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Release| Page 1 | 3Q12 3Q12 HRT-93Q12 TEST Market Cap R$ 1.7 Billion Closing Price HRTP3 R$ 5.91 Conference Call 3Q12 November 13th, 2012 Webcast: www.hrt.com.br/ir English 08:00 a.m. (NYC) Phone: +1 (786) 924 6977 Toll Free (USA) +1 (855) 281 6021 Code: HRT Portuguese 11:00 a.m. (BRA) Phone: +55 (11) 2104 8901 Code: HRT The conference call will be held in English with simultaneous translation into Portuguese IR Contacts www.hrt.com.br/ir [email protected] +55 21 2105-9700 Carlos Tersandro Adeodato CFO and IRO 3Q12 Earnings th AT | November 12 , 2012 Release| Page 1 | 3Q12 3Q12 HRT ANNOUNCES ITS 3Q12 RESULTS Rio de Janeiro, November 12, 2012 – HRT Participações em Petróleo S.A. – “HRT”, “HRTP” or “Company” (BM&FBovespa: HRTP3 and TSX-V: HRP.V) announces its results for the 3rd quarter of 2012 (“3Q12”). The financial and operational data described below, except where otherwise stated, are presented on a consolidated basis including our direct subsidiaries: HRT O&G Exploração e Produção de Petróleo Ltda. (“HRT O&G”), Integrated Petroleum Expertise Company – Serviços em Petróleo Ltda. (“IPEX”), HRT Africa Petróleo S.A. (“HRT Africa”), HRT Netherlands B.V. (“Netherlands”), Air Amazonia Serviços Aéreos Ltda. (“Air Amazonia”), HRT America Inc. (“HRT America”), its respective subsidiaries and branches. 3Q12 HIGHLIGHTS CORPORATE ■ New Composition of the Board of Directors approved at the Shareholders` Meeting; ■ Strengthening of the structure of the Board of Directors` Committees; ■ Consolidation of the CFO position within the HRT Group; ■ Set Operational Efficiency and Cost Rationalization Programs; ■ Signing of a Term Sheet with Erickson Air-Crane for the sale of the air logistics business. SOLIMÕES BASIN ■ Gas discoveries in wells HRT-8 and HRT-9; ■ Significant reduction of the drilling time of wells in the Solimões Basin; spud-in of 1-HRT-10 in a record time with cost reduction; ■ Increase in the planned 2D seismic campaign with the acquisition of 500 km in blocks 194 and 195 and request for bid proposals for an additional 4,000 km; ■ Signing of a Letter of Intent (LOI) MOU with Petrobras and TNK-Brasil to study the alternatives for gas monetization. NAMIBIA BASINS ■ Completion of the 3D seismic processing and final interpretation; ■ Drilling campaign set to commence in 1Q13; ■ Appraisal of firm Farm-Down proposals; ■ New D&M update report of prospective resources based on 3D data to be issued in 4Q12. | Page 2 | 3Q12 MANAGEMENT REPORT This third quarter of 2012 was remarkable for HRT. It reinforced lessons learnt, consolidating and advancing with important transformations for the HRT Group. This past October 1st, a new composition for the HRT`s Board of Directors was approved, which is now composed of 11 members, of which 8 are independent, all of them with extensive background in company management, especially in the oil and gas industry. Additionally, the Financial Officers of all companies of the Group were consolidated into a single CFO position that also assumed the activities of the Investor Relations Officer. With a view to increasing the Corporate Governance, a new Technical Exploration Committee was created by the Board of Directors. The Audit, Investment, Compliance & Risk and Compensation Committees have been consolidated and strengthened with three (3) members each, with the presence of at least two (2)members from the Board of Directors. Since the beginning of 2012, important changes have been introduced for the Company`s future, especially with the streamlining of the organizational and corporate structure, adjustments in the Companies` headcount and a severe control of costs. Additionally, a divestment program was approved by the HRTP`s Board of Officers, in which Air Amazonia, aircraft, drilling rigs and other non-core assets are being offered for sale. With respect to the exploratory campaign, HRT has drilled and tested the well 1-HRT-9, the one considered the most significant discovery so far. Through a production of over 700 thousand m3 of gas per day, this well has shown through a cased hole drillstem test that the Solimões blocks can hold exploration prospects with wells having very high capacity flow rates. The wells HRT-8 and HRT-5 have already presented excellent results, and in connection with the results obtained in this last discovery enabled the signing of a LOI with Petrobras and TNK-Brasil, with a view to jointly studying the technical, economic and environmental feasibilities for the gas monetization of the Juruá gas province, where the referred companies have an important group of discoveries. The Company`s management is confident about new drillings in the Solimões Basin. The well 1-HRT-10 has already been spudded, the one with great potential to open a new exploratory frontier towards the south of the natural gas proven basin. The Company is also confident about our next prospects which can be outlined with new 2D seismic surveys, based on new acquisition parameters. At present, 500 km of 2D seismic have been acquired in blocks 194 and 195, and a 2D seismic RFP (Request for Proposals) is being concluded, so that 4,000 km may be shot in the south and east portions of the Basin. With respect to Namibia, the Company is making progress on four main fronts: (1) Completion of the 3D seismic processing and its final interpretation with the definition of prospects to be drilled in the first quarter of 2013; (2) Re- opening of the data room to new companies interested in the farm-down of the African coast blocks, receiving of proposals, and negotiations of the farm-down terms; (3) hiring of all services and ordering of long-lead items, delivery of major equipment to drill the wells and hiring of general insurances for the start-up of the drilling campaign; and (4) revision of prospective resources performed by D&M, based on 3D seismic data. The Company`s management remains of the conviction of the oil potential over the prospects to be drilled both in the Solimões and Namibia basins, as well as it reiterates the confidence in its executive, technical and administrative body to maximize investment return. 2 | | Page 3 | 3Q12 3Q12 COMPANIES OF THE GROUP HRT PARTICIPAÇÕES EM PETRÓLEO S.A. HRT Participações, a publicly-traded company, headquartered in Rio de Janeiro – Brazil, acts as the holding of the HRT Group. It manages and conducts the activities carried out by its subsidiaries. Its Board of Officers is responsible for implementing the strategic guidelines appointed by the Board of Directors, in turn, the latter counts on a solid support structure which comprises five (5) Committees, each of them composed of three (3) members, constantly with at least two (2) members from the Board of Directors. The Committees of the Board of Directors are: Audit Committee, Compensation Committee, Investment Committee, Compliance and Risk Committee and the newly created Technical Committee, which has its focus on the technical support regarding the exploration activity matters. These committees had its compositions updated at the first Shareholders` Meeting of the current Board of Directors, held on October 17, 2012. According to the Company`s governance rules, the matters submitted to the Board of Directors for resolution and that are applicable to a respective committee, should be previously analyzed by it, and this committee will be responsible for making the recommendations on such matter to the Board of Directors. The presence of three executives of the Company within the Board of Directors, in the Committees of the Board of Directors (maximum 1 member per Committee) strengthens the connection among the strategic guidelines provided by the Board of Directors and its implementation by the Company`s Board of Officers. The Company`s Board of Officers gets together at least on a weekly basis and conducts the business management in a direct manner and with a timely monitoring, implementing and emphasizing one of the main characteristics of HRT, agility in the decision-making processes. | Page 4 | 3Q12 HRT OIL & GAS HRT O&G was created to capitalize on the expertise developed in geology, geochemistry and geophysics services for the oil and natural gas exploration and production activities. Today, HRT O&G holds 55% stake over 21 exploration blocks in the Solimões Basin. The Solimões Basin is located in Brazil`s Amazon region and the blocks under concession for the HRT O&G (55%) / TNK-Brasil (45%) consortium occupy an area of 48,507 km². According to official data disclosed by Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP) in August, 2012, the Basin is ranked the second largest gas reserve and the third largest oil and gas production, both in Brazil, with around 106 thousand BOE per day. The oil produced in the Solimões Basin is of excellent quality, with a specific density between 41o and 47o API, and has a strategic importance for the Brazilian market. On August 15, 2012, HRT O&G concluded the drillstem test in well 1-HRT-8-AM in the Juruá Formation reservoirs from 3,122 to 3,128 meters depth, reaching a production of 9,25 million cubic feet (262 thousand cubic meters) of natural gas per day with a choke of 40/64”. The tested prospect is part of a northeast-southwest structure with around 40 km2 in area that can hold from 170 to 290 Bcf (4,9 to 8,2 billion cubic meters) of recoverable natural gas (mean value). The spud-in of well 1-HRT-9-AM took place on June 16, 2012 and reached a total depth of 2,960 meters, inside Devonian sedimentary rocks. Drilling operations were carried out in a record 60-day time, thus representing a milestone in HRT O&G drilling operations.
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