Ecopetrol Announces Decision on Operation of Rubiales Field

BOGOTA, Colombia, Oct. 26, 2015 /CNW/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) hereby reports that, as decided by its Board of Directors, Ecopetrol will take over the operation of the Rubiales field following the conclusion of the Rubiales risk participation and Piriri joint venture contracts on June 30, 2016. These joint venture contracts were signed with Metapetroleum, an affiliate of Pacific Exploration & Production Corp.

The Company congratulates Pacific for the work it has done on the Rubiales field, which made it possible to convert this field into one of the most important in Colombia and the Americas.

Ecopetrol and Pacific will continue to jointly undertake activities and initiatives with the goal of optimizing operations, infrastructure and social responsibility endeavors in the production areas of Llanos Orientales.

Furthermore, they affirm their interest in building synergies to carry forward future projects that will generate value for the benefit of the two companies and for all Colombians. 

Ecopetrol is the largest company in Colombia and is an integrated oil & gas company; it is among the top 50 oil companies in the world and among the four top ones in Latin America. Besides Colombia - where it generates over 60% of the national production - it has exploration and production activities in Brazil, Peru & the 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.

This release contains statements that may be considered forward looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All forward-looking statements, whether made in this release or in future filings or press releases or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend, and do not assume any obligation to update these forward-looking statements.

For further information, please contact:                  

Head of Corporate Finance and Investor Relations
Maria Catalina Escobar
Phone: (+571) 234-5190

Media Relations (Colombia)
Jorge Mauricio Tellez
Phone: +571-234-4329

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SOURCE Ecopetrol S.A.

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