OREANDA-NEWS. December 9, 2011. HRT Participacoes em Petroleo S.A. (“Company” or “HRT”) (BM&FBOVESPA: HRTP3, TSX-V: HRP), announces that, its subsidiary HRT O&G Exploracao e Producao de Petroleo Ltda. (“HRT O&G”) and Petra Energia S.A. (“Petra”) concluded negotiations of the call option exercise related to the 45% participating interest held by Petra (“Petra’s Participating Interest”) in concession rights over 21 blocks located in the Solimoes Sedimentary Basin, announced in Material Fact dated on May 25, 2011, through the signature of the Settlement Agreement and Release (“SAR”), which terminates any conflict between the parties.

In the terms of SAR, the value of Petra’s Participating Interest was agreed in BRL 1.288.674.554,40 (“Call Option Value”) to be paid by HRT O&G in five equal installments over a two-year period. The first installment should be paid within five business days after the approval by the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis - ANP) (“ANP”) of the concession rights of the Petra`s Participating Interest to HRT O&G; the remaining installments, six months after ANP’s approval of the concession exploratory rights to TNK-Brasil, following the same payment schedule.

In addition to the Call Option Value, and according to the Third Amendment to the Farm-Out Agreement, Petra will have the right to 50% of the difference between the Call Option Value and that received by HRT O&G from TNK-Brasil Exploracao e Producao de Oleo e Gas Natural Ltda. (‘‘TNK-Brasil’’), as announced in Material Fact dated on October 31, 2011, such difference to be paid after ANP`s approval of the concession exploratory rights to TNK-Brasil, following the same payment schedule made to HRT O&G.