Mr. Ricardo Bottas reports
MATERIAL FACT - RESIGNATION OF THE MAJORITY OF HRT'S BOARD MEMBERS
At a meeting of the board of directors held on Dec. 20,
2013, which minutes were filed in a timely manner at the IPE system
(CVM and BM&BOVESPA), and also made available on HRT Participacoes em Petroleo SA's
website, there was a resolution on the following motion by the majority
of the members in attendance:
"To acknowledge that the election of
Edmundo Falcao and Marcello Pacheco is null and void, and that
they should cease to be members of the fiscal council and be considered
as such;
"Francois Moreau and Oscar Prieto should be suspended
until the next shareholder meeting and shall refrain from exercising
the prerogatives they would be entitled to, if they had been properly
elected;
"To instruct the company to seek the reimbursement of the
compensation and costs, and all payments made to Marcello
Pacheco and Edmundo Falcao;
"To reschedule the shareholder meeting, and
adjust the agenda and to publish a material fact, given that it is in
the best interest of the company and its shareholders to allow
shareholders to vote all of the relevant matters with a fully informed
basis."
Additionally, HRT announces to its shareholders and the market in
general that it received, on Dec. 22, 2013, six letters of
resignation from independent members of the board of directors,
namely: Thomas W. Ebbern, Peter L. O'Brien, Joseph P. Ash,
Francois Moreau, Charles Lagana Putz and Oscar Prieto, addressed to the
chairman of the board of directors, the chief executive officer and/or the investor
relations officer of the company. A copy of these letters will be
forwarded to the Brazilian Securities and Exchange Commission (CVM).
Furthermore, the board of officers informs that it is gathered on this
date, with the support of legal advisers, to deliberate over the next
steps to be adopted by the company that will be disclosed in a timely
manner to the shareholders and to the market.
Lastly, the board of officers emphasizes that these events do not
interfere with the regular activities of HRT, especially with regard to
the company's financial and asset management, as well as that it moves forward
in its strategic and budget planning, mainly in respect of the imminent
start-up of activities as the operator of the Polvo field in the
Campos basin, the negotiations regarding the transfer of operatorship
in the Solimoes blocks and the sale of four rigs to Rosneft, in
addition to the preservation of its cash position that is forecasted to
exceed 200 million Brazilian reais at year-end.
We seek Safe Harbor.
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