Petrobras (PBR)

Clarification: Announcement of New Discovery in Angola

Rio de Janeiro, November 12, 2009 – Petróleo Brasileiro S.A. - Petrobras, in compliance with Resolution 358 of the Brazilian Securities Exchange Commission (CVM) and in line with the best corporate governance practices, announces, regarding the news issued yesterday by its Press Agency, about a new oil discovery in Block 15/06, in deep Angolan waters, in which it holds 5% stakes via its Petrobras Internacional Braspetro B.V. subsidiary.

The discovery was made in the Cabaça Norte-1 well, which is located about 350 kilometers away from Luanda. This is the second discovery announced for Block 15/06, in which Sonangol E.P. is the concessionaire, and Eni Angola the operator, with 35% of the stakes.

Well Cabaça Norte-1 was drilled at a depth of 500 meters from the water line and reached a total depth of 2,830 meters. In the production tests, the well produced more than 6,500 barrels of oil per day.

The other partners in Block 15/06 are SSI Fifteen Limited (15%), Sonangol P&P (15%), Total (15%), Falcon Oil Holding Angola AS (5%), and Statoil Angola Block 15/06 AS (5%).

This document may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act) that merely reflect the expectations of the Company’s management. Such terms as “anticipate”, “believe”, “expect”, “forecast”, “intend”, “plan”, “project”, “seek”, “should”, along with similar or analogous expressions, are used to identify such forward-looking statements. These predictions evidently involve risks and uncertainties, whether foreseen or not by the Company. Therefore, the future results of operations may differ from current expectations, and readers must not base their expectations exclusively on the information presented herein.

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act) that are not based on historical facts and are not assurances of future results.  These forward-looking statements are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results o f operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. 
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