Replies to post #619 on Oleo e Gas Participacoes Sa, Brazil (fka OGXPY)

[BVE]

Dayneyus,

Thanks for the link: I did not read all the material but I would say that OGX (or better OGpar today), is a different company from a year ago so I would discard most of the info and start with a new clean sheet.

The big bet is on how the bankruptcy protection and paying creditors will play out. If just look at production and the numbers of shares out there I believe this can be a multiple from where it is today even with a drop of 10-15% in devaluation of the Real: today $2.27 and I think this will got to $2.50-$2.70 by the end of the year.

As mentioned, there was a LOI from an investment group to purchase OGpar's 36% gas operation stake for a minimum bid of R$ 200 million (US 80-90 million)and it was actually already part of the plan to get out of bankruptcy. This did not happen last week, the company simply did not show up in court (nor any other interested co's) so the judge set a second date for August 6 for companies to bid on that gas project. Well see next week what the result is. Obviously, if they sell, it would help OGpar's cash flow.

BVE

[BVE]

dayneyus, you probably read the press release on OGpar's website but nonetheless: they have been able to sell this week their participation in the gas fields up north and got the agreed R$ 200 million (approx. USD 88 million) for it.

This sale was part of the bankruptcy protection so another item they can check mark as "done" and concentrate on oil production.

BVE