Ecopetrol Announces a discovery in Magdalena Medio

-In initial tests, the Aullador-1 Well produced 300 barrels of crude of 24 degrees API per day on the natural flow.

-Ecopetrol is the operator and holds a 100% interest in the Playon E&P Agreement.

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Sep 05, 2012, 06:39 ET

BOGOTA, Colombia, Sept. 5, 2012 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) reports that it has proven the presence of crude oil at the Aullador-I exploratory well located in Santander province, 27 kilometers from the municipality of Sabana de Torres. The well is part of the Playon Exploration and Production Agreement signed by Ecopetrol and the National Hydrocarbons Agency (ANH) on April 24, 2008.

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The well was drilled to a depth of 11,393 feet. Tests averaged 300 barrels of crude oil per day of 24 degrees API, obtained by natural flow. The well shows low watercut and sediment (BSW) of only 0.1% and a gas-oil ratio of 200.

In the following months extensive testing will be carried out in order to define the potential of the discovery.

Ecopetrol is the largest company in Colombia and a firm integrated into the petroleum chain. It is ranked among the 50 largest oil companies in the world and among the four principal petroleum companies in Latin America. In addition to Colombia, where it accounts for more than 60% of national production, it maintains exploration and production activities in Brazil, Peru and the United States (Golf of Mexico). Ecopetrol is the owner of two refineries in Colombia and a majority of the country's oil and multiuse pipelines, and it is significantly increasing its involvement in biofuels.

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

For more information, contact:
Investor Relations

Alejandro Giraldo
Tel: +571-234-5190
E-mail: [email protected]

Media Relations (Colombia)

Mauricio Tellez
Tel: + 571-2345377
Fax: +571-2344480
E-mail: [email protected]

SOURCE Ecopetrol S.A.