RIO DE JANEIRO, July 5, 2011 /PRNewswire/ — Barra Energia do Brasil Petroleo e Gas Ltd (Barra Energia) announced today that it has entered into an agreement to acquire 10% of Block BMS-8 from Shell Brasil Petroleo Ltda, which currently owns a 20% participation in the area. Financial terms of the transaction were not disclosed.

The block is located offshore in the Santos Basin in water depth of approximately 2,100m. Petrobras is the operator of the block with a 66% working interest while Galp holds a 14% working interest.

In accordance with Brazilian regulatory requirements, the transaction and all the applicable assignment documentation will be submitted to ANP for final approval.

“This farm-in is the first major acquisition for Barra Energia as we execute our strategy to build a high quality portfolio of exploration and production assets in Brazil, and we continue to evaluate other opportunities,” said Renato Bertani, CEO. “We are striving to create a leading independent Brazilian company committed to technical excellence and ethical business practices.”

Barra Energia’s principal investors are First Reserve Corporation and Riverstone Holdings, LLC.

www.barraenergia.com.br

About Barra Energia

Barra Energia do Brasil Petroleo e Gas Limitada is a Brazilian company focused on petroleum exploration and production in the Brazilian sedimentary basins. The company is led by Brazilian professionals highly experienced in the oil industry, both in Brazil and abroad, with financial support from the private equity firms First Reserve and Riverstone. The main focus area of Barra Energia is offshore, including the Santos and Campos basins and the emerging pre-salt play.

About First Reserve Corporation

First Reserve is a leading private investment firm in the energy and natural resource industries, making both private equity and infrastructure investments throughout the energy value chain. For 28 years, it has invested solely in the global energy industry, and has developed a preeminent franchise, utilizing its broad base of specialized energy industry knowledge as a competitive advantage. The firm is currently investing its most recent private equity fund, which closed in 2009 at approximately US $9 billion and its most recent infrastructure fund which closed in 2011 at approximately US $1.2 billion. First Reserve invests strategically across a wide range of energy industry sectors, developing a portfolio that is diversified across the energy value chain, backing talented management teams and building value by building companies. Further information is available at www.firstreserve.com.

About Riverstone Holdings LLC

Riverstone Holdings LLC, an energy and power-focused private equity firm founded in 2000, has approximately $17 billion under management across six investment funds, including the world’s largest renewable energy fund. Riverstone conducts buyout and growth capital investments in the midstream, exploration & production, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London and Houston, the firm has committed approximately $15.7 billion to 76 investments in North America, Latin America, Europe and Asia. For more information, visit www.riverstonellc.com.

SOURCE Barra Energia