OGX Petróleo e Gás S.A. - Em Recuperação Judicial announced consolidated earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, the company announced net sales revenue of BRL 92,448,000 compared to BRL 228,776,000 a year ago. LBITDA from operation was BRL 47,448,000 compared to BRL 42,284,000 a year ago. Adjusted LBITDA with non-recurring items was BRL 146,305,000 compared to BRL 48,462,000 a year ago. LBIT was BRL 75,205,000 compared to BRL 139,817,000 a year ago. LBT was BRL 252,837,000 compared to BRL 196,637,000 a year ago. Net loss from continuing operations was BRL 252,837,000 compared to BRL 196,637,000 a year ago. Net loss was BRL 293,935,000 compared to BRL 194,946,000 a year ago. For the nine months, the company announced net sales revenue of BRL 146,079,000 compared to BRL 491,727,000 a year ago. LBITDA from operation was BRL 149,864,000 compared to BRL 125,852,000 a year ago. This is mainly due to oil sales margin, which decreased from -54% to -64% in the 2016 vs. 2015 comparison for the same period of the year, since sales in first quarter 2016 were strongly affected by the steep decline in the oil price in the period, and the company did not record any production in 2Q16 due to the temporary interruption in Tubarão Martelo's Field production. Adjusted LBITDA with non-recurring items was BRL 241,279,000 compared to BRL 200,061,000 a year ago. LBIT was BRL 51,549,000 compared to BRL 199,286,000 a year ago. LBT was BRL 184,737,000 compared to BRL 424,592,000 a year ago. Net loss from continuing operations was BRL 184,737,000 compared to BRL 431,846,000 a year ago. Net loss was BRL 231,920,000 compared to BRL 514,719,000 a year ago, chiefly due to: negative gross margin of BRL 94.2 million in the Tubarão Martelo field, as a result of lower international oil prices in January and February 2016; operating costs of BRL 151.6 million in the Tubarão Martelo field during the period of interruption; provisioned interest on DIP financing and incremental facility, totaling BRL 87.0 million; restructuring costs and general and administrative expenses of BRL 61.4 million; MTM adjustment of interest held by the Company in Eneva, totaling BRL 29.9 million; write-off of receivables traded in Eneva's capital increase agreement, totaling BRL 107.9 million; notification letter sent by Exxon, charging BRL 53.7 million referring to PEM obligations in the assignment of POT-762 Block that has been relinquished. Cash used in operations was BRL 43,513,000.