Ecopetrol Submits Top Bids for 12 Blocks in Round Colombia 2012

       Ecopetrol Submits Top Bids for 12 Blocks in Round Colombia 2012

-- Alliances with oil companies such as ExxonMobil, Anadarko and Repsol.

-- Increases number of blocks for developing unconventional resources.

-- Strengthens strategic position in the Caribbean offshore and heavy crudes.

PR Newswire

BOGOTA, Colombia, Oct. 18, 2012

BOGOTA, Colombia, Oct. 18, 2012 /PRNewswire/ -- Ecopetrol S.A. (BVC:
ECOPETROL; NYSE: EC; TSX: ECP) reports that it has submitted the best offers
for 12 exploratory blocks in the Round Colombia 2012, following the opening of
bidding held yesterday by the National Hydrocarbons Agency (Agencia Nacional
de Hidrocarburos, ANH) in Cartagena, Colombia.

(Logo: http://photos.prnewswire.com/prnh/20090209/ARM001LOGO )

Of the 12 blocks, Ecopetrol holds a 100% stake in six of them, and the
remaining six in partnerships with Anadarko, ExxonMobil, Repsol, and Hocol.
The total area of the blocks is approximately 3.1 million hectares and are
located in the following basins: Llanos, Mid Magdalena Valley,
Caguan-Putumayo, Catatumbo, Cordillera, and the Colombian Caribbean offshore.

In this round, the ANH auctioned blocks for exploration and production of
unconventional hydrocarbons. Ecopetrol has carried out activities in this type
of hydrocarbons, and yesterday's bidding should allow it to increase its
strategic position in five new blocks. Ecopetrol holds a 100% stake in three
blocks, and two of the blocks are held in partnership with ExxonMobil.

In conventional hydrocarbons, Ecopetrol submitted the top bid for seven
blocks. In two of them, it holds a 100% interest, and in the other five, it
holds jointly with Anadarko (two blocks), ExxonMobil (one block), Repsol (one
block), and Hocol (one block), the latter a company of the Ecopetrol Corporate
Group.

One of the two blocks in the Caribbean Offshore is held in partnership with
Anadarko Colombia Company while the other is held in partnership with Repsol
Exploracion Colombia S.A. These alliances with oil companies that have a broad
experience in offshore exploration and production, are part of Ecopetrol
S.A.'s strategy of strengthening its presence in this basin.

Ecopetrol's investment in these 12 blocks is estimated at US$370 million
during the initial phase of exploration over the next three years, which
includes the minimum mandatory commitments and the additional investment
offered in the round.

Following the verification of documents and analysis of the information
submitted by the companies, the ANH expects to award the blocks on November
26, followed by the signing of contracts between November 27 and December 21
of 2012.

We expect the results obtained in Round Colombia 2012 to strengthen
Ecopetrol's strategic position, and to signal that major oil companies have
confidence in Ecopetrol, which should contribute to our strategy that aims at
increasing reserves and achieving production of 1.3 million by 2020.

The following is a summary of the 12 blocks:

Block   Basin   Companies    Share of   Expected      Type of Block
                             Production Additional
                             ANH (%)    Investment

                                        (US$ million)
PUT13   PUT     Ecopetrol    7%         $ 1.6         Type 2 – Conventional
                S.A.                                  Continental and
                                                      Offshore
URA4    URA     UT Anadarko  3%         $ 0.6         Type 2 - Conventional
                Ecopetrol                             Continental and
                                                      Offshore
PUT17   CAG -   Ecopetrol    1%         $ 31.8        Type 3 - Conventional
        PUT     S.A.                                  Continental and
                                                      Offshore
COR46   COR     UT EM – ECP  1%         $ 55.1        Type 3 - Conventional
                                                      Continental and
                                                      Offshore
AMA4    AMA     UT Ecopetrol 1%         $ 43.7        Type 3 - Conventional
                Hocol                                 Continental and
                                                      Offshore
COL5    COL     UT Anadarko  1%         $ 11.5        Type 3 - Conventional
                Ecopetrol                             Continental and
                                                      Offshore
GUAOFF1 GUA OFF UT Repsol    1%         $ 28.5        Type 3 - Conventional
                Ecopetrol                             Continental and
                                                      Offshore
CAT3    CAT     Ecopetrol    1%         $ 3.0         Type 2 – Unconventional
                S.A.                                  Continental
COR62   COR     UT ECP – EM  1%         $ 22.1        Type 2 – Unconventional
                                                      Continental
VMM5    VMM     Ecopetrol    1%         $ 11.8        Type 2 – Unconventional
                S.A.                                  Continental
VMM16   VMM     Ecopetrol    1%         $ 6.0         Type 2 – Unconventional
                S.A.                                  Continental
VMM29   VMM     UT ECP – EM  1%         $ 3.5         Type 2 – Unconventional
                                                      Continental

Cartagena, Colombia, October 18 of 2012
------------------------------------------

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

SOURCE Ecopetrol S.A.

Website: http://www.ecopetrol.com.co
 
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