First Reserve Provides Up to US $500 Million Commitment to Barra Energia

Partners with Industry Experts in New Firm to Focus on Brazilian Oil and Gas Assets

GREENWICH, Connecticut, HOUSTON, LONDON and RIO DE JANEIRO, May 3, 2010 - First Reserve Corporation, the world's leading private equity firm in the
energy industry, today announced that its First Reserve Fund XII has provided
an equity commitment of up to US $500 million to Barra Energia Petroleo e Gas
("Barra Energia"), a newly established independent exploration and production
firm led by Brazilian energy industry experts, Joao Carlos de Luca, Executive
Chairman, and Renato Tadeu Bertani, Chief Executive Officer.

Barra Energia, which is based in Rio de Janeiro, Brazil, will combine its
world-class technical and commercial expertise to pursue the acquisition,
exploration and development of oil and gas assets in Brazil. Barra Energia
will focus on building a balanced portfolio of assets in selected onshore and
offshore basins in Brazil. Led by Messrs. de Luca and Bertani, both former
Petrobras executives, the Barra Energia management team intends to utilize
its extensive experience in Brazil to identify unique opportunities to
deliver robust reserves and production growth.

"The Barra Energia team has an outstanding track record in building
valuable E&P portfolios through innovative thinking and cost-effective
project execution," said Will Honeybourne, Managing Director at First Reserve
Corporation. "Brazil continues to emerge as an important economic power and
has developed a vibrant, state of the art energy industry with significant
growth potential. We are looking forward to supporting and contributing to
the long-term growth of the local petroleum sector."

Mr. de Luca is currently President of IBP (Brazilian Petroleum and Gas
Institute), where he has been closely involved with the advancement and
development of a sustainable energy industry in Brazil. Mr. de Luca's
expansive career in the oil and gas sector includes his position as President
of Repsol YPF Brazil, an organization he helped found in 1998. Additionally,
Mr. de Luca served as Director of E&P and a member of the Board of Directors
at Petrobras.

Mr. Bertani is currently President and CEO of Thompson & Knight Global
Energy Services, where he directs consulting engagements in a variety of
geographies including Latin America, West Africa, the UK and the Gulf of
Mexico. Prior to Thompson & Knight, Mr. Bertani spent over 30 years in
technical and high-level managerial positions with Petrobras, including most
recently as President of Petrobras Americas. Mr. Bertani is also Vice
President of the World Petroleum Council.

"We are extremely excited about our partnership with First Reserve, whose
commitment reflects its belief in the ability of our management and technical
teams and in the sustainable growth of the Brazilian energy sector and
economy," said Mr. de Luca, Executive Chairman of Barra Energia.

Added Mr. Bertani: "We have already identified various opportunities to
leverage our skill set and to build a quality oil and gas portfolio both
organically and through acquisitions. Our partnership with First Reserve
should enable us to deploy our investment plan, and create local jobs and
value for our shareholders."

About First Reserve Corporation

First Reserve is the world's leading private equity firm in the energy
industry, making both private equity and infrastructure investments
throughout the energy value chain. For more than 25 years, it has invested
solely in the global energy industry, and has developed an unparalleled
franchise, utilizing its broad base of specialized energy industry knowledge
as a competitive advantage. The firm is currently investing its most recent
fund, which closed in 2009 at approximately US $9 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.
With a multi-billion dollar portfolio of worldwide oil and gas exploration
and production companies, First Reserve continues to focus on Exploration &
Production as a core segment within its diversified energy strategy. Further
information is available at www.firstreserve.com.

About Barra Energia

Barra Energia is a newly established independent oil and gas exploration,
development and production company based in Rio de Janeiro, Brazil. The
company's principal focus is to use its technical and commercial expertise
and local knowledge to find, develop and produce hydrocarbon resources in
onshore and offshore basins of Brazil.

The management team of Barra Energia has extensive experience in building
and developing E&P portfolios both in Brazil and abroad. They intend to
leverage their skill sets, and knowledge of the local geology and operational
environment to build a leading independent Brazilian oil and gas company and
contribute to the further growth of the Brazilian petroleum sector.

Joao Carlos de Luca, Cell: +55-21-9458-7111, joao.deluca at barraenergia.com; Renato Tadeu Bertani, Cell: +1-713-962-1699, renato.bertani at barrraenergia.com; Fernanda Guarana, Approach, Tel: +55-21-3461-4616 - ext. 118, Tel: +55-21-9304-9842, fernandaguarana at approach.com.br; Elisa Magalhaes, Approach, Tel: +55-21-3461-4616 - ext. 106, Tel: +55-21-9173-1516, elisa.magalhaes at approach.com.br; Caroline Harris, CJP Communications, Tel: +1-212-279-3115, ext. 222, charris at cjpcom.com, Michael Henman, Cubitt Consulting, Tel: +44(0)20-7367-5106, michael.henman at cubitt.co.uk