ÓLEO E GÁS PARTICIPAÇÕES S.A. CNPJ/MF: 07.957.093/0001-96 Public Company - BOVESPA: OGXP3 Extension of the agreement with OSX for tests in the Tubarão Azul Field Rio de Janeiro, July 18, 2014 - Óleo e Gás Participações S.A. - Em Recuperação Judicial (the "Company") (BM&FBOVESPA: OGXP3; OTC: OGXPY.PK), announces, regarding the agreement signed together with its subsidiary, OGX Petróleo e Gás S.A. - Em Recuperação Judicial, and OSX 1 Leasing B.V. ("OSX 1L") and OSX Serviços Operacionais Ltda. - Em Recuperação Judicial, disclosed on February 3rd, 2014 as a Material Fact, that the testing period in the Tubarão Azul Field will proceed until September 17, 2014.

The Company continues in the process of negotiating agreements that would allow the Vessel to continue producing, and still subject to certain precedent conditions, especially the signing of an agreement establishing all the operational and financial conditions among all the parties involved.

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.

OGpar Contacts

Investors:
Marcia Mainenti Marianna Sampol ri@ogpar.com.br
+55 21 3916 4545
Media:
Cibele Flores, Cibele.flores@ogpar.com.br
+55 21 3916 4505

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