Oleo e Gas Partcpacs e Recprc Jdcl : OGpar and OGX announce disclosure by the BS-4 Block Consortium Operator on new information for the Atlanta Field

Rio de Janeiro, March 16th, 2017 - Óleo e Gás Participações S.A. - Em Recuperação Judicial (BM&FBOVESPA: OGXP3; OTC: OGXPY.PK) and OGX Petróleo e Gás S.A. - Em Recuperação Judicial (BM&FBOVESPA: OGSA3; OTC: OXPRY.PK) (respectively "OGpar" and "OGX", and when together, "Companies"), making reference to the material fact disclosed on November 11th, 2016, to inform that, in accordance to the disclosure by Queiroz Galvão Exploração e Produção S.A. ("QGEP"), BS-4 Block Consortium Operator ("Operator"), in the release of the 4th Quarter of 2016 Financial Information on March 15th, 2017 and teleconference on March 16th, 2017, the FPSO Petrojarl I arrival, previously foreseen for the third quarter of 2017, was postponed again, now for the fourth quarter of 2017. In this sense, the start of the Early Production System (EPS) production is expected for the beginning of 2018, also as disclosed by the Operator. OGX emphasizes that continues to maintain conversations with potential buyers for part of its stake on BS-4 Block.

The Companies will keep the shareholders and the market informed of the 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