Ecopetrol Announces Decisions by the Board of Directors

BOGOTA, Colombia, July 19, 2015 /CNW/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) hereby reports that, at the Board of Directors' meeting on Friday, July 17, 2015, the Board of Directors decided as follows:

  1. To accept the resignation of Mr. Gonzalo Restrepo Lopez as member and chairman of the Board of Directors.  

    The Board of Directors gave special recognition to Mr. Restrepo's work as chairman, in which he placed his unique human, managerial and leadership qualities at Ecopetrol's service. The Board of Directors wishes him success in his new endeavor as a member of the government's negotiating team in the peace process in Havana.
  2. To appoint Mr. Luis Fernando Ramirez, an independent Director, as the new chairman of the Board of Directors.
  3. To appoint the engineer Hector Manosalva Rojas, currently Ecopetrol's Vice President of Development and Production, as the second alternate to Ecopetrol's President.
  4. To appoint Ms. Juliana Alban as Corporate Vice President of Compliance, who will also act as the company's Compliance Officer.

The Corporate Vice Presidency of Compliance is a unit that was recently approved within Ecopetrol's organizational structure with the purpose of ensuring the highest standards of compliance and internal controls on the management of the company.

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Ecopetrol is the largest company in Colombia and is an integrated oil and gas company; it is among the top 40 oil companies in the world and among the top four oil companies in Latin America. Besides Colombia – where it generates over 60% of the national production – it has exploration and production activities in Brazil, Peru, and the US (Gulf of Mexico). Ecopetrol owns the largest refinery in Colombia, 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 and gas, our exploration and production activities, market conditions, applicable regulations, the exchange rate, Ecopetrol'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 Hoyos      
Phone: (+571) 234 5190         
E-mail: investors@ecopetrol.com.co   

Media Relations (Colombia)     
Jorge Mauricio Tellez      
Phone: + 571-234-4329            
e-mail: mauricio.tellez@ecopetrol.com.co 

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SOURCE Ecopetrol S.A.


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