Oleo e Gas Partcpacs e Recprc Jdcl : Material Fact

Rio de Janeiro, May 31st, 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 4 of Brazilian Law No. 6.404/76 and CVM Rule No. 358/02, and in addition to the Materials Facts previously released, 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, from OGX 3rd (third) issuance ("DIP Debentures"), held on the hereby date, at 11 a.m., to deliberate about an eventual extension of the Standstill period, settled on May 14th, 2015, between OGX, OGPar and Oliveira Trust Distribuidora de Títulos e Valores Mobiliários S.A., fiduciary agent, among others, the majority of the debenture holders attendees approved the suspension of the aforementioned Meeting, to be reopened on July 31st, 2017, at 11 a.m. at the same location.

The Companies will keep its 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