OGX PETRÓLEO E GÁS S.A. - Em Recuperação Judicial CNPJ/MF: 08.926.302/0001-05 Public Company - BOVESPA: OGSA3 Notice to the Market - Update on the Agreements about the Consortium of the Block BS-4 - Rio de Janeiro, July 28th, 2017 - OGX Petróleo e Gás S.A. - Em Recuperação Judicial ("OGX" or "Company") (Bovespa: OGSA3; OTC: OXPRY.PK), inform that the agreements related to the FPSO's charter for the development of the Atlanta Field, which were the subject of the Material Fact disclosed by the Company on July 21st, 2017, became effective on the hereby date, after the conclusion of certain post- signing procedures which were contractually agreed. Among these procedures is the partial amortization of approximately USD 14 million from the cash calls issued in Brazilian currency, owed by OGX to QGEP Participações S.A. ("QGEP") and to Barra Energia do Brasil Petróleo e Gás Ltda ("BE"). The aforementioned amortization occurred through the liberation of resources which were previously deposited as a guarantee to Teekay, as a result of the charter of the FPSO Petrojarl I.

Lastly, as disclosed in previous opportunities, OGX holds a participation of 40% in Atlanta and Oliva Fields (BS-4 Block), in partnership with QGEP (30%) and BE (30%). The development project of the Atlanta Field's production is on deployment stage, with the beginning of the production expected for the first quarter of 2018, as disclosed by QGEP, which is the operator of the BS-4 Consortium. OGX emphasizes that it keeps making efforts to sale its participation on Block BS-4 to potential interested parties.

Rio de Janeiro, July 28th, 2017 Márcia Mainenti

Chief Financial and Investor Relations Officer

OGX Petróleo e Gás S.A. - Em Recuperação Judicial 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.

OGX 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

Formatted: English (U.S.)

Oleo e Gas Participacoes SA em Recuperacao Judicial published this content on 28 July 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 29 July 2017 00:59:02 UTC.

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