I'll post a lot more on this, but as the article says:
Batista and OGX had to admit that their much-hyped “new frontier” of oil off the Brazilian coast was actually a collection of mediocre-to-dud oil wells. Production would come nowhere close to paying off the billions he had borrowed in the bond market to finance exploration and production.
At one point Batista was worth $34.5 billion but has since lost $30 billion! He still has several hundreds of millions of dollars.
60 Minutes segment from December 2010: