Oleo e Gas Participacoes : Restraint of OGX Accounts by Judicial Order

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 - BOVESPA: OGSA3 Material Fact - Restraint of OGX Accounts by Judicial Order-

Rio de Janeiro, October 6th, 2016 - 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 article 157, paragraph 4 of Brazilian Law No. 6.404/76 and CVM Rule No. 358/02, inform its shareholders and the market in general that, on October 4th, 2016, the 6th Court of Federal Tax Executions of Federal Justice of Rio de Janeiro State ordered the online restraint of certain OGX accounts in the amount limited at R$ 5,910,378.97.

The restraint order was filed by Agência Nacional do Petróleo, Gás Natural e Biocombustíveis ("ANP"), Brazilian regulatory agency, against OGX, in reference to the Inspection Document nº 808.112.1233.319213, which object is the assessment of non-compliance observed at the inspection of the measurement system of production on the FPSO OSX-1, performed during the period from May 8th, 2012 to May 9th, 2012.

Although OGX was not able to avoid the irregularities stated by ANP in the Administrative Court, the Companies understand that the credit held by ANP should not receive privileged treatment, taking into consideration that OGX is under judicial reorganization. Furthermore, OGX filed the delayed credit to the Court that is handling the judicial reorganization, in order to contemplate the aforementioned credit in the general list of creditors, since the sanction applied by ANP originated from a fact occurred on May 2012, before OGX filed for judicial reorganization.

The Companies will keep its shareholders and the market informed of any further developments on this matter.

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

Márcia Mainenti Victor Rosenzvaig [e-mail]

[phone]

Media:

Cibele Flores [e-mail]

[phone]