Anadarko Announces That Itauna-1 Well, in Which Ecopetrol Holds a 50% Stake, Shows New Evidence of Hydrocarbons

BOGOTA, Colombia, Nov. 22, 2010 /PRNewswire/ -- Ecopetrol S.A. (NYSE: EC; BVC: ECOPETROL; BVL: EC; TSX: ECP) informs that Anadarko Petroleum Corporation, operator of block BM-C-29, in which Ecopetrol holds a 50% stake, reported that drilling activity at the Itauna-1 well has revealed further evidence of hydrocarbons.

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According to the report submitted by Anadarko to the Agencia Nacional del Petroleo de Brasil (National Petroleum Agency of Brazil – ANP), in compliance with Brazilian regulations, a 275-foot hydrocarbon column was encountered in two different areas of the so-called "post-salt" target.

The discovery at the Itauna-1 well is in addition to that previously reported on September 28, 2010.

Itauna-1, located offshore in the Campos basin in Brazil, is the first well drilled on block BM-C-29.

The well currently runs to a depth of 15,250 feet, with drilling set to continue over the next weeks to a depth of approximately 18,000 feet for purposes of probing the exploratory objectives of the "pre-salt" section.

Drilling is expected to conclude by the end of this year. Final estimates of potential and size of the discovery will be available once field tasks and tests are completed.

Ecopetrol is a 50% partner in the block through its affiliate, Ecopetrol Oleo e Gas do Brasil Ltda. Anadarko Petroleum Corporation holds the other 50% partnership interest.

Ecopetrol is Colombia's largest integrated oil & gas company, where it accounts for 60% of total production. It is one of the top 40 oil companies in the world and the fourth largest oil company in Latin America. The Company is also involved in exploration and production activities in Brazil, Peru and the United States Gulf Coast, and owns the main refineries in Colombia, most of the network of oil and multiple purpose pipelines in the country, petrochemical plants, and it is entering into the biofuels business.

This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Ecopetrol. These are merely projections and, as such, are based exclusively on the expectations of management concerning the future of the business and its continued access to capital to fund the Company's business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Colombian economy and the industry, among other factors; therefore, they are subject to change without prior notice.

SOURCE Ecopetrol S.A.

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