Breaking News

Tweet TWEET

Ecopetrol Reports Its Proven Reserves for 2012

-- Proven net reserves (1P) increased to 1,877 million barrels of oil 
equivalent at the end of 2012. 
-- The reserves replacement ratio was 109%. For every barrel produced, 
Ecopetrol added 1.09 barrels. 
-- Over the past three years, Ecopetrol has increased its reserves by 22%. 
BOGOTA, Colombia, Feb. 15, 2013 /CNW/ - Ecopetrol S.A. (BVC: ECOPETROL; NYSE: 
EC; TSX: ECP) announced today its proven reserves (1P, according to the 
international designation) of crude oil, condensate and natural gas, including 
its interest in affiliates and subsidiaries, as of December 31, 2012. Reserves 
were calculated based on the U.S. Securities and Exchange Commission (SEC) 
standards and methodology, and 99% of them were audited by three different 
specialized independent companies. 
(Logo: http://photos.prnewswire.com/prnh/20090209/ARM001LOGO ) 
Proven net hydrocarbon reserves owned by Ecopetrol, including its interest in 
affiliates and subsidiaries, at the close of 2012 were 1,877 million barrels 
of oil equivalent (mmboe), a 1.1% increase compared to the 1,857 mmboe in 
2011. During 2012, proven reserves increased by 252 mmboe and net production 
was 232 mmboe. 
The reserves replacement ratio in 2012 was 109%, which means that for each 
barrel of oil equivalent produced, 1.09 barrels were added to the proven 
reserves. 
The reserves/production ratio (average life of reserves) is 8.1 years, 
assuming production levels as in 2012. 
Over the past three years (2010-2012), Ecopetrol has increased its net 
reserves by 22%, from 1,538 mmboe at the end of 2009 to the current 1,877 
mmboe at December 31, 2012. During this same period, net production increased 
from 160 mmboe in 2009 to 232 mmboe in 2012, up by 45%. The average reserves 
replacement ratio for the period was 155%. 
The higher amount of proven reserves was primarily the result of the 
extensions of proven areas, improved recovery and revised prior estimates in 
some fields. The main contributors of the additional volumes were the fields 
Casabe, Tibu and Castilla, operated by Ecopetrol, as well as Cupiagua, Pauto, 
Cano Limon and Quifa, in partnership with other companies. 
Of the 1,877 mmboe of proven reserves, 95% comes from Ecopetrol S.A., and the 
remainder by Hocol, Ecopetrol America and the Company's interests in Equion 
and Savia Peru. 
Reported reserves do not include those of all the discoveries announced in 
2011 and 2012 in Colombia and abroad, as some were undergoing appraisal and 
development planning stage. 
The following exhibit summarizes the reserve balance as of December 31, 2012: 
Additions to proven reserves (1P)   Millions of barrels of 
(Net reserves, excluding royalties) oil equivalent (mmboe) 
Proven reserves as of Dec. 31, 2011 1,857 
Extensions and discoveries          143 
Revised prior estimates             44 
Acquisitions                        0 
Improved recovery                   65 
Production/sales for 2012           -232 
Proven reserves at Dec. 31, 2012    1,877 
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 
http://www.ecopetrol.com.co 
http://photos.prnewswire.com/prnh/20090209/ARM001LOGO 
SOURCE: Ecopetrol S.A. 
To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/February2013/15/c6208.html 
CO: Ecopetrol S.A.
NI: OIL UTI  
-0- Feb/16/2013 01:02 GMT