Ecopetrol Announces Minority Shareholder Agreement

BOGOTA, Colombia, Feb. 6, 2012 /CNW/ - Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; BVL: EC; TSX: ECP) informs that representatives of minority shareholders submitted a "Shareholder Agreement" signed by representatives of eight pension and retirement funds, in which they agreed to nominate Mr. Roberto Ricardo Steiner Sampedro as independent member of the Company's Board of Directors.

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Mr. Steiner will be included under the ninth item of the ballot that will be submitted for consideration to the General Shareholder Assembly by the Finance and Public Credit Ministry, in accordance with the Majority Shareholder Declaration.

Mr. Steiner has held the position since October 12 of 2011.

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 Brazil, Peru and the United States Gulf Coast, and owns the main refineries in Colombia, most of the network of oil and multiple purpose pipelines in the country, petrochemical plants, and is entering into the biofuels business.

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.

Contact us for any additional information:

Investor Relations
Alejandro Giraldo
Phone: [phone]
Email: [email protected]

Media Relations (Colombia)
Mauricio Tellez
Phone: + 571-2345377
Fax: [phone]
Email: [email protected]
Website: www.ecopetrol.com.co

SOURCE Ecopetrol S.A.

For further information:

http://www.ecopetrol.com.co

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