OREANDA-NEWS. HRT Participates em Petroleo S.A. (the “Company” or “HRT”) (BM&FBOVESPA: HRTP3, TSX-V: HRP), announces that, through its Board of Executive Officers, after discussing opinions from three law firms, namely, Carvalhosa e Eizirik Advogados, Barbosa, Mussnich & Aragao Advogados and Campos Mello Advogados, which were asked for the next steps to be adopted, considering the resolutions taken at the last Board of Directors' meeting, held on December 20th , 2013, and the resignation of six (6) independent members of the Board of Directors, which took place on December 22nd , 2013, that:

Besides being a consensus among legal advisers, it is a position taken by the Board of Directors and the Board of Officers of the Company that the Shareholders' Meeting to elect the new Board of Directors shall be held as soon as possible, mainly observing the guidelines set forth in the last part of caput of art 150, Law 6,404/76;

The existence of vacant positions would not invalidate the standing of maintenance, in the positions, of remaining members of the Board of Directors, being the body itself, preserved and operating with four (4) members;

It is incumbent on the Board of Directors to convene the Shareholders' Meeting;

It is incumbent on the Board of Officers to remain as representative of the Company and in the practice of acts required to its proper operation.

In view of the foregoing, we hereby inform that the Board of Directors will meet tomorrow, December 27th, 2013, to deliberate on the next steps towards the rescheduling or make a new call of meeting, observing the fulfilment of rules and terms under the Brazilian and Canadian laws.

The Board of Officers considers to be important to emphasize, as disclosed in the Material Fact of last Monday 23rd, that ANP has approved the transfer of operatorship of the Polvo Field to HRT and the transition process will be completed by the first quarter of January, 2014. The field has a current production above 11,000 barrels of oil per day. Additionally, we resumed with Rosneft our planning and activities in Solimoes, having already received all payments (cash calls) pending until September 30th, 2013, as well as the payment of two (2) subsequent cash calls.