Ecopetrol Adopts Measures to Guarantee Adequate Shareholder Representation at the General Shareholders' Meeting to be Held on March 24, 2011

Mar 07, 2011, 19:13 ET from Ecopetrol S.A.

BOGOTA, Colombia, March 7, 2011 /PRNewswire/ -- In accordance with articles 2.3.1.1. and 2.3.1.2. of Resolution 1200 of 1995, as supplemented by article 1 of Resolution 116 of 2002, the Board of Directors of Ecopetrol S.A.(NYSE: EC; BVC: ECOPETROL; BVL: EC; TSX: ECP) ("Ecopetrol" or the "Company") in its extraordinary session held on February 25, 2011, approved the following measures designed to guarantee the adequate representation of shareholders at the General Shareholders' Meeting to be held on March 24, 2011:

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  1. Ordered the Company's management to inform shareholders of the right to be represented at the General Shareholders' Meeting through a proxy and indicate the legal requirements under Colombian commercial law for proxies granted for this purpose.
  2. Ordered Company employees participating in the review of proxies granted by shareholders that proxies which fail to meet minimum Colombian legal requirements will not be considered valid.
  3. Ordered the Company's management to inform shareholders that proxies cannot be granted to individuals associated either directly or indirectly with the Company's management or any Ecopetrol employee.
  4. Appointed the Legal Vice Presidency as the area responsible for the review of the proxies.
  5. Ordered the Company's management to inform Company administrators and employees that they cannot recommend to shareholders that they vote for a specific list.
  6. Ordered the Company's management to inform administrators and employees not to suggest, coordinate or agree with shareholders on the submission of shareholder proposals during the General Shareholders' Meeting.
  7. Ordered the Company's management to inform administrators and employees not to suggest, coordinate or agree with shareholders voting in favor of or against any shareholder proposal presented at the General Shareholders' meeting.
  8. Stipulated that the Company's management adopt all necessary measures for Company employees to act neutrally when interacting with shareholders.
  9. Appointed the General Secretary of Ecopetrol responsible for verifying adequate compliance with these measures.

The aforementioned measures adopted by the members of Ecopetrol's Board of Directors, designed to ensure compliance of articles 2.3.1.1. and 2.3.1.2. of Resolution 1200 of 1995, were made public by the Chairman of the Board of Directors through the Superintendente Delegado para Emisores of the Superintendencia de Valores of Colombia prior to the General Shareholders' Meeting.

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.

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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