BOGOTA, Colombia, Dec. 13, 2010 /PRNewswire-FirstCall/ -- Ecopetrol (NYSE: EC; BVC: ECOPETROL; BVL: EC; TSX: ECP) reports that it proved the presence of hydrocarbons in the second stratigraphic well drilled under the Cano Sur Exploration and Production contract, located in the province of Meta.
Preliminary results of the Draco-1 well, which reached a depth of 3,284 feet (close to one kilometer) confirm the presence of hydrocarbons which was previously announced on November 2 of 2010 in the Mago-1 well.
The interests under the Cano Sur contract are split equally between Ecopetrol, which is the operator, and Shell Exploration and Production Cano Sur GMBH.
The preliminary technical evaluation indicates the presence of crude petroleum in the Carbonera formation, in a net reservoir thickness of close to 9 feet, with average porosities of 30%.
The findings registered in this new stratigraphic well, together with those registered in Mago-1, confirm the hydrocarbons potential of the eastern region of the province of Meta, where the Rubiales and Quifa fields also are located.
This discovery brings the total number of wells (in which Ecopetrol has a participation) where the presence of hydrocarbons has been proved in 2010 to seven (including exploratory and stratigraphic). Four of these wells are located in the Eastern Llanos Region of Colombia.
During 2011 exploration activities are expected to continue in the Cano Sur block, with the goal of evaluating the potential of the reservoir and the eventual conditions for production.
Ecopetrol is the largest company in Colombia and a vertically integrated oil company, among the 40 largest oil companies in the world and four largest in Latin America. In addition to Colombia, where it generates over 60% of the country's production, it maintains exploration and production operations in Brazil, Peru and the United States (Gulf of Mexico). Ecopetrol owns the largest refinery in Colombia, the majority of the network of oil pipelines and multi-use pipelines and is increasing significantly its participation in biofuels.
This release contains forward-looking statements related 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 company and its continued access to capital to fund the Company's business plan. Such forward-looking statements depend on changes in market conditions, 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.