HRT Announces its 3Q12 Results

RIO DE JANEIRO, Nov. 12, 2012 /CNW/ - HRT Participações em Petróleo S.A. - "HRT", "HRTP" or "Company" (BM&FBovespa: HRTP3 and TSX-V: HRP.V) announces its results for the 3rd quarter of 2012 ("3Q12"). The financial and operational data described below, except where otherwise stated, are presented on a consolidated basis including our direct subsidiaries: HRT O&G Exploração e Produção de Petróleo Ltda. ("HRT O&G"), Integrated Petroleum Expertise Company - Serviços em Petróleo Ltda. ("IPEX"), HRT Africa Petróleo S.A. ("HRT Africa"), HRT Netherlands B.V. ("Netherlands"), Air Amazonia Serviços Aéreos Ltda. ("Air Amazonia"), HRT America Inc. ("HRT America"), its respective subsidiaries and branches.



  • New Composition of the Board of Directors approved at the Shareholders` Meeting;
  • Strengthening of the structure of the Board of Directors` Committees;
  • Consolidation of the CFO position within the HRT Group
  • Set Operational Efficiency and Cost Rationalization Programs;
  • Signing of a Term Sheet with Erickson Air-Crane for the sale of the air logistics business.


  • Gas discoveries in wells HRT-8 and HRT-9;
  • Significant reduction of the drilling time of wells in the Solimões Basin; spud-in of 1-HRT-10 in a record time with cost reduction;
  • Increase in the planned 2D seismic campaign with the acquisition of 500 km in blocks 194 and 195 and request for bid proposals for an additional 4,000 km;
  • Signing of a Letter of Intent (LOI) with Petrobras and TNK-Brasil to study the alternatives for gas monetization.


  • Completion of the 3D seismic processing and final interpretation;
  • Drilling campaign set to commence in 1Q13;
  • Appraisal of firm Farm-Down proposals;
  • New D&M update report of prospective resources based on 3D data to be issued in 4Q12;


This third quarter of 2012 was remarkable for HRT. It reinforced lessons learnt, consolidating and advancing with important transformations for the HRT Group.

This past October 1st, a new composition for the HRT`s Board of Directors was approved, which is now composed of 11 members, of which 8 are independent, all of them with extensive background in company management, especially in the oil and gas industry. Additionally, the Financial Officers of all companies of the Group were consolidated into a single CFO position that also assumed the activities of the Investor Relations Officer.

With a view to increasing the Corporate Governance, a new Technical Exploration Committee was created by the Board of Directors. The Audit, Investment, Compliance & Risk and Compensation Committees have been consolidated and strengthened with three (3) members each, with the presence of at least two (2)members from the Board of Directors.

Since the beginning of 2012, important changes have been introduced for the Company`s future, especially with the streamlining of the organizational and corporate structure, adjustments in the Companies` headcount and a severe control of costs. Additionally, a divestment program was approved by the HRTP`s Board of Officers, in which Air Amazonia, aircraft, drilling rigs and other non-core assets are being offered for sale.

With respect to the exploratory campaign, HRT has drilled and tested the well 1-HRT-9, the one considered the most significant discovery so far. Through a production of over 700 thousand m3 of gas per day, this well has shown through a cased hole drillstem test that the Solimões blocks can hold exploration prospects with wells having very high capacity flow rates. The wells HRT-8 and HRT-5 have already presented excellent results, and in connection with the results obtained in this last discovery enabled the signing of a LOI with Petrobras and TNK-Brasil, with a view to jointly studying the technical, economic and environmental feasibilities for the gas monetization of the Juruá gas province, where the referred companies have an important group of discoveries.

The Company`s management is confident about new drillings in the Solimões Basin. The well 1-HRT-10 has already been spudded, the one with great potential to open a new exploratory frontier towards the south of the natural gas proven basin. The Company is also confident about our next prospects which can be outlined with new 2D seismic surveys, based on new acquisition parameters. At present, 500 km of 2D seismic have been acquired in blocks 194 and 195, and a 2D seismic RFP (Request for Proposals) is being concluded, so that 4,000 km may be shot in the south and east portions of the Basin.

With respect to Namibia, the Company is making progress on four main fronts: (1) Completion of the 3D seismic processing and its final interpretation with the definition of prospects to be drilled in the first quarter of 2013; (2) Re-opening of the data room to new companies interested in the farm-down of the African coast blocks, receiving of proposals, and negotiations of the farm-down terms; (3) hiring of all services and ordering of long-lead items, delivery of major equipment to drill the wells and hiring of general insurances for the start-up of the drilling campaign; and (4) revision of prospective resources performed by D&M, based on 3D seismic data.

The Company`s management remains of the conviction of the oil potential over the prospects to be drilled both in the Solimões and Namibia basins, as well as it reiterates the confidence in its executive, technical and administrative body to maximize investment return.



HRT Participações, a publicly-traded company, headquartered in Rio de Janeiro - Brazil, acts as the holding of the HRT Group. It manages and conducts the activities carried out by its subsidiaries. Its Board of Officers is responsible for implementing the strategic guidelines appointed by the Board of Directors, in turn, the latter counts on a solid support structure which comprises five (5) Committees, each of them composed of three (3) members, constantly with at least two (2) members from the Board of Directors.

The Committees of the Board of Directors are: Audit Committee, Compensation Committee, Investment Committee, Compliance and Risk Committee and the newly created Technical Committee, which has its focus on the technical support regarding the exploration activity matters. These committees had its compositions updated at the first Shareholders` Meeting of the current Board of Directors, held on October 17, 2012.

According to the Company`s governance rules, the matters submitted to the Board of Directors for resolution and that are applicable to a respective committee, should be previously analyzed by it, and this committee will be responsible for making the recommendations on such matter to the Board of Directors.

The presence of three executives of the Company within the Board of Directors, in the Committees of the Board of Directors (maximum 1 member per Committee) strengthens the connection among the strategic guidelines provided by the Board of Directors and its implementation by the Company`s Board of Officers. The Company`s Board of Officers gets together at least on a weekly basis and conducts the business management in a direct manner and with a timely monitoring, implementing and emphasizing one of the main characteristics of HRT, agility in the decision-making processes.


HRT O&G was created to capitalize on the expertise developed in geology, geochemistry and geophysics services for the oil and natural gas exploration and production activities. Today, HRT O&G holds 55% stake over 21 exploration blocks in the Solimões Basin.

The Solimões Basin is located in Brazil`s Amazon region and the blocks under concession for the HRT O&G (55%) / TNK-Brasil (45%) consortium occupy an area of 48,507 km². According to official data disclosed by Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP) in August, 2012, the Basin is ranked the second largest gas reserve and the third largest oil and gas production, both in Brazil, with around 106 thousand BOE per day. The oil produced in the Solimões Basin is of excellent quality, with a specific density between 41o and 47o API, and has a strategic importance for the Brazilian market.

On August 15, 2012, HRT O&G concluded the drillstem test in well 1-HRT-8-AM in the Juruá Formation reservoirs from 3,122 to 3,128 meters depth, reaching a production of 9,25 million cubic feet (262 thousand cubic meters) of natural gas per day with a choke of 40/64". The tested prospect is part of a northeast-southwest structure with around 40 km2 in area that can hold from 170 to 290 Bcf (4,9 to 8,2 billion cubic meters) of recoverable natural gas (mean value).

The spud-in of well 1-HRT-9-AM took place on June 16, 2012 and reached a total depth of 2,960 meters, inside Devonian sedimentary rocks. Drilling operations were carried out in a record 60-day time, thus representing a milestone in HRT O&G drilling operations. This fact is a direct result of a learning curve where new technologies were applied and will enable HRT O&G to achieve substantial improvements, both in costs and quantity of wells to be drilled in the region.

The drillstem test of well 1-HRT-9-AM was successfully concluded on September 7, 2012 in the Juruá Formation reservoir, with a net-pay of 36.4 meters, showing excellent flow characteristics through a vertical well, and reached a stable production rate of 18.01 million cubic feet (510 thousand cubic meters) of natural gas per day, with a choke of 32/64" and a wellhead upstream pressure of 3,050 PSI. A choke of 40/64" was attempted and resulted in a production rate of over 24.72 million cubic feet (700 thousand cubic meters) of natural gas per day; however, this level exceeded the operating well tester capacity and after 10 minutes the choke was changed out for 32/64" for the duration of the test. The Absolute Open Flow (AOF) of this well was estimated at around 7 million cubic meters per day.

HRT believes that this is one of the best gas wells ever drilled and tested in onshore Brazil, considering the thickness and quality of the reservoir, as well as the DST flow results. HRT estimates that this structure tested by the well HRT-9 has a potential flow rate of up to 105 million cubic feet (3.0 million cubic meters) of natural gas per day, when it reaches its development phase.

Progressing with the exploratory campaign in the Solimões Basin, on October 22, 2012, the Company spudded the well 1-HRT-10-AM, in the Tucumã prospect, located in Block SOL-T-192, Municipal District of Tefé, State of Amazonas. Main targets are the Juruá Fm. Carboniferous reservoirs, expected at 2,090 meters depth, and as secondary targets the Uerê Fm. Devonian reservoirs, expected at 2,290 meters depth. This well has been drilled by the QG-VIII rig and has its proposed total depth (TD) at 2,680 meters, from which 20 meters are inside basement rocks.

The well 1-HRT-10-AM is located at about 30 km south of the Juruá Field and will test a 4-way closed anticlinal structure, with 57 km2 of area, which is part of a well-defined SW-NE regional structural trend, similar to the Juruá/Tefé and Urucu trends, already defined by previous wells in the Solimões Basin. This well, if successful, will prove the existence of a new hydrocarbon trend in the basin and will indicate the extension of a proven basin towards the south, reducing geological risks within frontier acreage held by HRT O&G.

Figure 1 - Geographic location of wells 1-HRT-5, 1-HRT-8, 1-HRT-9 and 1-HRT-10, mentioned in the quarterly results, as well as wells concluded by HRT (Click Here)

Four additional initiatives of HRT O&G in the Solimões Basin in the period that must be mentioned:

  1. Submission to ANP of Work Plans and Annual Budgets corresponding to 21 (twenty-one) blocks in the Solimões Basin for the fiscal year of 2013;
  2. 2D seismic Request for Proposal (RFP) for additional 4,000 km for the identification and mapping of prospects with potential to be charged with hydrocarbons in the south and east acreage of HRT`s concessions;
  3. Mobilization of the seismic crew to Blocks 194 and 195, where around 500 km of 2D seismic are being shot, with a view to detailing geological structures already identified;
  4. Submission to ANP of an Exploration Phase extension request for 10 blocks, located in the south and east areas of HRT´s concessions, where the existing data enabled to identify the hydrocarbon potential;


HRT operates ten exploration blocks on the Namibian coast, being eight blocks in the Orange Basin and two others in the Walvis Basin. Additionally, HRT holds stake, as non-operator, in two exploration blocks in the Namibe Basin.

Namibia is located in the southwest of Africa, where there are four offshore sedimentary basins: the Namibe Basin, Walvis Basin, Lüderitz Basin and Orange Basin, covering an area of 350 thousand km². HRT, in its twelve exploration blocks on the Namibian coast, has a gross area for exploration of 62,892 km² and a net area of 51,513 km².

Figure below shows the blocks where HRT holds interest.

Figure 2 - Geographic location of the blocks HRT holds stake in offshore Namibia, in the African continental margin (Click Here)

The third quarter of 2012 brought significant advances in the HRT`s activities in the Namibian Project, in the African offshore, with highlights for:

  1. Completion of the 3D-seismic processing and its final interpretation, as well as negotiations with new companies, as part of the farm-down process;
  2. Review of deadlines to start the drilling activities - due to the oil discovery, the company  Eni S.p.A decided to drill one more well before releasing the rig to HRT, as provided in the contract, and as a result of such decision the first HRT well will be spudded in 1Q13;
  3. Delivery of farm-in proposals and commencement of negotiations: the terms of the farm-down agreement are being negotiated;
  4. Hiring of all major services and equipment, inspection of support bases and local facilities, hiring of insurances and other preliminary activities for the start-up of the drilling campaign in 2013.
  5. New report of prospective resources performed by D&M, based on 3D seismic data. Such report will be concluded in the 4Q12.


Air Amazonia is a wholly-owned subsidiary of HRT, in charge of air logistics support for the execution of the Solimões Basin exploratory campaign. Through the use of its fleet, which comprises 18 aircraft (14 helicopters and 4 planes), the Company, in the 3Q12, totalled up 2,700 flight hours in helicopters and 450 flight hours in planes, divided among logistical support to the support bases and drilling sites, mobilization and demobilization of rigs, transport of employees and third parties. The Company transported a cargo volume exceeding 5,500 tons (especially external cargo -"lift") and over 3,000 passengers.

During the 3Q12, Air Amazonia continued making significant advances in the increase of productivity and reduction of costs of its operations. A numerous of measures were implemented in the 2nd quarter, which continued in the 3rd quarter, having as key elements adjustments in its headcounts and the restructuring of its maintenance area. Such measures brought efficiency gains into its operations with a substantial reduction of costs for HRT. The average availability of the fleet in flight hours was increased by 10% compared with the previous quarter. The expectation is that these indicators can be even better in the upcoming months, due to completion of works of a new hangar at the Carauari airport, and commencement of a new maintenance facility in the support base of Tefé (BATE1), scheduled for the last quarter of 2012.

Air Amazonia, since the beginning of its activities, has been working with permanent focus on operating safely. In the 3Q12, an important investment in safety management was made, through the appointment of a new manager for this area, bringing a higher standardization of fixed-wing operations (helicopters) in remote areas, and an improvement in General Operations Manual (G.O.M.), Safety Management System (S.M.S) and Standard Operations Procedures (S.O.P.).

Works to repair and improve the Carauari airport - a project between Air Amazonia and the local Government - were concluded in August, representing an important milestone for the development of that region.


HRT America is headquartered in Houston, TX and is made up of highly specialized and renowned professionals in the oil and gas industry, with more than 20-year experience in sedimentary basins, both in Brazil and Africa. Its main activity is the provision of geophysical and geological research services, as well as drilling and natural gas and oil production towards exclusively the HRT Group`s companies, especially the concessions in Namibia.


IPEX is a service company that provides studies and analyses in fields of Geochemistry, Geology, Geophysics and the environment for either HRT or other oil companies in Brazil and South America. Support received from the IPEX`s teams and laboratories is a key element in the exploration task force of HRT in the Solimões and Namibia basins, either in the analyses of well data, including sediment, oil, natural gas and formation water samples, or soil samples as part of a surface geochemistry study.



In the third quarter of 2012, the Company was granted a Preliminary License for Seismic Surveys in Block SOL-T-219, environmental licenses for installing the Floating Port and the Support Base named Tumian, as well as the Vegetal Suppression Authorization for the acquisition of seismic data for the above mentioned support base. In addition to the referred licenses, HRT was also granted a Vegetal Suppression Authorization, a Forest-Based Raw Material Use Authorization and Concession of Right in Rem of Use for location 1 - SOL - T - 192 - 2 (Tucumã).

Continuing with the Program for the Recovery of Degraded Area (PRAD - acronym in Portuguese), the Company started the cultivation of 600 seedlings from different species in areas that undergone clearing. Additionally, 2,371 units of seeds of native species were collected and will be planted in the upcoming months. At the end of the quarter, the seedling nursery located at the Support Base of Tefé - BATE 1 totalled around 3,300 seedlings.

In the Safety sphere, the Safety Orientation Program (PROSA), the Observe, Stop ad Act (OPA) - an observation and safety behavior program - as well as Safety Management have had as a result ZERO work-related accident leave recorded in the Company`s activities.

Medical and nursing cares, as well as urgent and emergency assistance continue to be carried out in the drilling sites and support bases, also bringing benefits to the riverside communities, which are neighbors of our facilities in the Tefé River and in the City of Carauari.

The Vector Borne Disease Control and Monitoring Program (malaria, leishmaniasis, Chagas disease and filariasis) has been carried out with focus on preventive actions, as expected.

HRT continues committed to participating in social projects such as the Women`s Sewing Cooperative in Carauari, which name is Mulheres Unidas a Vencer (Women united to Win).

HRT O&G keeps its partnership with educational institutions to carry out training courses with the objective to take knowledge and development to the communities within its sphere of operations, and it has as partners SEBRAE, SENAI, IDAM and SESI.


Workshops / Public Hearing took place in Lüderitz, Windhoek and Walvis Bay. These events are part of the environmental licensing process and were attended by local government representatives, fishing industry and the Ministry of Fisheries and Marine Resources, Nampol, Namport and Regional Councils of Namibia.

The evaluation of the definitive environmental impact and the environmental management plan for each of the blocks were submitted to the Government of Namibia in September, 2012 and the completion of the process will occur in the 4Q12,  making feasible all the required licenses for the start-up of the drilling campaign in Namibia.



In the third quarter of 2012, HRT concluded the restructuring of its operations in the Solimões Basin, including the demobilization of two rigs, thus reducing the number of rigs in operation from four to two. Additionally, it reduced by 33% its own headcount and by 40% the outsourced workforce, when compared with the same position as of December 2011.

In respect of Namibia, HRT made progress in the negotiations in order to conclude a Farm-Down of part of its assets. The beginning of the drilling campaign is forecast for 1Q13 and all measures to achieve this goal are progressing smoothly.

In the Solimões Project, a numerous of measures have been taken in order to reduce expenses, bringing the drilling operations, as well as logistics costs to lower levels, as HRT is operating with 2 rigs instead of 4 and being able to decrease considerably the time of drilling per well. Moreover, the renegotiation with major suppliers with whom the Company has contracts with (mainly drilling and logistics), the headcount reduction and, finally, a strong adjustment of general and administrative expenses led the Company to a more efficient level.

As a result of all these adjustments, the daily Cash Burn Rate (CBR) in 3Q12 fell to R$ 2 million/day, a reduction of 34% if compared with 1Q12. It is worth mentioning that the values refers to 100% of all expenses regarding the Solimões and Namibia Basins. The Company is not comparing its CBR with that of 2Q12, because the CBR in that quarter presented a positive value in consequence of the Petra/TNK-Brasil deal. It is important to mention that in 2013 our partner in Solimões, TNK-Brasil, will start to be cash called in the 1Q13 (cash calls related to a 45% stake held by TNK-Brasil in the Solimões Project investments).

The above-mentioned figures do not consider, however, any additional receivables of funds from TNK-Brasil related to the sale of 45% stake over the Solimões blocks; Farm-Downs in Namibia; subscription of warrants, as well as revenues from the sale of the Chinese rigs and the air logistics business.

The results of the consolidated 9M12 present a net loss of R$ 138 million. Compared with the same period of 9M11, that represents a reduction of 18% (R$ 168 million). The main reasons for that was a decrease in G&G and G&A, as well as the positive impact of the TNK-Brasil/Petra deal in the 1Q12. On the other hand, expenses with personnel were higher than the previous period due to the implementation of a Retention Plan (cash and stock options), redundancies and outsourced services provided by legal consultants and financial advisors (success fees).

Financial revenues in the period showed a decrease of 35% compared with 9M11, basically due to a lower cash balance of 39% and a decrease of the basic interest tax rate (SELIC) which is used as basis for the income of the Company`s financial investments (average of 8.86% per year compared with 11.89% per year in the same 9M11).

(Click Here)


The Table below shows the variation of balances of the main accounts in the 3Q12 compared with balances as of previous quarters and December 31, 2011.

  2011   3Q12   Var. 3Q12/2011
Cash and Marketable Securities*   1.491.621   1.237.094   -254.527   -17%
Accounts Receivable   1.382   1.130   -252   -18%
Asset held for sale (45% Solimões)   1.296.128   -   -1.296.128   -100%
Property, Plants and equipment   323.268   386.158   62.890   19%
Intangible assets   2.190.842   2.534.559   343.717   16%
Account payable to Petra   1.030.940   -   -1.030.940   -100%
Capital   3.809.535   3.816.006   6.471   0%
Shareholder´s equity   3.871.719   3.722.348   -149.371   -4%

* It includes pledge deposits to guarantee contracts of offshore rig.


The Company ended 3Q12 with a consolidated cash of R$ 1,2 billion, presenting a decrease of 17% over the balance of December 31, 2012 and 13% when compared with the previous quarter, due to disbursements for the exploratory campaign in the Solimões Basin and the progress of the seismic campaign on the Namibian coast, as well as preparations to start the drilling campaign.

The chart below presents the changes in the balance of cash, with statement of cash inflows and outflows, with emphasis on disbursements, inflow from revenues and from capital by the exercise of warrants and loans. The company started the period with a cash balance of R$ 1,491 million and ended with R$ 1,237 million.

(Click Here)

The following charts show the liquidity of the Company`s consolidated cash, as well as the breakdown by banks, with emphasis on the diversification among them, all renowned institutions. The amount unavailable represents the pledge deposit given as guarantee of USD 30 million (around R$ 61 million) to charter the drilling rig to be used in the exploratory campaign in Namibia.

(Click Here)


The Table below shows the breakdown of disbursements recorded in a 9-month period of 2012 (9M12), grouped by recurring and non-recurring disbursements:

Breakdown   Solimões   Namibia   Corporate   Total 9M12
Recurring   583   93   97   773
Exploratory Campaign   515   31   -   546
Seismic   68   63   -   131
G&A   -     50   50
Taxes and Financial Expenses   -     47   47
Non-Recurring   65   -   -   65
Fixed Assets   65   -     65
Total   648   93   97   838

The expenses with the exploratory campaign in the amount of R$ 546 million refer to disbursements for the exploration, drilling, air, fluvial and ground logistics activities allocated under intangible assets, as well as  the expenses with its own personnel, third-parties services and other expenses allocated under the result.

Disbursements for seismic surveys in the amount of R$ 131 million are related to the exploratory activities in the Solimões and Namibia basins and encompass the hiring of 2D and 3D seismic surveys and processing services, resulting from expenses allocated under the results of the year.

Expenses allocated under General and Administrative (G&A) in the amount of R$ 50 million refer to corporate expenses with personnel, third-parties services, general and administrative expenses. The expenses in the amount of R$ 47 million refer to taxes and financial expenses, both not directly allocated to the exploratory campaign, though incurred to serve in the development of HRT Group exploration activities.

Non-recurring disbursements for fixed assets in the amount of R$ 65 million mostly refer to final payments to the purchase of two helicopters in the first quarter, and advances for the acquisition of four onshore helitransportable rigs, which are in a final delivery phase, in agreements entered into in 2011, all intended to the exploratory campaign in the Solimões Basin.


The following Tables present the breakdown of fixed assets and intangible assets. In both account groups, the changes are associated with the exploratory campaign in the Solimões Basin.

FIXED ASSETS   2011   3Q12   Var. 3Q12/2011
Helicopters and airplanes   131,460   135,140   3,680   3%
Leasehold improvements & furniture   76,078   73,215   -2,863   -4%
Advance for rigs and cranes   55,122   109,351   54,229   98%
Material for use and consumption (wells)   36,534   43,109   6,575   18%
Vehicles and Boats   9,919   7,908   -2,011   -20%
Machinery and equipment   7,631   9,968   2,337   31%
Computer equipment   6,461   6,311   -150   -2%
Others   63   1,156   1,093   1,735%
    323,268   386,158   62.890   19%
INTANGIBLE ASSETS   2011   3Q12   Var. 3Q12/2011
Subscription Bonus - Solimões   167,095   167,095   -   0%
Subscription Bonus - Namibia   1,739,087   1,739,087   -   0%
Exploration expenses   279,428   623,912   344,484   123%
Software and others   5,232   4,465   -767   -15%
    2,190,842   2,534,559   343,717   16%


The Operating Efficiency and the Cost Rationalization Programs, implemented this year, introduced important changes for the future of the Company, especially with the streamlining of the organizational and corporate structure, reduction of the companies` headcount and a severe cost control policy.

Additionally, the divestment program approved by the HRTP`s Board of Officers, from which Air Amazônia, aircraft, drilling rigs and other non-core assets are been negotiated, will enable the strengthening of the Company`s cash position and will allow that the major focus concentrates on core business.

Regarding the exploration performance, the discovery of HRT-9 was of a paramount importance for HRT's gas monetization strategy in the Solimões Basin.

And lastly, the partnership with Petrobras and TNK-Brasil in the gas monetization study in the Solimões Basin and the near-outcome of the Farm-Down in Namibia consolidate HRT as a relevant Brazilian and Namibian player in the oil and gas industry.



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.



PDF available at:

SOURCE: HRT Participações em Petróleo S.A.

For further information:

Fábio Bueno - IR Manager
+55 21 2105-9745

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