Tempranillo North-1 Well is located in the Township of Aipe, Huila

Ecopetrol Discovers Hydrocarbons in the Tempranillo North-1 Well

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Jan 29, 2010, 08:00 ET

BOGOTA, Jan. 29 /PRNewswire-FirstCall/ -- Ecopetrol S.A. (NYSE: EC; BVC: ECOPETROL; BVL: EC) reports it has confirmed the presence of hydrocarbons in the Tempranillo North-1 well located in the Unified Production Agreement in the Pijao-Potrerillo area, signed between Ecopetrol and the National Hydrocarbons Agency (ANH) of Colombia.

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The Tempranillo North-1 well is located in the township of Aipe, Huila.

Well drilling began in the final week of October and by December 2009 had reached a total depth of 10,235 feet, equivalent to over three kilometers.

The well drilled through two layers of the Caballos Formation, where accumulations of hydrocarbons were found at three intervals. Upper layer sands revealed two intervals at depths below 8,500 feet, with a net hydrocarbon thickness of 40 feet. Lower layer sands are located below 9,700 feet and revealed a net hydrocarbon interval of 16 feet.

Short Drill Stream Tests (DSTs) performed during the month of January 2010 revealed that the Caballos Formation produced crude oil of 24 degrees API, with an average volume of 1,000 barrels per day supported by an artificial lift system, a low gas-oil ratio, and water cut of about 1%.

This new finding increases our reserves inventory in this region of Colombia. Tempranillo North-1 is the fourth discovery made in the Pijao-Potrerillo area during the last 2 years, after the discovery of Tenax, Arrayan and Tempranillo.

Ecopetrol is Colombia's largest company and it is integrated in the oil chain, among the top 40 oil companies in the world and the four chief oil companies in Latin America. Besides Colombia, where over 60% of its domestic production is concentrated, the company is involved in exploration and production activities in Brazil, Peru and the United States (Gulf of Mexico). Ecopetrol owns the main refinery in Colombia, along with most of the country's network of oil and multi-purpose pipelines, and is considerably increasing its holdings in biofuels.

This release contains forward-looking statements relating to our business prospects, estimates for operating and financial results, and statements related to Ecopetrol's growth prospects. These statements 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. These forward-looking statements may vary depending on changes in market conditions, government regulations, competition, the performance of the Colombian economy and the industry, among other factors, and are therefore subject to change without prior notice.

    For more information, please contact:

    Investor Relations Officer:
    Alejandro Giraldo
    Phone: +571-234-5190
    Email: [email protected]

    Media Relations (Colombia)
    Mauricio Tellez
    Phone: +571-234-5377
    Fax: +571-234-4480
    Email: [email protected]

    Website: www.ecopetrol.com.co

SOURCE Ecopetrol S.A.