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PBR » Topics » c) Other information (i) Investments in Ecuador New Hydrocarbons Law

This excerpt taken from the PBR 6-K filed Jun 26, 2006.

c) Other information

(i) Investments in Ecuador

New Hydrocarbons Law

In April/2006 the “Reform Law” and Hydrocarbon Law” were passed in Ecuador, which established a minimum government interest of 50% of the surplus between the

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petroleum’s current sale price and the contracted sale price indexed by American inflation rates. Up to the present time, the new law has not been officially published and it is expected that its enforcement will take into account the investments already made by the Companies, as well as giving special treatment to those agreements whose government interest is 50% of the production. The Company has not way to estimate, up to the present date, the impacts of the new law on the agreements for Blocks 18 and 31.

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