Produces both exocrine product (eggs) and endocrine products (progesterone) An internal view of an ovary reveals many saclike structures called ovarian follicles Each follicle consists of an immature egg, called oocyte, surrounded by layers of follicle cells As developing egg within a follicle begins to ripen or mature, the follicle enlarges and develops a fluid-filled central region called an antrum. At this stage, the follicle, called a vesicular follicle or Graafian follicle, is mature, and the developing egg is ready to be ejected from the ovary, an event called ovulation.