Ecopetrol Expands the By-Laws Reform Proposal to be Presented at the Shareholder Meeting

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BOGOTA, Colombia, Feb. 28, 2011 /CNW/ -- Ecopetrol S.A. ("Ecopetrol" or the "Company") (NYSE: EC; BVC: ECOPETROL; BVL: EC; TSX: ECP) informs that it will submit for consideration at its General Shareholder's Meeting on March 24, 2011 the inclusion of an additional numeral to Article Four of the Company's By-laws, which will authorize the Company to support, promote and manage democratization programs and sales of its shares, in accordance with applicable norms.

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

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The text of the proposed numeral can be examined on the website (www.ecopetrol.com.co)

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Ecopetrol is Colombia's largest oil & gas company, where it accounts for 60% of national production. It is one of the top 60 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 of Mexico). Ecopetrol owns the main refineries in Colombia and most of its network of oil and multipurpose pipelines, and has increased significantly its share in the biofuels business

This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results and those relating to the 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 on market conditions, regulations, competitive pressures, performance of the Colombia economy and the industry, among other factors, therefore, they are subject to change without prior notice.

For more information, please contact:

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    Investor Relations
    Claudia Trujillo
    Telephone: +571-234-5190
    Email: investors@ecopetrol.com.co
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    Media Relations (Colombia)
    Mauricio Tellez
    Telephone: + 571-2345377
    Fax: +571-2344480
    Email: mtellez@ecopetrol.com.co
    Website: www.ecopetrol.com.co




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SOURCE Ecopetrol S.A.

For further information: Investor Relations, Claudia Trujillo, +571-234-5190, investors@ecopetrol.com.co; or Media Relations (Colombia), Mauricio Tellez, + 571-2345377, fax, +571-2344480, mtellez@ecopetrol.com.co, both for Ecopetrol S.A. Web Site: http://www.ecopetrol.com.co


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