Ecopetrol Receives Authorization from the Superintendency of Finance to Issue One Trillion Pesos ($1,000,000,000,000) of Colombian Peso-Denominated Bonds in the Local Market

BOGOTA, Colombia, Nov. 16, 2010 /PRNewswire-FirstCall/ -- Ecopetrol S.A. (NYSE: EC; BVC: ECOPETROL; BVL: EC; TSX: ECP) reports that pursuant to Resolution No. 2176 of November 11, 2010, it has been granted authorization by the country's financial regulator, the Superintendency of Finance to register new Colombian Peso-Denominated bonds with the National Securities and Issuers Registry in Colombia and proceed with their issuance.

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The bonds will have the following specifications, having been previously approved by Resolution 3159 of October 20, 2010, of the Ministry of Finance and Public Credit:

• Amount: One trillion pesos ($ 1,000,000,000,000).
• Objective: To finance the 2010 Investment Plan.
• Bonds issued: To the order of.
• Series: The bonds will be issued in three series as follow:
  • Series A: Peso-denominated variable IPC rate bonds.
  • Series B: Peso-denominated variable DTF rate bonds.
  • Series C: Peso-denominated fixed rate bonds.
• Nominal value:  Fifty million pesos ($ 50,000,000).
• Minimum investment: One (1) bond.
• Maturity date: Between three (3) and thirty (30) years starting the date of issue.
• Amortization: At maturity
• Interest: Fixed rate or variable rate, as set forth in the corresponding Public Offer Notice.
• Yield: Interest payable to maturity at monthly, quarterly, semiannual and/or annual intervals.
• Placement Mechanism: Dutch Auction or First Bidder Auction

The specific conditions of any issuance will be those announced in the corresponding Public Offer Notice.

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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