BOGOTA, Colombia, March 11, 2011 /PRNewswire/ -- Ecopetrol (NYSE: EC; BVC: ECOPETROL; BVL: EC; TSX: ECP) informs that today the Company's Board of Directors approved the rules and the addendum to the prospectus for the placement of the second round of stock issuance for the Company's private capitalization, set for in the Stock Placement Program referred to under Law 1118 of 2006 and authorized by Resolution No. 1314 of July 27, 2007, as supplemented by Resolution No. 1404 of August 15, 2007, and No. 1557 of July 30, 2010.
The corresponding public offer will be conducted once the necessary proceedings regarding this round have been concluded with the Financial Superintendency.
Ecopetrol is Colombia's largest integrated oil & gas company, where it accounts for 60% of total production. It is one of the top 50 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.