SOURCE: MPX Energia S.A.


November 10, 2009 07:50 ET

MPX: D&M Certifies Net Contingent Resources of 1,7 Tcf in the Parnaíba Basin Blocks

Volume Certified Implies Potential for Developing a Power Plant With an Initial Capacity of 1000 MW

RIO DE JANEIRO, BRAZIL--(Marketwire - November 10, 2009) - In compliance with article 157 of Law 6404/76 and with provisions of Instruction 358/02 of the Brazilian Securities Commission (Comissão de Valores Mobiliários, or "CVM"), MPX Energia S.A. ("MPX" or the "Company") (BOVESPA: MPXE3) hereby informs that DeGolyer & MacNaughton ("D&M")(1) certified net contingent resources of 1,7 Tcf of natural gas in the 7 on-shore exploratory blocks in the Parnaíba Basin, State of Maranhão, in which OGX Petróleo e Gás S.A. ("OGX") acquired a 70% participating interest in September 2009 ("Blocks"). On September 24, 2009, MPX disclosed that it had signed a Memorandum of Understanding with OGX formalizing the intention to acquire, subject to Agência Nacional do Petróleo, Gás Natural e Biocombustíveis ("ANP") approval, 33.3% of OGX's participating interest in the Blocks.

Net contingent resources certified correspond to 303 million barrels of oil equivalent ("boe"). Additional net risked prospective resources of 0.2 Tcf were also certified. Despite the lack of sufficient development drilling to classify the contingent resources as reserves, the volume certified implies a potential for developing a combined-cycle power plant with an initial capacity of 1000 MW(2).

MPX should soon start the licensing process for a 1000 MW power plant. The Company plans to register this plant for a new energy auction as soon as possible. Beginning in December 2009, new seismic lines will be carried out aiming to start drilling in mid-2010.

For further information, MPX invites all interested parties to participate in a conference call to be held on Tuesday, November 10, at 10:00 a.m. NY time.

To access the call:
Telephone USA: +1 888700-0802
Telephone Brazil: +55 11 4688-6341

Telephone Other Countries: +1 786 924-6977
Access Code: MPX

(1) DeGolyer & MacNaughton has over 70 years of experience as a leading consultant in reserve certification for the oil and natural gas industry with extensive knowledge of the Brazilian sedimentary basins.

(2) Assuming a 30-year gas supply to the power plant.

Contact Information

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