New Subsidiary of Ecopetrol Created


    
    - The name of the new company resulting from the partial spin-off of
Ocensa
    S.A. is Ecopetrol Transportation Investments Ltd.

    - Its purpose is to make investments in the hydrocarbon sector





    
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<p><span class="xn-location">BOGOTA</span>, <span class="xn-location">Colombia</span>, <span class="xn-chron">Dec. 31</span>. 2010 /CNW/ -- As a consequence of the partial spin-off of Ocensa S.A., which carried out on <span class="xn-chron">December 28, 2010</span>, Ecopetrol S.A. (NYSE:  EC; BVC: ECOPETROL; BVL: EC; TSX: ECP) holds, directly and indirectly, 100% of the shares in a new company named Ecopetrol Transportation Investments Ltd., incorporated on <span class="xn-chron">December 30, 2010</span> and whose net worth is <span class="xn-money">$694.3 billion</span> Colombian pesos. The new company is located in <span class="xn-location">Bermuda</span> and its economic activity consists of making investments in the hydrocarbon sector.</p>
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    (Logo: <a href="http://photos.prnewswire.com/prnh/20090209/ARM001LOGO">http://photos.prnewswire.com/prnh/20090209/ARM001LOGO</a> )

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<p>Ecopetrol is Colombia's largest integrated oil & gas company, where it accounts for 60% of total production. It is one of the top 40 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 <span class="xn-location">Brazil</span>, <span class="xn-location">Peru</span> and the <span class="xn-location">United States</span> Gulf Coast, and owns the main refineries in <span class="xn-location">Colombia</span>, most of the network of oil and multiple purpose pipelines in the country, petrochemical plants, and it is entering into the biofuels business.</p>
<p/>
<p>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.</p>
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    Contact us for any additional
     information:
    
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<p> </p>
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    Investor Relations
    Alejandro Giraldo
    Phone: +571-234-5190
    Email: investors@ecopetrol.com.co
    
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<p> </p>
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    Media Relations (Colombia)
    Mauricio Tellez
    Phone: + 571-2345377
    Fax: +571-2344480
    Email: mtellez@ecopetrol.com.co
    
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<p> </p>
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    Website: <a href="http://www.ecopetrol.com.co">www.ecopetrol.com.co</a>




    

For further information: For further information: Investor Relations, Alejandro Giraldo, +011-571-234-5190, investors@ecopetrol.com.co, or Media Relations (Colombia), Mauricio Tellez, +011-571-234-5377, Fax, +571-234-4480, mtellez@ecopetrol.com.co Web Site: http://www.ecopetrol.com.co


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