Peruvian Government Approves the Admission of Ecopetrol del Peru S.A. to Lot 117 in the Maranon Basin

BOGOTA, Colombia, July 6 /PRNewswire-FirstCall/ -- With the publication of Supreme Decree 033-2010-MEM/DM of June 11, 2010, the Peruvian Government authorized Perupetro S.A. to sign an amendment to the License Contract for the exploration and exploitation of hydrocarbons in Lot 117, pursuant to which Petrobras Energia del Peru S.A. ("Petrobras) will cede 25% of its ownership interest in such lot to Ecopetrol del Peru S.A., a subsidiary of Ecopetrol S.A. (NYSE: EC; BVC: ECOPETROL; BVL: EC).

Lot 117 is located on the Peruvian-Colombian border, in the Maynas Province of the Department of Loreto and has an area of 1,368,523 hectares.

The amendment stipulates that Ecopetrol will have a 25% participation in Lot 117, which is operated by Petrobras, whose ownership interest will now decrease to 50%.  The remaining 25% will continue to be owned by the Peruvian branch of Inpex North Peru Ltd.

Plans are currently underway for the acquisition of seismic information on Lot 117, which will bring better knowledge and definition of the lot's potential.  

With the amendment approval, Ecopetrol will be able to consolidate its globalization process, especially in Peru, where it already participates in exploration blocks with companies such as Talisman.

Ecopetrol is Colombia's largest integrated oil company and is among the top 40 oil companies in the world and the four largest oil companies in Latin America. Besides Colombia, where it accounts for 60% of total production, the Company is involved in exploration and production activities in Brazil, Peru and the United States (Gulf of Mexico). Ecopetrol has the principal refinery in Colombia, most of the network of oil and multiple purpose pipelines in the country, and it is considerably increasing its participation in biofuels.

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.

ECP – DIR – R - 001

SOURCE Ecopetrol S.A.

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