Oleo e Gas Partcpacs e Recprc Jdcl : OGpar and OGX disclose confidential information as part of Settlement with creditors

Rio de Janeiro, March 17th, 2017 - Óleo e Gás Participações S.A. - Em Recuperação Judicial ("OGpar") (Bovespa: OGXP3; OTC: OGXPY.PK) and OGX Petróleo e Gás S.A. - Em Recuperação Judicial ("OGX") (Bovespa: OGSA3; OTC: OXPRY.PK) (together, "Companies"), announce to the market that, as part of the negotiations to implement the Term Sheet disclosed by the Companies through material fact released on January 10th, 2017 ("Term Sheet"), certain relevant and confidential information were disclosed to certain creditors which took part in the Term Sheet, among them OSX-3 Leasing B.V. bondholders, DIP Financing debenture holders of the 1st and 2nd Series of the 3rd Private Issuance of Convertible Debentures into Shares, with real guarantee, with additional fiduciary guarantee, and certain signatory creditors of the Export Pre-Payment Contract dated as of June 23rd, 2014. Also, as part of the negotiations with such creditors, the Companies agreed that the information would be disclosed to all of the Companies' shareholders and creditors and to the market in general, which is being fulfilled with the present notice to the market and its attachments ("Disclosed Information").

The Disclosed Information should not be regarded as an indication that the Companies or any other person considered, or now considers, this information to be predictive of actual future results, and does not constitute an admission or representation by any person that such information is material, or that the expectations, beliefs, opinions and assumptions that underlie these materials remain the same as of the date of this disclosure and the information or as of the date indicated contained in these materials may have been superseded by subsequent developments. Readers are cautioned not to place undue reliance on these materials and are referred to the Company's current public disclosure.

Projections, including with respect to cash flows, are included in the material set forth herein. Such projections have not been examined by auditors.

The projections and other material set forth herein contain certain statements that are "forward-looking statements". These statements are subject to a number of assumptions, risks, and uncertainties, many of which are and will be beyond the Companies' control.

These projections are considered as of the date indicated and are not guarantees of future performance. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and the Company undertakes no obligation to update any such statements.

The projections, while presented with numerical specificity, are necessarily based on a variety of estimates and assumptions which, though considered reasonable by the Companies, may not be achieved and are inherently subject to significant business, economic, competitive, industry, regulatory, market and financial uncertainties and contingencies, many of which are and will be beyond the Companies' control. The Companies cautions that no representations can be made or are made as to the accuracy of the historical financial information or the projections or to the Companies' ability to achieve the projected results. Some assumptions may prove to be inaccurate. Moreover, events and circumstances occurring subsequent to the date on which the Projections were prepared may be different from those assumed, or, alternatively, may have been unanticipated, and thus the occurrence of these events may affect financial results in a materially adverse or materially beneficial manner.

The financial information reflected in the Disclosed Information does not purport to present the Companies' financial condition in accordance with accounting principles generally accepted in the United States or any other country. The Companies' independent accountants have not audited or performed any review procedures on the Disclosed Information (except insofar as certain historical financial information may have been derived in part from the Companies' historical annual financial statements).

The Companies have various contracts and other interests that it is required to comply with, some of which include funding obligations. In the event the Companies are unable to fund its obligations, its interests in certain key contacts and joint venture agreements may be compromised. The Companies reserve all of

their rights with respect to any legal or other arguments that may be asserted in connection with preserving their interests.

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

OGX Petroleo e Gas S.A.

Discussion Materials

New York March 15, 2017

Private & Confidential