Oleo e Gas Partcpacs e Recprc Jdcl : Request to Extinguish the Judicial Reorganization Procedure

Rio de Janeiro, June 2nd, 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"), in accordance with the article 157, paragraph 4th of the Brazilian Law No. 6.404/76 and CVM Rule No. 358/02, inform their shareholders and the market in general that OGPar, OGX, OGX Austria GmbH and OGX International GmbH (when together, "Recovering Companies") have filed in the 4th Corporate Court of Rio de Janeiro, the request to extinguish their Judicial Reorganization procedure, given that all obligations were settled within 2 (two) years after the Judicial Reorganization was granted, in accordance to the article 63 of the Brazilian Law No. 11.101/05.

On October 30th, 2013, the Recovering Companies filed the Judicial Reorganization request, presenting debts over R$ 13.8 billion. Their Judicial Reorganization plans were submitted for the appraisal of the creditors on June 3rd, 2014 having been approved by its majority representing more than 90% of the listed credits. On October 16th, 2014, OGX held a capital increase which converted the pre-petition debt and also other certain credits into shares, an important milestone for the reorganization of the Recovering Companies.

The Companies understand that there are no legal or procedural obstacles which can prevent the extinguishment of the Judicial Reorganization and, additionally, inform that there are still pending appeals to be judged, which are not suspended, and, therefore, do not impact the development of the judicial

reorganization of the Recovering Companies, which comply with covenants as provided in the reorganization plan approved by the creditors.

The extinguishment of the Judicial Reorganization procedure depends on the appraisal and order of the 4th Corporate Court of Rio de Janeiro.

It was also requested that the claims submitted tardily and any other claims will remain under the 4th Corporate Court of Rio de Janeiro ruling.

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