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Ecopetrol Information on the STAR project

 BOGOTA, Colombia, July 17, 2014 /CNW/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE:  EC; TSX: ECP) reports the following in response to notification number  2014063145-000-000 of the Financial Superintendency of Colombia, whereby a  statement is requested "concerning the truthfulness of the information  published" in the media relating to the STAR technology pilot project:  1. On June 4, 2014, the Company replied to the questions posed in the right of  petition filed by Senator Jorge Enrique Robledo on May 28, 2014 regarding the  Rubiales field and the STAR project.  The Company's response was based on the  information that was available to it on the date of its reply and on the  information provided to the Company by the operator of the Quifa field, Meta  Petroleum, a subsidiary of Pacific Rubiales Energy.  2. With regard to the production figures for the project, Ecopetrol replied  that such figures were the result of a preliminary evaluation of the Star  project (reported on October 31, 2013) and were "according to the information  provided by the operator Meta Petroleum . . . ."  The Company also highlighted that the data submitted for real production from  the wells of the Star project came from "public information reported by the  operator Meta Petroleum (Subsidiary of Pacific Rubiales) on ministry forms  delivered to the National Hydrocarbon Agency (ANH - Agencia Nacional de  Hidrocarburos)."  3. Ecopetrol declared that as of the date of its response (June 4, 2014), the  technical teams continued to evaluate the results of the project. The  Company's response was as follows:  At present, Ecopetrol is continuing to evaluate the results of the STAR  project and has not issued an opinion on the matter.  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:  Media Relations (Colombia)  Mauricio Téllez  Phone: + 571-2345377  Email:  Logo -    SOURCE  Ecopetrol S.A.  CO: Ecopetrol S.A. ST: Colombia NI: UTI OIL  
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