Petrobras (PBR)

Clarifications of Recent News: New Gas Discovery

(Rio de Janeiro, June 1 2009). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, whishes to clarify the news published today in the Brazilian Press about the announcement of two major oil and natural gas reserves in the State of Acre and in the Northwestern area of the State of Minas Gerais. The Company informs that there is no discovery to be announced in these areas and it does not hold exploratory blocks in Acre. Regarding the Northwestern of Minas Gerais, the Company has completed the seismic acquisitions in the area and the first well will be drilled by 2011.

Additionally, Petrobras informs that it is in compliance with the rules established by National Petroleum Agency (NPA) under which it must announce any new evidence of oil in up to 72 hours, and it reasserts its disclosure policy of announce to the market information about oil and natural gas discoveries whenever it has conclusive data regarding the blocks under its concession.

This document may contain forecasts 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 forecasts. 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. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture 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 of 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.