BOGOTA, Dec. 17 /PRNewswire-FirstCall/ -- ECOPETROL S.A. (NYSE: EC, BVC: ECOPETROL, BVL: EC) ("Ecopetrol" or the "Company") has announced that drilling at the Rancho Hermoso-5 well has confirmed the presence of hydrocarbons in the Guadalupe and Los Cuervos formations in the Rancho Hermoso block, located on the basin of the Eastern Plains in the province of Casanare, Colombia.

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The Rancho Hermoso-5 well was drilled by Canacol Energy Ltd with the intent of testing the southern extension of the Rancho Hermoso field. The well reached a depth of 9,587 feet (9,187 feet, vertical), crossing the potential reservoirs of Mirador, Los Cuervos and Guadalupe.

The results of the initial tests carried out by the operator report that (i) the Guadalupe formation reached a production of 3,990 barrels of oil per day 33 API degrees and approximately 400,000 cubic feet of gas per day and (ii) Los Cuervos formation (located above the Guadalupe formation) reached a production of 4,434 barrels of oil per day, 36 API degrees and 400,000 cubic feet of gas per day. Formation tests in the Mirador formation are still pending.

The Rancho Hermoso-5 well was drilled pursuant to the following contracts:

(i) the Casanare Area Risk Production Service Contract, which was entered into on July 22, 1999 and covers the Mirador formation. Under this contract, Ecopetrol has a 100% production share and pays the operator a fee; and

(ii) the Casanare Area - Rancho Hermoso Participation Agreement, which was entered into on April 30, 2007 and covers the Carbonera, Guadalupe, Barco, Cuervo and Ubaque formations. Under this contract, Ecopetrol has a 70% production share, and expenses as well as associated investments are to be made at the expense of the operator, Rancho Hermoso S.A.

The operator will continue carrying out initial tests at the Rancho Hermoso-5 well to determine (i) the potential of these formations and (ii) the best completion and production strategy for them.

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.

    Contact us for any additional information:

    Investor Relations
    Alejandro Giraldo
    Phone: +571-234-5190
    Email: investors@ecopetrol.com.co

    Media Relations (Colombia)
    Mauricio Tellez
    Phone: +571-2345377
    Fax: +571-2344480
    Email: mtellez@ecopetrol.com.co

    Website: www.ecopetrol.com.co

SOURCE Ecopetrol S.A.

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