Oleo e Gas Partcpacs e Recprc Jdcl : General Meeting of the DIP Debentures holders

Rio de Janeiro, March 08th, 2017 - Óleo e Gás Participações S.A. - Em Recuperação Judicial (BM&FBOVESPA: OGXP3; OTC: OGXPY.PK)("OGPar") and OGX Petróleo e Gás S.A. - Em Recuperação Judicial (BM&FBOVESPA: OGSA3; OTC: OXPRY.PK)("OGX", and when together, "Companies"), in accordance with article 157, paragraph 4th of Brazilian Law No. 6.404/76 and CVM Rule No. 358/02, announce to their shareholders and to the market that in the General Meeting of the DIP Debentures holders, convertible into shares, with real guarantee, with additional fiduciary guarantee, in 3 (three) series, ("DIP Debentures") occurred on the hereby date, DIP Debentures holders of the 3rd Series, representing 0,68% of Debentures DIP in circulation, expressed interest in joining the agreement signed on January 10th, 2017 between the Companies and certain creditors ("Term Sheet"), as disclosed as material fact on the same date.

Considering that, since the signing of the Term Sheet and until the present date, 100% of the 1st and 2nd Series DIP Debentures holders already were participating in the Term Sheet, 97.21% of the entirety of DIP Debentures adhered to the Term Sheet.

Finally, the Companies inform that the DIP Debentures holders that have not expressed interest in adhering to the Term Sheet will remain with the rights set forth in the indenture of the DIP Debentures.

The Companies will keep their shareholders and the market informed of any further developments on this matter.

This document contains Company-related statements and information that reflect the current vision and/or expectations the Company and its management have regarding its business plan. These include, among others, all forward-looking statements that involve forecasts and projections, indicate or imply results, performance or future achievements, and may contain words such as "believe," "foresee," "expect," "consider," "is likely to result in" or other words or expressions of similar meaning. Such statements are subject to a series of expressive risks, uncertainty and premises. Please be advised that several important factors can cause the actual results to diverge materially from the plans, objectives, expectations, estimations, and intentions expressed in this document. In no event shall the Company or the members of its board, directors, assigns or employees be liable to any third party (including investors) for investment decisions or acts or business carried out based on the information and statements that appear in this presentation, or for indirect damage, lost profit or related issues. The Company does not intend to provide to potential shareholders with a revision of the statements or an analysis of the differences between the statements and the actual results. Each investor must conduct and rely on its own evaluation, including of the associated risks, in making an investment decision.

Márcia Mainenti Victor Rosenzvaig ri@ogpar.com.br

+55 21 3916-4545

Cibele Flores cibele.flores@ogpar.com.br

+55 21 3916-4505