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Ecopetrol reports its third deepwater discovery in the U.S. Gulf Coast since 2011

Monday, Nov 05, 2012

BOGOTA, Colombia, Nov. 1, 2012 /CNW/ - Ecopetrol S.A. (NYSE: EC; BVC: ECOPETROL; TSX: ECP), through its affiliate Ecopetrol America Inc., provided the results of the Dalmatian South prospect, deepwater Gulf of Mexico (U.S.).

The Dalmatian South prospect is located within the DeSoto Canyon protraction area in a water depth of 6,394 ft (1,949 meters). The presence of oil was confirmed by wireline logs after drilling the DC 134 #1 well and a planned sidetrack.

Ecopetrol America has a 30% interest in the Dalmatian South Prospect and Murphy Exploration & Production Company - USA is the operator.

The Dalmatian South lease (DC 134) covers an area of 5,760 acres (23.3 square kilometers) and is located approximately 70 miles (113 km) offshore Louisiana.

The Dalmatian South discovery is located approximately 6 miles (9.5 km)
southwest of the Dalmatian Field (Murphy 70% operator, Ecopetrol 30%) located in DC 4, 47, 48 and 91. Production from the Dalmatian Field is expected to commence in Q1 2014.

The Dalmatian South discovery is Ecopetrol America's second discovery in 2012 and third to date in the Gulf of Mexico, one of the regions with the highest oil hydrocarbon potential in the world. Geological and geophysical studies will continue to determine the resource potential within the greater Dalmatian area.

The prospect's results are expected to assist in Ecopetrol S.A.'s strategy to attain a production of 1.3 million clean barrels by 2020.

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 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.

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 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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