Ecopetrol and Pacific Rubiales announce decision concerning the Quifa SW STAR pilot project

Ecopetrol and Pacific Rubiales announce decision concerning the Quifa SW STAR
                                pilot project

PR Newswire

TORONTO, July 24, 2014

TORONTO, July 24, 2014 /PRNewswire/ - Ecopetrol S.A. (BVC: ECOPETROL; NYSE:
EC; TSX: ECP) ("Ecopetrol") and Pacific Rubiales Energy Corp. (TSX: PRE; BVC:
PREC; BOVESPA: PREB) ("Pacific Rubiales") announced at a meeting yesterday of
Ecopetrol's board of directors in which the Synchronized Thermal Additional
Recovery ("STAR") pilot project being developed in an area of the Quifa SW
field was considered; and based on the technical analysis of the pilot a
decision was made to adopt the recommendations included in the technical
report prepared on June 6, 2014, entitled: "Joint Pacific Rubiales Energy -
Ecopetrol S.A meeting, a review of the technical results of the STAR project"
(the "Report").

The Report was prepared by technical teams appointed by Ecopetrol and  Pacific 
Rubiales on April 22, 2014  to jointly examine the  results of the STAR  pilot 
project. The Report is limited  to the results of  the pilot project and  does 
not constitute a ruling on the assessment of the STAR technology.

The recommendations contained in the Report are as follows:

In light of the fact that Ecopetrol  and Pacific Rubiales are in agreement  to 
consider that  the  STAR pilot  project  has provided  sufficient  information 
required for  the evaluation  of  the technology  and  has reached  the  final 
approved date, both companies agree to recommend that:

  *The STAR pilot project be concluded.

  *That the process of closing the project should be carried out by reducing
    on a scheduled basis the injection of air in the IV2 well in order to
    obtain additional information concerning the extinction of the thermal
    front in the area of the STAR pilot project in the Quifa SW field. In the
    time that remains of the authorized injection approved by the Agencia
    Nacional de Hydrocarburos ("ANH"), the injection air flow should be
    reduced until it has reached zero flow by the authorized end-date. The
    closing process should be carried out in a manner that ensures the
    operational continuity of the Quifa partnership, safety conditions and
    environmental regulations.

  *A technical team be appointed to conduct a comprehensive post-pilot study.

Ecopetrol and Pacific Rubiales will closely monitor the conclusions  resulting 
from this post-pilot study. The pilot project allowed the companies to acquire
valuable knowledge and experience concerning the use of technologies based  on 
in-situ combustion recovery.

The two companies reiterate their interest  in continuing to work together  on 
the analysis and  development of these  and other initiatives  that will  help 
increase recovery factors and hydrocarbon production in joint operated  fields 
to the benefit of both companies and the country.

Pacific Rubiales, a  Canadian company and  producer of natural  gas and  crude 
oil, owns 100% of  Meta Petroleum Corp., which  operates the Rubiales,  Piriri 
and Quifa heavy oil fields  in the Llanos Basin,  and 100% of Pacific  Stratus 
Energy Colombia Corp., which  operates the La Creciente  natural gas field  in 
the northwestern area of Colombia. Pacific Rubiales has also acquired 100% of
Petrominerales Ltd, which owns light and heavy oil assets in Colombia and  oil 
and gas assets in Peru, 100% of PetroMagdalena Energy Corp., which owns  light 
oil assets in Colombia,  and 100% of  C&C Energia Ltd.,  which owns light  oil 
assets in  the Llanos  Basin.  In addition,  the  Company has  a  diversified 
portfolio of assets beyond Colombia, which includes producing and  exploration 
assets in Peru, Guatemala, Brazil, Guyana and Papua New Guinea.

The Company's common shares trade on  the Toronto Stock Exchange and La  Bolsa 
de Valores de Colombia and as Brazilian Depositary Receipts on Brazil's  Bolsa 
de Valores Mercadorias e Futuros under the ticker symbols PRE, PREC, and PREB,
respectively.

Ecopetrol is the largest  company in Colombia and  is integrated into the  oil 
chain; it is among the 50 major oil companies in the world and among the  four 
main ones in Latin America. Besides Colombia - where it generates over 60%  of 
the national  production  -  it  is  present  in  exploration  and  production 
activities in Brazil, Peru & US  (Gulf of Mexico). Ecopetrol owns the  largest 
refinery in  Colombia and  most  of the  pipeline and  multi-product  pipeline 
network in the country, and  is significantly increasing its participation  in 
bio-fuels.

Advisories

Cautionary Note Concerning Forward-Looking Statements

This press release contains forward-looking statements. All statements,  other 
than statements  of  historical  fact,  that  address  activities,  events  or 
developments that the  Company believes,  expects or anticipates  will or  may 
occur in  the  future  (including, without  limitation,  statements  regarding 
estimates and/or assumptions in respect of production, revenue, cash flow  and 
costs, reserve and  resource estimates, potential  resources and reserves  and 
the  Company's  exploration   and  development  plans   and  objectives)   are 
forward-looking  statements.  These  forward-looking  statements  reflect  the 
current expectations or beliefs of the Company based on information  currently 
available to the Company. Forward-looking  statements are subject to a  number 
of risks and uncertainties that may cause the actual results of the Company to
differ materially from those discussed in the forward-looking statements,  and 
even if such actual results are realized or substantially realized, there  can 
be no assurance that they will  have the expected consequences to, or  effects 
on, the Company. Factors that could  cause actual results or events to  differ 
materially from current expectations include, among other things:  uncertainty 
of  estimates  of  capital  and  operating  costs,  production  estimates  and 
estimated economic  return; the  possibility  that actual  circumstances  will 
differ from  the estimates  and assumptions;  failure to  establish  estimated 
resources or reserves; fluctuations in petroleum prices and currency  exchange 
rates;  inflation;  changes  in  equity  markets;  political  developments  in 
Colombia, Peru,  Guatemala, Brazil,  Papua New  Guinea or  Guyana; changes  to 
regulations affecting the Company's activities; uncertainties relating to  the 
availability and costs of  financing needed in  the future; the  uncertainties 
involved in  interpreting  drilling results  and  other geological  data;  the 
impact of environmental, aboriginal or other claims and the delays such claims
may cause in the expected development plans of the Company and the other risks
disclosed under  the heading  "Risk Factors"  and elsewhere  in the  Company's 
annual information form dated March 13, 2014 filed on SEDAR at  www.sedar.com. 
Any forward-looking statement speaks only as of  the date on which it is  made 
and, except as  may be  required by  applicable securities  laws, the  Company 
disclaims any intent  or obligation to  update any forward-looking  statement, 
whether as a result of new information, future events or results or otherwise.
Although  the  Company   believes  that  the   assumptions  inherent  in   the 
forward-looking statements are reasonable, forward-looking statements are  not 
guarantees of future performance and accordingly undue reliance should not  be 
put on such statements due to the inherent uncertainty therein.

In addition, reported production levels  may not be reflective of  sustainable 
production rates and future  production rates may  differ materially from  the 
production rates reflected in this press release due to, among other  factors, 
difficulties  or   interruptions   encountered  during   the   production   of 
hydrocarbons.

Translation

This news  release  was  originally  prepared  in  the  Spanish  language  and 
subsequently translated  into  English and  Portuguese.  In the  case  of  any 
differences between the Spanish version  and its translated counterparts,  the 
Spanish document should be treated as the governing version.

SOURCE Pacific Rubiales Energy Corp.

Contact:

Christopher (Chris) LeGallais
Sr. Vice President, Investor Relations
+1 (647) 295-3700

Roberto Puente
Sr. Manager, Investor Relations
+57 (1) 511-2298

Kate Stark
Manager, Investor Relations
+1 (416) 362-7735
 
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