ratified the acquisition of a 50% interest in Maersk s BM-S-29 block, located in the Santos basin. Subsequently, on May 8, 2009, the acquisition of an additional interest of 15% was approved by ANP. Therefore, OGX now holds 65% of this block. On September 24, 2009, ANP ratified the acquisition of a 70% stake in seven onshore exploratory blocks in the Parnaíba Basin, in the state of Maranhão, through its subsidiary OGX Ltda, which became an operator of the concessions. The acquisition requires payment of R$12,000, amount equivalent to the signature bonus, and 100% of the cost and guarantees related to the Minimum Exploratory Program of the first exploratory period. - This stake was acquired from Petra Energia Ltda., which holds the remaining 30% in the blocks. On January 14, 2010 the subsidiaries OGX Austria GmbH (OGX Austria) and OGX International GmbH (OGX International) were established. The Company holds a 100% interest in each of these subsidiaries and capital in an amount equivalent to R$88 was paid into them. On January 29, 2010 the Company paid the amount of R$ 4,800 into its subsidiary OGX Maranhão Petróleo e Gás Ltda (OGX Maranhão) with respect to its interest in this company jointly with the company MPX Energia S.A. On March 16, 2010 the subsidiary OGX Netherlands BV (OGX Netherlands) was established. The Company holds a 100% interest in it and paid-in capital in the amount of R$ 70 has paid into it, in accordance with its charter. 23

24 NOTES 2 Presentation of the quarterly information The individual and consolidated Quarterly Information were prepared and are presented in accordance with accounting practices adopted in Brazil, which are derived from the Brazilian Corporation Law, pronouncements, guidelines and interpretation of the Accounting Pronouncements Committee (CPC), and the rules of the Brazilian Securities and Exchange Commission (CVM). For purposes of better comparability and in compliance with CVM Instruction number 506/2006, the balance presented under Inventories in the consolidated financial statements as of December 31, 2009 was reclassified to Non-current assets. Authorization to conclude and publish the Quarterly Information On May 13, 2010, the Company s Management authorized the conclusion and publication of the Quarterly Information for the quarter ended March 31, Description of significant accounting policies 3.1 Adoption of the new mandatory accounting pronouncements as from the fiscal year ending December 31, Within the process of convergence of accounting practices adopted in Brazil to international financial reporting standards (IFRS) a number of pronouncements, interpretations and orientations were issued during 2009 with mandatory application for the years ending from December 2010 onwards and for the financial statements of 2009 to be disclosed jointly with the financial statements for 2010 for comparison purposes. The Company is in the process of evaluating the potential effects with respect to these pronouncements, interpretations and orientations on the financial statements for the year ended December 31, 2009 to be presented for comparison purposes with the financial statements for the year ending December 31, 2010, as well as for the following years. The main effect from applying the new technical pronouncements of the Accounting Pronouncements Committee (CPC), as assessed by the Management, refers to ICPC 5 (Technical interpretation of CPC technical pronouncement 10 - Payment based on shares) approved by CVM Resolution number 6715/2009, with respect to the Company's share purchase options given by the controlling shareholder, which, if recorded in the accounting, would have a fair value in the estimated amount of R$ 19,

25 NOTES The estimate of its possible effect on the results for the period is presented as follows: Parent company Net income for the period Balances presented at March 31, ,322 Fair value of the Company's share purchase options given by the controlling shareholder (ICPC 5) (*) (19,435) Balances at March 31, 2010 if the Company had adopted the new technical pronouncements of the CPC 56,887 (*) This adjustment does not have an effect on the Company's shareholders' equity. The consolidated financial statements for the next fiscal year will be prepared in conformity with CPC 37 - Initial Adoption of International Accounting Standards, in conformity with CVM instruction number 457/ Description of significant accounting policies a. Income statements Income and expenses are recognized on the accrual basis. b. Accounting estimates The preparation of the Quarterly Information in accordance with accounting practices adopted in Brazil requires that management uses its judgment in determining and booking accounting estimates. Significant assets and liabilities subject to these estimates and assumptions include the residual value of property, plant and equipment, income tax and social contribution, and measurement of derivative instruments. The settlement of transactions involving these estimates may result in significantly different amounts due to the lack of precision inherent to the process of their determination. Company management and its subsidiaries review the estimates and assumptions periodically. c. Financial instruments Non-derivative financial instruments include cash and cash equivalents, loans and financing, other receivables as well as accounts payable and other debts. 25

26 NOTES Instruments held to maturity If the Company has the intention and the ability to hold its debt instruments until maturity, these are classified as held to maturity. Investments held to maturity are stated at amortized cost, using the effective interest rate method, less any decreases in their recoverable value. As for March 31, 2010 and 2009, the Company and its subsidiary did not present financial instruments classified under this category. Instruments available for sale Investments in equity instruments and certain assets related to debt instruments are classified as available for sale. After their initial recognition, they are valued at their fair value and the fluctuations, except for decreases in their recoverable value, and the differences in foreign currency of these instruments are recognized directly in shareholders equity net of tax effects. When an investment is redeemed or sold, the accumulated gain or loss in shareholders equity is transferred to income. As of March 31, 2010 and December , the Company and its subsidiary did not present financial instruments classified under this category. Financial instruments at fair value through profit or loss An instrument is classified as fair value through profit or loss if it is held for trading, i.e. designated as such upon initial recognition. Financial instruments are designated as fair value through profit or loss if the Company manages these investments and makes purchase and sales decisions based on their fair value in accordance with the investment strategy and risk management documented by the Company. After initial recognition, attributable transaction costs are recognized in income/expenses when incurred. Financial instruments at fair value through profit or loss are stated at fair value, and their fluctuations are recognized in income/expenses. The Company and its subsidiaries financial instruments were classified under this category. Derivative financial instruments The Company and its subsidiaries OGX Ltda. holds derivative financial instruments to hedge against risks related to foreign currencies and interest rates. Derivative financial instruments are initially recognized at their fair value; attributable transaction costs are recognized in income/expense when incurred. After their initial recognition, derivatives are stated at their fair value and changes are recorded in income except in the circumstances described below for the recording of hedging activities. 26

27 NOTES d. Foreign currency The Company s Management has determined that its functional currency is the Real in accordance with the rules established in CPC 02 - Effects of the Changes in Exchange Rates and Translation of Financial Statements, approved by the CVM Resolution number 534. Transactions in foreign currency, i.e. all transactions that are not carried out in the functional currency, are translated at the exchange rate on the dates of each transaction. Monetary assets and liabilities in foreign currency are translated into the functional currency at the exchange rate on the closing date. The gains and losses from the changes in the exchange rates on the monetary assets and liabilities are recognized in the statement of income. Non-monetary assets and liabilities acquired or contracted in foreign currency and translated based on the exchange rates on the dates of the transactions or on the dates of valuation at fair value, when this is used. The gains and losses arising from variations in investments abroad are recognized directly in shareholders equity under equity valuation adjustments and recognized in the statement of income when these investments are fully or partially sold. The financial statements of subsidiaries and associated companies abroad are adjusted to accounting practices in Brazil and, subsequently, translated to the local functional currency at the exchange rate on the closing date. e. Current and non current assets Inventories Inventories are represented by assets acquired from third parties, in the form of materials and supplies to be consumed or used in the exploratory drilling campaign. Inventories are recorded at cost of acquisition. (Note 6). Investments The investment in the subsidiary is valued according to the equity method. Exchange variations of investment abroad are recognized in the account of accumulated conversion adjustments in the shareholders equity, except when these investments are, in their essence, an extension of the activities of the headquarters activities in Brazil, situation in which the exchange variation is recognized in the result. 27

28 NOTES Property, plant and equipment Booked at acquisition cost. Subsidiary s assets depreciation is calculated using the straightline method at rates described in Note 8, which take into account the estimated useful lives of the assets. Leases Operating leases Payments made on an operating lease contract are recognized as expenses in the statement of income in accordance with the straight line method over the period of the lease contract. Intangible assets Refers to assets acquired from third parties, especially subscription bonuses paid in the acquisition of the oil or natural gas exploration concession, which are recorded at acquisition cost and adjusted when applicable to their recovery value. They are amortized according to the units produced method in relation to the total reserves to be proven when the subsidiaries OGX Ltda. and OGX Maranhão are in production. The expenditure on exploration and development of oil and natural gas production is recorded according to the successful efforts method. This method determines the development costs for all the successful production wells and exploration wells, linked to economically viable reserves, should be capitalized, while the costs of geological and geophysical work are to be considered as expenses for the exercise in which they were incurred and the costs of dry-hole of exploratory wells and those related to un-commercial reserves are to be recorded in profit and loss when they are identified as such. Non-current assets recoverable amount The Company and its subsidiary review their long-term assets in order to identify possible permanent losses regarding such assets when the occurrence of any event or change in circumstances that indicate that the book value of an asset or group of assets may not be recoverable based on the future cash flow generation. In case of such events, the mentioned review (impairment test) will be performed at the lowest level of the assets group to which the Company and its subsidiary is able to identify future cash flow generation. If the asset book value is higher than its future cash flow generation, the recognition of an impairment provision will be considered at the amount correspondent to the difference between the asset book value and its fair value. 28

29 NOTES Other current and non-current assets Stated at their net realization value. f. Current and non-current liabilities Stated at the known amounts or estimated, plus, when applicable, the corresponding charges and/or monetary and exchange variations incurred up to the balance sheet date. g. Provisions A provision is recognized in the balance sheet when the Company has a legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recorded considering the best estimates of the risk specific to the liability. The Company and its subsidiary had no contingencies as of March 31, 2010 and December 31, h. Remuneration based on shares The effects of the remuneration plan based on shares are calculated based on the fair value and are recognized in the balance sheets and statement of income as the contractual conditions are met. i. Income tax and social contribution The income tax and social contribution were calculated based on the rates of 15% plus a surcharge of 10% on taxable income in excess of R$60, for income tax and 9% on taxable income for social contribution on net income, and consider the offsetting of tax losses carry forward and negative basis of social contribution limited to 30% of the taxable income. 29

30 NOTES 4 Consolidated Quarterly Information The consolidated Quartely Information of March 31,2010 and 2009 have been prepared according to the rules established by Instruction number 247 issued on March 27, 1996 by CVM and include the Quartely Information of the Company and its subsidiaries listed below: Ownership percentage 03/31/ /31/2009 OGX Ltda. 99,99 99,99 OGX Maranhão 66,67 - OGX Áustria 100,00 - OGX International 100,00 - OGX Netherlands 100,00 - The accounting practices have been consistently applied to consolidated companies. The Quartely Information of the subsidiaries, and the exclusive funds have been revised by the same Company s auditors. Description of main consolidation procedures a. Elimination of inter-company asset and liability account balances. b. Elimination of the balances of investments and corresponding interests in the capital and accumulated losses of subsidiaries. c. Elimination of inter-company income and expense balances arising from inter-company transactions. 30

31 NOTES The balances of the group balance sheet of the main subsidiaries OGX Ltda. OGX and Maranhao. on March 31, 2010 and December 31, 2009 are as follows: As of March 31, 2010 In Brazil OGX OGX Ltda. Maranhão OGX Áustria Overseas OGX International OGX Netherlands Current assets 6,195,193 12, Property, plant and equipment 21, Intangible assets 3,227, Current liabilities 1,023, Non-current liabilities 5, Shareholders equity 8,415,117 12, As of December 31, 2009 In Brazil OGX OGX Ltda. Maranhão OGX Áustria Overseas OGX International OGX Netherlands Current assets 6,761, Property, plant and equipment 19, Intangible assets 2,718, Current liabilities 1,160, Non-current liabilities 2, Shareholders equity 8,336, Exchange variations of investment abroad, with functional currency different from the parent Company, are recognized in the account of accumulated conversion adjustments in the shareholders equity, and will be recognized in the statement of income when these investments are fully or partially sold. The income statements of invested companies in a stable economic environment with a functional currency different from the parent company are translated by the monthly average exchange rate, and the other items of shareholders' equity are translated at the historic rate. In addition, as required by CVM Instruction number 409/2004, the consolidated Quarterly Information also include the balances and transactions of the exclusive investment fund FI Multimercado Crédito Privado OGX63. This fund is managed by Itaú S.A. and has as quota holder only the Company and its subsidiaries OGX Ltda. and OGX Maranhão. The fund s portfolio composition is presented in Note 5. 31

32 NOTES The exclusive fund, which has its financial statements regularly audited, is subject to constraints on the payment of services rendered by the asset manager, attributed to operating investments, such as custody and audit fees and other expenses. There are no material financial obligations or Company and subsidiary assets to guarantee these obligations. 5 Cash and cash equivalents Financial institution Parent Company Consolidated 03/31/ /31/ /31/ /31/2009 Current Cash and banks ,589 1,279 Marketable securities: Fundo de Investimento em Cotas de Fundos de Investimento Multimercado Crédito Privado OGX63 Itaú 169, ,128 6,045,039 6,712,074 CDB Post-fixed anticipated settlement Santander/ABN 555, , , ,338 HSBC 81,880 80,210 81,880 80, , ,812 6,691,846 7,337,901 Marketable securities refer to amounts invested basically in the exclusive fund Fundo de Investimento em Cota de Fundo de Investimento Multimercado Crédito Privado OGX63, which invests in quotas of fixed-income funds and securities held under repurchase agreements, linked to private notes (Debentures and Bank Deposit Certificates - CDB) and treasury bonds (Letras do Tesouro Nacional - LTN and Notas do Tesouro Nacional - NTN), which yield an average of DI CETIP ( CDI ) and fixed rates. These transactions are registered at CETIP (Câmara de Custódia e Liquidação or Clearing House for the Custody and Financial Settlement of Securities), and are subject to the credit risk of the respective issuers. 32

33 NOTES The portfolio of investments in exclusive fund breaks down as follows: Consolidated 03/31/ /31/2009 Financial Date in Date in Type institution issuance maturity Value Value CDB Floating rate anticipated settlement BNP jun/09 jun/ ,981 PACTUAL sep/09 sep/ ,709 PACTUAL oct/09 oct/ ,832 PACTUAL dec/09 jun/ ,640 SOCIÉTÉ GENERALE dec/09 dec/11 123, ,573 - CDB Floating rate ABC dec/09 jan/11 123, ,582 Securities held under repurchase agreements: Debêntures BV Leasing sep/09 sep/11 104, ,686 BV Leasing apr/09 apr/11 578, ,473 Votorantim sep/08 sep/10-5,653 Votorantim jan/10 jan/12 32,455 - Votorantim feb/10 jan/11 12,149 - BRADESCO Leasing dec/08 dec/10 606, ,664 BRADESCO Leasing may/09 may/12 663, ,609 ITAÚ Leasing jan/09 jan/10-31,740 ITAÚ Leasing dec/09 dec/11-472,163 ITAÚ Leasing jun/09 jun/11 299, ,761 SAFRA Leasing dec/09 jun/11 133, ,617 SAFRA Leasing dec/09 dec/11-228,228 Santander/ABN dec/08 jun/10 550, ,159 LFT Tesouro Nacional mar/09 mar/15 78,651 79,566 Tesouro Nacional dec/09 mar/ Tesouro Nacional jan/07 jun/ LFT-Over Tesouro Nacional mar/09 mar/15-2,444 NTN-Over Tesouro Nacional mar/10 jan/11 2,064 - CDB Pre fixed BRADESCO jun/08 jul/10 489, ,548 UNIBANCO jun/08 jul/10 1,655,725 1,618,742 CORP ref. DI ITAÚ - - 4,628 5,100 CDB Floating rate anticipated settlement BNP feb/09 feb/11 45,369 44,430 Total 6,045,039 6,712,074 33

34 NOTES The investments classified as current assets have guaranteed daily liquidity, regardless of the maturity of the notes in which the fund invested. The Company and its subsidiaries OGX Ltda. and OGX Maranhão. may make early redemptions without compromising the yield. These investments are considered by the private fund as available for sale and are registered considering their market value. As of March 31, 2010 and December 31, 2009, average interest which remunerated the investment funds was equivalent to % and % of CDI, respectively. 6 Inventories Consolidated 03/31/ /31/2009 Current assets Inventories of materials (*) 139,202 85,161 Inventory of office material ,436 85,354 (*) It addresses material needed for carrying out the exploratory drilling campaign of subsidiary OGX Ltda. 7 Investments Parent Company Ownership percentage 03/31/ /31/2009 Non-current assets: OGX Ltda % 8,415,117 8,336,738 OGX Maranhão 66.67% 8,279 - OGX Austria GmbH 100% 75 - OGX International GmbH 100% 75 - OGX Netherlands BV 100% 71 - Other investments - 1,000 8,423,617 8,337,738 34

35 NOTES a. Investment in subsidiaries - changes in the balance in the quarter Balances on December 31, ,337,738 Share acquisitions 8,650 Investment write off (1,000) Cumulative translation adjustment (9) Equity in losses of subsidiary 78,238 Balances on March 31, ,423,617 b. Information about the investees 03/31/2010 Subsidiaries Equity in the capital (%) Shareholders equity Capital Gains (loss) for the period OGX Ltda. 99,99 8,415,118 8,416,469 78,379 OGX Maranhão 66,67 12,419 12,602 (183) OGX Austria GmbH 100, (9) OGX International GmbH 100, (9) OGX Netherlands BV. 100, ,427,757 8,429,320 78,178 12/31/2009 Subsidiary Equity in the capital (%) Shareholder s equity Capital Gains for the exercise OGX Ltda ,336,739 8,416,469 13,106 35