HRT announces results for 3rd quarter 2011

RIO DE JANEIRO, Nov. 10, 2011 /CNW/ - HRT Participações em Petróleo S.A. - "HRT" or "Company" (BM&FBovespa: HRTP3 and TSX-V: HRP.V) announces its financial results for the 3rd quarter 2011 ended September 30, 2011. The financial and operating information described below, except otherwise stated, are presented on a consolidated basis, including our direct and indirect subsidiaries HRT O&G Exploração e Produção de Petróleo Ltda. ("HRT O&G"), Integrated Petroleum Expertise Company - Serviços em Petróleo Ltda. ("IPEX"), HRT África Petróleo S.A. ("HRT África"), HRT Netherlands B.V. ("Netherlands"), Air Amazônia Serviços Aéreos Ltda. ("Air Amazonia"), HRT America Inc. ("HRT America"), HRT Canada Inc. ("HRT Canada") and its subsidiaries.

HIGHLIGHTS
3rd quarter

  • HRT announces new CFO.
  • Opening of HRT America office.
  • Results of two exploratory wells.
  • Acquisition of four drilling rigs.
  • Extension of exploratory period in the Namibian blocks.

Subsequent events

  • A year of IPO.
  • HRT announces new IRO.
  • Signature of the Farm-In Agreement with TNK-BP for the Solimões Blocks.
  • Results of one exploratory well.

WORD FROM THE CEO

Dear Investors,
HRT's first year listed on the Stock Exchange was extraordinary. In this short period of time, our Company traded shares on BM&FBovespa - raising approximately R$ 2.5 billion Brazilian Reais; a potential of eight billion barrels of oil and gas was estimated by DeGolyer and MacNaughton, a petroleum consulting firm; important exploratory and seismic acquisition campaigns were initiated in the Solimões Basin and in Namibia; we drilled four wells and other four will be drilled by the end of the year; IPEX received ISO 9001/2008 certification for the exceptional quality of its services and technical personnel; and finally, Air Amazônia operations were initiated, which provided HRT with the control and efficiency of its logistic operations.

Over the last months, the financial markets have been facing another world crisis, with a direct effect on investor's risk appetite, the access to capital and consequently on the price of our shares. Athough solid foundations, constant efficiency gains and important geological results obtained, we are a publicly-held company and therefore subject to movements of euphoria and concern.

It is important to mention that HRT has as its priority the maximization of our shareholder's return. To that fact, the tireless defense of our cash flow and shareholder value, assuring the implementation of our business plan, is fundamental and is embedded in our culture. The challenges are great, but the opportunities are still greater. We are confident that our company's perspectives are even more positive now than when we opened to the market.

Marcio Rocha Mello
Chief Executive Officer

STOCK MARKET

On October 25th, 2011, the Company`s shares, listed on the Novo Mercado of BM&FBOVESPA under the ticker HRTP3, completed a year since their Initial Public Offering (IPO). During this period, our shares recorded a depreciation of 39%, whereas the Ibovespa index depreciated by 17%. The daily average financial volume assessed in the period was of R$ 63 million, with an average 47 thousand shares traded daily.

During the nine months of 2011, 1,205,725 common shares were issued referring to:

  • Exercise of warrants: 505,139
  • Stock Option Plans: 47,472
  • UNX Acquisition: 652,575
  • Option rights exercised: 539

The Company's share capital on November 10, 2011 was composed of 5,825,074 common shares, with the following share composition:

Shareholdres Common Shares Participation
SOUTHEASTERN ASSET MANAGEMENT 703.556 12,08%
CARMIGNAC GESTION 507.921 8,72%
MSD ENERGY INVESTMENTS 318.700 5,47%
Managers 497.339 8,54%
Other shareholders 3.797.558 65,19%
Total 5.825.074 100,00%

 

Confirming the practice of transparency, on October 24th, 2011, a year of IPO, the 2nd Public Meeting APIMEC was held, an event that offered to the market in addition a Geology Course performed by our CEO, Marcio Rocha Mello, PhD from Bristol University, England.

Currently, HRT has been closely monitored by 18 financial institutions who provide research about the Company and issue their sell-side analysts' recommendation reports.

NEW CHIEF FINANCIAL OFFICER AND INVESTOR RELATIONS OFFICER

Lourenço Bastos-Tigre was appointed the Company`s Chief Financial Officer on September 12th, 2011, replacing Eduardo de Freitas Teixeira, who remains active as Member of the Board of Directors and direct adviser of the Chairman of the Board and CEO.

Lourenço holds Bachelor`s degree in Economics and a Master`s degree in Financial Engineering, both from the Pontifícia Universidade Católica, Rio de Janeiro. He initiated his career at Dreyfus Brascan Asset Management, in 1998 and since then has held various offices in the financial area, including Head Portfolio Manager of the Santander Banespa Group, partner of Gávea Investimentos and Mauá Investimentos, Portfolio Manager of Tudor Investment and partner of Galileo Capital.

Subsequent to the quarter, on November 8th, 2011, Lourenço Bastos-Tigre was elected Investor Relations Officer at the Board of Directors' meeting, replacing Dr. Marcio Rocha Mello, who remains as CEO and Chairman of the Board of Directors.

PARTNERSHIP WITH TNK-BP

Subsequent to the quarter, on October 31st, 2011, the Company announced that its subsidiary HRT O&G and a Brazilian subsidiary of TNK- BP, TNK-Brasil Exploração e Produção de Óleo e Gás Natural Ltda. ("TNK-Brasil"), had signed a Farm-In Agreement relating to the transfer of a 45% interest in concession rights over 21 blocks located in the Sedimentary Basin of Solimões (the "Transfer").

Once the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (Agência Nacional do Petróleo, Gás Natural e Biocombustíveis - ANP) ("ANP") approves the assignment of the concession rights from Petra Energia S.A. to HRT O&G (for which the call option was exercised on May 25th, 2011), HRT O&G will effect the Transfer and will receive US$ 1 billion from TNK-Brasil over a two year period. HRT O&G will remain as operator of the blocks that are subject to the Transfer.

HRT O&G will also have the right to additional payments by TNK-Brasil which comprise reimbursement of past costs and earn-out, at the rate of US$ 0.73 for every barrel above 500 million BOE of total 2P reserves, which may reach up to US$ 5 billion, for a ten-year period after approval of the Transfer by ANP.

TNK-Brasil will have an option (exercisable 30 months after approval of the Transfer by ANP) to acquire an additional 10% of HRT O&G´s concession rights in the Solimões blocks ("call"), which should be priced based on resources and reserves values. Should the call not be exercised, HRT O&G will have the right to sell the same 10% to TNK-Brasil ("put"), on similar terms.

TNK-BP is Russia`s third largest company and among the top ten private oil and gas companies in the world in terms of crude oil production volumes. The company is vertically integrated, operating a diversified upstream (exploration, drilling and production activities) and downstream (transport, distribution and commercialization) portfolio. HRT believes that its partnership with TNK-BP generates a greater producing efficiency in the Solimões Basin, taking full advantage of the supplementary aspects of both companies.

SOLIMÕES SEDIMENTARY BASIN

The HRT`s exploratory campaign in the Solimões Basin was marked by important events. Three Notice of Discovery of liquid and gaseous hydrocarbon shows in the wells 1-HRT-1-AM, 1-HRT-2-AM and 1-HRT-3-AM were approved by the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (ANP). Another fact of significant importance for HRT's exploratory campaign was the acquisition of four new helitransportable drilling rigs from the Joint Venture Sichuan Honghua Petroleum Equipment Ltd. and Andrews Technologies, Inc. These achievements confirm the Company`s commitment to consolidating the Solimões Basin as one of the great exploratory oil and gas frontiers of the country.

The results of the drilling activities so far have confirmed the geological model supported by HRT. It is the beginning of an exploratory campaign that contemplates drilling 105 wells until 2014, of which 59 exploratory wells and 46 development wells.

In addition to confirming the geological model of liquid hydrocarbons in the Devonian age, the discovery in the well 1-HRT-3-AM , located in Block SOL-T-168, has fulfilled the objective to meet the Minimum Exploration Working Program (PEM) commitment made before ANP. At the well 1-HRT-3-AM, a geological structure was tested adjacent to the previously drilled well 1-GAV-01-AM (Petrobras), a wild cat well for natural gas in the Juruá Formation reservoirs. Also, the presence of hydrocarbons was detected in the Devonian age reservoirs. Alongside the remaining hydrocarbon accumulations of Block SOL-T-168 (1-CI-1-AM, 1-MR-1-AM and 1-IP-1-AM), the well 1-HRT-3-AM will be included in a future Discovery Assessment Plan (DAP). The QG-IX rig used in the drilling operation was disassembled and is being mobilized to the Block SOL-T-192, where it will be assembled at the location 1-HRT-192/01.

Also, in the 3Q11, we announced the discovery of three gas-bearing and five oil-bearing intervals in the well 1-HRT-1-AM, located in the Block SOL-T-170, in the Municipal District of Tefé. Two of the gas-bearing intervals were identified in the Juruá Formation. One gas-bearing and the five oil-bearing intervals are located in the Marimari Group (Devonian Age). At the end of the period, formation tests in the main target intervals were being made in order to characterize the types of fluid and the production potential of the reservoirs.

Subsequnt to the quarter, on November 7th , 2011, the drilling results of the exploratory well 1-HRT-2-AM were announced. This well is located in the Block SOL-T-169, 215 km southwestern of the Municipal District of Tefé. The crystalline basement of the well was reached at a final depth of 3,470 meters, recording gaseous and liquid hydrocarbon shows in reservoirs of the Lower Juruá Fm. (Carboniferous age) and Uerê Fm. (Devonian age). Although, the presence of oil in cuttings was not observed, laboratory tests identified the presence of liquid hydrocarbons in the Uerê Fm. (Devonian age).

The well 1-HRT-4-AM, in the Block SOL-T-194, located in the Municipal District of Coari is at the fourth phase, with final depth expected at 2,700 meters.

The acquisition of 8,000km of 2D seismic presented the following status up to October 2011:

  • Geoquasar - 4,000km 2D seismic acquisition hired.
    • 1,794km acquired by the ES-318 and ES-325 crews.
    • Conclusion of the 2,206km expected for the 3Q12.
  • BGP (2,000km 2D seismic acquisition hired).
    • Plan to begin in 4Q11 and conclude in 4Q12.
  • Additional 2,000km 2D seismic acquisition being hired.

AIR AMAZONIA

Air Amazonia is HRT's arm for the aerial logistics support to the Solimões Basin`s exploratory campaign. Air Amazonia has a fleet of 13 airplanes, and has obtained expressive numbers for its little over nine months of operations. During this period, its equipment flew more than 6,000 hours servicing the Solimões Basin operations. During the last quarter, an average of 2,000 staff/month were transported, in routes between Manaus airport and airports of near cities where HRT has operating bases.

Having a high standard of safety as a priority in its operations, Air Amazonia transported more than 10.000 tons of cargo in the last quarter - equipment and supplies from its support bases to its drilling sites.

HRT's decision to develop its own aerial logistic support was based on the expectation of obtaining significant cost savings in these operations when compared to the price of equivalent services offered by the market. The cost of these operations has decreased significantly since their beginning, reaching a cost reduction greater than 15% in the last quarter.

In support of the growth of HRT's operations and aiming at continued cost savings, Air Amazonia has recently decided to purchase two amphibian airplanes, which are anticipated to enter operations in the last quarter of 2011. In November, the Sikorsky S64-Skycrane helicopter enters into operation, a large size model capable of operating with external cargo of up to eight tons. The operation of this equipment will represent a milestone in the Company`s logistics operations, reducing the time of mobilization and demobilization of the drilling rigs and as a consequence a reduction in these costs.

OFFSHORE NAMIBIAN BASINS

HRT America's office, a wholly-owned subsidiary of HRT, was inaugurated on August 18th, located in Houston, in the United States. The subsidiary is in charge of the geology and geophysical projects ("G&G") and the well engineering and drilling, related to HRT`s operations in Namibia.

HRT America is led by the geologist Dr. Wagner Peres, PhD from the University of Texas in Austin (USA), which has extensive technical and project management experience in the sedimentary basins of the South Atlantic and the Gulf of Mexico. Having more than 30 years of experience and performance at Petrobras and Devon Energy, Dr. Peres was the proponent of the wells that led to the Marlim Field discovery in the Campos Basin during the deep water Brazilian exploration in the 80`s and was the manager of the team that recently discovered significant oil reserves in the pre-salt area in the Campos Basin for Devon Energy.

During the 3Q11, 3D data from the Walvis Basin continued to be processed by CGG Rio de Janeiro and interpreted by the HRT America`s G&G team. The 3D seismic acquisition in the Orange Basin that covers the blocks 2713A, 2713B, 2813A, will restart in December, with expected completion for January, 2012.

In respect of the Namibia offshore operation, we highlight the extension of the exploratory period of the blocks 2815, 2816 and 2915, located in the Orange Basin, granted in October by the Ministry of Mines and Energy of the Republic of that country. It means that two years have been added to the exploratory period, which will now go up to September 2013.

PLURIANNUAL BUDGET

The projected pluriannual budget was updated. The main changes regarding the Solimões Basin occurred in the exploratory campaign to be developed in 2012, since we adapted our program to eight rigs and no longer 13, as the former quarter. Additionally, we did not register installation values since in 2012 we will only have Extended Well Tests, which are still characterized as an exploratory period.

In the Namibia Basin, the greatest modifications will occur in the years 2012 and 2013, relative to the drilling activities of four exploratory wells forecasted to begin after the second semester of 2012.

             
(US$ milhões) 2010 2011 2012 2013 2014 Total
             
  Exploration $ 41 $ 184 $ 166 $ 156 $ 146 $ 693
  Drilling $ 0 $ 144 $ 226 $ 419 $ 499 $ 1.288
  Instalation $ 0 $ 0 $ 15 $ 274 $ 274 $ 563
Total Solimões¹ $ 41 $ 328 $ 407 $ 849 $ 919 $ 2.544
             
  Exploration $ 2 $ 136 $ 45 $ 45 $ 36 $ 265
  Drilling $ 0 $ 0 $ 279 $ 81 $ 0 $ 360
  Instalation $ 0 $ 0 $ 0 $ 0 $ 5 $ 5
Total Namíbia² $ 2 $ 136 $ 324 $ 126 $ 41 $ 630
             
Total HRT $ 43 $ 464 $ 731 $ 976 $ 960 $ 3.174
(1) 55% interest considered            
(2) 100% interest considered          

 

HEALTH, SAFETY AND ENVIRONMENT

In the third quarter of 2011, HRT advanced in its activities geared towards health, safety and environment. We implement the Observations of Security Program (Programa de Observações de Segurança- PROSA), with the objective of raising the awareness of our staff and contractors to the issues of HSE. We initiated also the Observe, Stop and Act Program (Observar, Parar e Agir - OPA), based on behavior, with the objective of identifying and solving possible deviations that might occur in our activities. Initially, this program is being implemented by safety technicians but soon will be extended to include operational personnel, supervisors and managers.

Although our priority focus is on prevention, we do not forget actions to mitigate eventual misfortunes that might occur. As recited by this concept, we have implemented scheduled simulations of the critical accidental scenarios identified in the risk analysis of the facilities operated by HRT.

In the 3Q11, we obtained from the Environmental Protection Institute of Amazonas State (Instituto de Proteção Ambiental do Estado do Amazonas "IPAAM") the environmental licenses to initiate seismic data acquisition activities in the blocks SOL-T-148, SOL-T-149, SOL-T-172, SOL-T-174 and SOL-T-191, and also to initiate drilling activities in the locations 169-02, 170-06 and 192-01, located in the Municipal District of Tefé, and in the location 195-01, in Coari.

In the environmental sphere, research teams continue in the field performing a floristic inventory for the characterization of the work areas. We also implemented the Germplasm Rescue Program, with the installation of a seddling nursery for the recovery of the areas used for HRT locations. In the social sphere, research teams continue in the field performing a socio-economic diagnosis of the riverside communities neighboring our areas of operation, in the rivers Tefé, Juruá and Coari Grande. We also provided outpatient and emergency care to the riverside communities neighboring our facilities in the Tefé River, as well as monitoring and control activities of vector transmitted diseases (malaria, leishmaniosis, chagas disease and philariasis).

INCOME STATEMENT

ACCOUNTING POLICIES

The consolidated quarterly financial information was compiled and is being presented in accordance with accounting practices adopted in Brazil, which include the provisions of the Corporation Law and accounting standards and procedures issued by the Securities and Exchange Commission - CVM and Brazilian Accounting Pronouncements Committee - CPC which are in compliance with the international accounting standards issued by the International Accounting Standards Board - IASB.

ECONOMIC-FINANCIAL RESULTS

The consolidated result of HRT includes the accounts of its controlled companies HRT O&G, IPEX, HRT Netherlands, HRT America, HRT Africa, HRT Canada and Air Amazonia.

In the third quarter of this year, the Company had a R$ 101.3 million loss, consisting of R$ 72.1 million income, and expenses totalling R$ 173.4 million. Consequently, HRT had a R$ 168.3 million loss in the first nine months of 2011, consisting of R$ 208.8 million income and R$ 377.1 million expenses.

The following table presents the amounts of the main income and expense accounts in the period.

Incomes, Expenses and Results for 2011 - millions of R$

Accounts 1Q11 2Q11 3Q11 JAN-SEPT
Total Income 66,4 70,3 72,1 208,8
Total Expenses 80,2 123,5 173,4 377,1
       Personnel 23,9 23,2 29,2 76,3
       Exploration 19,1 48,8 84,7 152,6
       Other expenses 37,2 51,5 59,5 148,2
Result -13,8 -53,2 -101,3 - 168,3

 

INCOME

3rd Quarter/2011

The Company yielded a R$ 72.1 million income in the period. Of this amount, R$ 71.8 million (99,6%) corresponded to earnings from investments of its cash availabilities in fixed-income securities.

The controlled company IPEX earned income from geophysical and geological research services worth R$ 0.8 million, and the other operational income (expenses) account amounted to -R$ 0.5 million.

Accumulated Jan-Sept/2011

The accumulated income from January to September 2011 totalled R$ 208.8 million, R$ 200.0 million of which resulted from financial investments, yielded at an average gross rate of 102.39% of the Interbank Deposit Certificate (Certificado de Depósito Interfinanceiro - CDI). The remaining R$ 8.8 million resulted from IPEX and from other operational income (expenses) account.

EXPENSES

3rd Quarter/2011

Total expenses reached R$ 173.4 million, 40,4% above those recorded in the previous quarter. This increase was mainly the result of the implementation of the Company's Investment Program, which contemplated acceleration in the exploration expenses in the period, which switched from R$ 19.1 million in the first quarter to R$ 48.8 million in the second and R$ 84.7 million in the third.

Of this amount, it is worth it emphasizing the R$ 58.5 million expenses on seismic acquisition, of which R$ 33.6 million in the Solimões Basin and R$ 24.9 million offshore the Namibia Basin. The remaining R$ 26.2 million was spent on logistics, of which R$ 16.2 million on fuel, rental and aerial operations and R$ 10,0 million in river transportation, all in the Solimões Basin campaign.

Personnel expenses amounted to R$ 29.2 million, 25.9% above those recorded in the preceding quarter, due to the increase in our staff, which is compatible with the increase in exploratory campaigns and the 7% annual salary readjustment given to our staff members last August, which was determined proportionally to time served.

Other expenses totalled R$ 59.5 million (15.5% above the preceding quarter), which include third-party services (R$ 18.4 million), administrative (R$ 27.3 million), financial (R$ 3.5 million), taxes, duties and contributions (R$ 5.7 million), among others (R$ 4.6 million).

Accumulated Jan-Sept/2011

Total expenses for the period were R$ 377.1 million, 40.5% were allocated to the exploration program, 20.2% incurred on personnel, 13.0% on administrative costs, 10.4% on third-party services, 5.7% on financial expenses, 2.3% on depreciation, and 7.9% on taxes and other expenses.

RESULT

3rd Quarter/2011

Due to increases in expenses from the advancement of the Company's exploration programs, the loss of R$ 101.3 million in this quarter exceeded 2Q11's loss by 90.4%, which totalled R$ 53.2 million. We initiated drilling activities in blocks 169 and 194 in late June and block 168 in mid-August. The Company has had four rigs in operation since mid-August.

Accumulated Jan-Sept/2011

As highlighted above, HRT had a net loss of R$ 168.3 million in the first nine months of the year, with R$ 208.8 million income and R$ 377.1 million in expenses. In the same period of last year, the Company had a R$ 69.6 million loss, with R$ 31.5 million income and R$ 101.1 million in expenses. The comparison with the same period of 2010 is impaired, and the results should not be analyzed as a trend, since only at the end of that year, after the inflow of funds obtained through the Initial Public Offering of Shares, did the Company intensify its oil exploration activities.

CASH AND EQUITY ACCOUNTS

The Company ended the third quarter of 2011 with cash holdings of approximately R$ 2.0 billion, which are deposited or invested in securities issued by top financial institutions.

The table below shows the balances, on September 30th, 2011, of the main equity accounts and compares them with their corresponding accounts on the preceding quarters.

Equity Account balance - Millions of R$

Accounts 12/31/2010 03/31/2011 06/30/2011 09/30/2011
Cash, Cash Equivalents and TVM (*) 2.426,6 2.267,8 2.174,4 2.013,1
Fixed Assets 38,4 101,0 160,6 189,0
Intangible assets 173,6 251,7 1.911,0 2.088,9
Receivables 1,9 0,2 14,3 82,7
Liquid Assets 2.660,5 2.653,1 3.929,6 3.949,3

(1)     TVM: Securities;

In addition to the accounts that impacted the results in this quarter, there were significant variations in some of the Asset accounts, the principal ones being:

FIXED ASSETS

  • Supplementary payments relative to the acquisition of airplanes and helicopters already in operation in the logistics of the Solimões Basin exploratory campaign;
  • Advance payment to Sichuan Honghua Petroleum Equipment Ltd for the acquisition of 4 helitransportable drilling rigs through its representative Andrews Technologies, Inc.

INTANGIBLE ASSETS

  • Expenses incurred on the Solimões Basin exploratory campaign (drilling of wells, logistics, infra-structure and payments to various suppliers);
  • Registration of R$ 57.9 million due to the acquisition of equity interest of Vienna Investments Limited in the capital of three companies which hold part of the assets under concession of HRT in Namibia, of which R$ 48.1 million in cash disbursement and R$ 9.8 million entitled to exchange rate variation.

ACCOUNTS RECEIVABLE

  • Increase of R$ 73.1 million in credit with the partner responsible for 45% of the expenses of the Solimões Consortium and reduction of R$ 4.7 million in the balance of other credits. On 30 September, 2011, HRT's total credit with the Solimões Basin exploratory campaign partner was of R$ 82.0 million.

Related party transactions

MANAGERS' COMPENSATION

The compensation of the Company managers for the period ended September 30, 2011 was R$ 5.6 million.

In addition, pursuant to applicable legislation, the Company recognized expenses in the amount of R$ 1.8 million in the form of stock-based compensation, granted in support of the share-based compensation program.

INDEBTEDNESS

The Company and its subsidiaries have no bank indebtedness.

EXERCISE OF WARRANTS

In the first nine months of this year, the Company issued 434,309 shares (44.4% of the total shares liable to issuance) due to the exercise of warrants by investors, with a cash inflow of R$ 159.2 million, of which R$ 13.0 million in the first and R$ 74.3 million in the second and R$ 71.9 million in the third quarter.

STOCK OPTIONS

From January to September 2011, the Company issued 45,139 shares within the scope of the First Stock Option or Subscription Program approved on May 14, 2010, representing 78.2% of a total of 57,698 shares that may be exercised in the period and 43.6% of the total 103,420 shares liable to issuance within the scope of the program as a whole.

FINANCIAL INSTRUMENTS AND OTHER INSTRUMENTS

Financial investments are, mainly, constituted by Certificate of Deposits - CDs issued by banks and repurchase agreements backed by debentures issued by first-tier banks. Financial incomes are accrued based upon the variation of the Interbank Certificate of Deposits (CDI). The table below presents a summary of the investments by type of financial instrument, in thousands of R$:

FOR TRADING

            Parent Company   Consolidated
Bank   Maturity   Yield   09/30/2011 12/31/2010   09/30/2011 12/31/2010
                     
Bank Deposit Certificate (BDC)                
Banco do Brasil   01/10/2015   CDI   2.214 216.383   2.214 216.383
Banco do Brasil   05/08/2013   CDI   17.257     17.257 -
Banco do Brasil   02/08/2013   CDI   275.012 -   275.012 -
Banco do Brasil   31/05/2011   CDI   306.769     306.769 -
Votorantim   24/10/2011   CDI   - 203.725   - 203.725
Votorantim   06/02/2012   CDI   -     2.136 -
BTG Pactual   24/10/2011   CDI   - 254.601   - 254.601
Santander   17/10/2012   CDI   213.437 437.302   213.437 437.302
HSBC   11/11/2013   CDI   - 85.906   - 85.906
Standard Bank   22/11/2011   CDI   - 5.052   - 5.052
Standard Bank   30/01/2012   CDI   5.480 -   5.480 -
Banco do Brasil   07/08/2015   CDI   - -   - 13.976
Itaú   07/07/2013   CDI   9.869 -   9.869 -
HSBC   27/03/2014   CDI   - -   - -
HSBC   19/11/2013   CDI   - -   6.735 194.573
            830.038 1.202.969   838.909 1.411.518
Repurchase agreements backed by debentures                
Bradesco   19/03/2012   CDI   - 4.801   - 4.801
Bradesco   24/10/2011   CDI   1.309 276.971   1.309 276.971
Bradesco   24/10/2011   CDI   - 535.614   - 535.614
Bradesco   28/05/2012   CDI   - -   209.260 -
Bradesco   28/05/2012   CDI   - -   11.388 -
Bradesco   09/09/2013   CDI   - -   3.941 -
Itaú   10/04/2012   CDI   11.589 -   11.589 -
Itaú   18/03/2013   CDI   303 -   303 -
Itaú   15/04/2013   CDI   2.111 -   2.111 -
Itaú   23/04/2013   CDI   14.956 -   14.956 -
Itaú   02/05/2013   CDI   4.783 -   4.783 -
Itaú   15/07/2013   CDI   4.845 -   4.845 -
Itaú BBA   28/04/2012   CDI   - -   - 5.599
Itaú BBA   26/04/2013   CDI   10.011 -   10.011 -
Itaú BBA   17/10/2012   CDI   - 49.318   - 49.318
Votorantim   21/11/2011   CDI   - 50.538   - 50.538
Votorantim   06/02/2012   CDI   - -   33.971 -
Votorantim   06/02/2012   CDI   - -   90.050 -
Votorantim   06/02/2012   CDI   - -   16.177 -
Votorantim   24/08/2013   CDI   9.500 -   9.500 -
Santander   15/04/2013   CDI   57.024 -   158.386 -
Santander   04/09/2012   CDI   - -   - 27.364
Bradesco   24/08/2012   CDI   - -   - 20.664
Bradesco   27/08/2012   CDI   - -   - 21.797
            116.431 917.242   582.580 992.666
Exclusive Investment fund           45 1.013   45 1.013
Others           - 50   4.181 527
Total investments for trading           946.514 2.121.274   1.425.715 2.405.724

HELD TO MATURITY

            Parent Company   Consolidated
Bank   Maturity   Yield   09/30/2011 12/31/2010   09/30/2011 12/31/2010
                     
Bank Deposit Certificate (BDC)                
BBTG Pactual   30/01/2012   CDI   94.018 -   292.860 -
                     
Repurchase agreements backed by debentures            
Santander   16/01/2012   CDI   217.075 -   217.075 -
                     
Total investments held to maturity       311.093 -   509.935 -

On 30 September, 2011, the Company maintains R$ 1,288.7 million deposited in financial institutions under the form of letters of guaranty on account of exercising the option to buy all of Petra's exploration rights in the 21 blocks of the Solimões Basin  (45% of the asset under concession).

CRITICAL ACCOUNTING ESTIMATES

During the drawing up process of the financial statements, we have investigated and recorded various accounting estimates, which were compiled based on consistent data.

Therefore, we understand that there are no risks and uncertainties related to those accounting estimates.

DISCLAIMER

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Certain information contained in this document, including any information as to our strategy, projects, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance constitute "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "believe", "expect", "will", "anticipate", "contemplate", "target", "plan", "continue", "budget", "may", "intend", "estimate" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. HRT cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of HRT to be materially different from HRT's estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance.

HRT disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

SOURCE HRT Participações em Petróleo S.A.

For further information:

Marcio Rocha Mello - CEO and Investor Relations Officer
+55 21 2105-9700
ri@hrt.com.br

Eliana Rodriques - IR Manager 
+55 21 2105-9745
eliana.rodrigues@hrt.com.br

Profil de l'entreprise

HRT Participações em Petróleo S.A.

Renseignements sur cet organisme


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