OREANDA-NEWS. OGX Petroleo e Gas Participacoes S.A. announces that its Board of Directors deliberated, today, for the nomination of Mr. Paulo Narcelio Simoes Amaral as the new Chief Executive Officer, accumulating the role with the positions of Chief Financial Officer and Investor Relations Officer and replacing Mr. Luiz Eduardo Guimaraes Carneiro.

The Board of Directors also decided to retain the consulting firm ANGRA PARTNERS, led by Ricardo Knoepfelmacher, to coordinate and advise the Company in its restructuring process.

Additionally, Mr. Jose Roberto Penna Chaves Faveret Cavalcanti is no longer the Company's Legal Officer as of today. The lawyer Darwin Correa will act as Legal Counsel before the Board of Directors.

An Extraordinary General Meeting was requested to be held on November 01, 2013 at 12:00 PM in order to dismiss and elect members to the Board of Directors.

Finally, it was determined that the Company's Management will hire a consulting firm with worldwide reputation and expertise to perform an audit in the Company's business and operations from 2008 to 2013.

The Board of Directors resolutions aim to strengthen the Company's management to reassess its strategy, prepare and implement a restructuring project that meets the best interests of the Company 'shareholders, employees and creditors, fulfilling thereby its purpose.