Oleo e Gas Partcpacs e Recprc Jdcl : Disclosure Policy Adjustment

ÓLEO E GÁS PARTICIPAÇÕES S.A. CNPJ/MF: 07.957.093/0001-96 Public Company - B3: OGXP3 OGX PETRÓLEO E GÁS S.A. CNPJ/MF: 08.926.302/0001-05 Public Company - B3: OGSA3 Material Fact - Disclosure Policy Adjustment - Rio de Janeiro, August 28th, 2017 - Óleo e Gás Participações S.A. (B3: OGXP3; OTC: OGXPY.PK) and OGX Petróleo e Gás S.A. (B3: OGSA3; OTC: OXPRY.PK)(respectively, "OGpar" and "OGX", and, when together, "Companies"), in accordance with the CVM Rule No. 358/02 and its corresponding adjustments, announce to their shareholders and to the market that the Companies' Board of Directors approved the adjustment of the respective Companies' Disclosure Policies ("Disclosure Policies"), in accordance to CVM Rule No. 547/2014, which amended the CVM Rule No. 358, from January 03rd, 2002, to establish that any act or material fact of the Companies in its integrity will be disclosed through a news portal, which has a website on the World Wide Web with free access.

According to the terms of the Disclosure Policies adjustment, as approved, the Companies will disclose any act or material fact through the news portal "Portal NEO1" on the website "www.portalneo1.net". Besides the disclosure on the aforementioned news portal, the act or material fact will be also disclosed on the Companies' Investor Relations website "http://www.ogpar.com.br/ri" and "http://www.ogx.com.br/ri" and through the electronic system available on the Securities and Exchange Commission's ("CVM") website, Brazilian Regulatory Agency, "http://www.cvm.gov.br" on the World Wide Web.

The updated Disclosure Policies are available for consultation on the Companies' website and on the CVM's website on the aforementioned addresses.

Rio de Janeiro, August 28th, 2017 Paulo Narcélio

Chief Executive, Financial and Investor Relations Officer

Óleo e Gás Participações S.A. OGX Petróleo e Gás S.A. 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/OGX Contacts: Investor Relations

Paulo Narcélio Victor Rosenzvaig Cinthya Coutinho [e-mail]

[phone]

Media

Cibele Flores [e-mail]

[phone]