Oleo e Gas Participacoes : OGpar and OGX announces changes in its Board of Directors

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ÓLEO E GÁS PARTICIPAÇÕES S.A. - Em Recuperação Judicial CNPJ/MF: 07.957.093/0001-96 Public Company - BOVESPA: OGXP3

OGX PETRÓLEO E GÁS S.A. - Em Recuperação Judicial CNPJ/MF: 08.926.302/0001-05 Public Company Material Fact - OGpar and OGX announces changes in its Board of Directors -

Rio de Janeiro, March 22nd, 2016, - Óleo e Gás Participações S.A. - Em Recuperação Judicial (Bovespa: OGXP3; OTC:OGXPY.PK) and OGX Petróleo e Gás S.A. - Em Recuperação Judicial (Bovespa: OGSA3; OTC: OXPRY.PK) (respectively, "OGpar" and "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, inform the market that the Companies' Board of Directors approved the appointment of Mrs. Márcia Lemos Mainenti to the position of Financial Director and Investor Relations Director, in substitution to Mr. Paulo Narcélio Simões Amaral, who remains as the Executive Director. Also, on the same date, Mrs. Mainenti was appointed to the position of Member of OGX Information Disclosure Committee, position held by the Investor Relations Director, in substitution to Mr. Paulo Narcélio.

Mrs. Mainenti holds a bachelor degree in Economics by Instituto Brasileiro de Mercado de Capitais (IBMEC- RJ), and MBA in Economics by the same institution. Mrs. Mainenti accumulated the positions of Treasury, Investor Relations, Financial Planning and Analysis Manager on OGX and since September of 2015 is member of the Board of Directors of Parnaíba Gás Natural S.A.. In 2010 Mrs. Mainenti began working at EBX group, while at OSX Brasil S.A. in the treasury department and previously worked at Banco Brascan, Máxima Asset with macroeconomics analysis and at Banco Máxima also in the treasury department.

The occupation of the positions is subject to signature of the respective occupation contract and, in relation to OGpar, conditioned to the signature of the statement of consent by the Directors to Novo Mercado Listing Rule.

Legal Notice

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.

Contacts: Investor Relations

Márcia Mainenti Victor Rosenzvaig ri@ogpar.com.br

+55 21 3916-4545

Media

Cibele Flores cibele.flores@ogpar.com.br

+55 21 3916-4505