Local Bond Issuance and Placement by Ecopetrol S.A.

    
    Notice of Public Offer of COL$800,000,000,000




    
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<p><span class="xn-location">BOGOTA</span>, <span class="xn-location">Colombia</span>, <span class="xn-chron">Dec. 1, 2010</span> /CNW/ -- Ecopetrol S.A. (NYSE: EC; BVC: ECOPETROL; BVL: EC; TSX: ECP) ("Ecopetrol" or the "Company") informs by means of a notice of public offer a local public bond issuance and placement in the aggregate principal amount of eight hundred billion pesos (<span class="xn-money">$800,000,000,000</span>).</p>
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    (Logo:  http://photos.prnewswire.com/prnh/20090209/ARM001LOGO )

    
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<p>The bonds have the following specifications, having previously been approved by Resolution 3159 of the Ministry of Finance and Public Credit on <span class="xn-chron">October 20, 2010</span>.</p>
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    --  Total amount: One trillion pesos ($ 1,000,000,000,000).
    --  Amount of first tranche: Eight hundred billion pesos
($800,000,000,000)
    --  Issue date: December 1, 2010
    --  Objective: To finance the Company's 2010 Investment Plan.
    --  Bonds issued: To the order of.
    --  Series: The bonds can be issued in three series, as follows:
        --  Series A: Peso-denominated variable IPC rate bonds.
        --  Series B: Peso-denominated variable DTF rate bonds.
        --  Series C: Peso-denominated fixed rate bonds.
    --  Nominal value: Fifty million pesos ($50,000,000) for each of the
series
        A, B and C.
    --  Minimum investment:  One (1) bond.
    --  Maturity date: The following sets forth the maturity dates of each
        subseries of bonds being offered:

    
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           Series A: Peso-denominated variable IPC rate bonds
           --------------------------------------------------
    Maturity date           5 years  7 years  10 years   30 years
    -------------           -------  -------  --------   --------
    Subseries                  A5       A7       A10        A30
    ---------                 ---      ---       ---        ---



    --  Amortization: At maturity.
    --  Yield: Each subseries has interest payable semi-annually
    --  Placement Mechanism: Dutch Auction.

    
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<p>Ecopetrol is the largest company in <span class="xn-location">Colombia</span> and a vertically integrated oil company, among the 40 largest oil companies in the world and four largest in Latin America. In addition to <span class="xn-location">Colombia</span>, where it generates over 60% of the country's production, it maintains exploration and production operations in <span class="xn-location">Brazil</span>, <span class="xn-location">Peru</span> and the <span class="xn-location">United States</span> (Gulf of <span class="xn-location">Mexico</span>).  Ecopetrol owns the largest refinery in <span class="xn-location">Colombia</span>, the majority of the network of oil pipelines and multi-use pipelines and is increasing significantly its participation in biofuels.</p>
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<p>This release contains forward-looking statements related 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 company and its continued access to capital to fund the Company's business plan. Such forward-looking statements depend on changes in market conditions, 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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<p>For more information, please contact:</p>
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    Investor Relations
    Alejandro Giraldo
    Telephone: [phone]
    e-mail: [email protected]
    
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    Media Relations (Colombia)
    Mauricio Tellez
    Telephone: [phone]
    Fax: [phone]
    e-mail: [email protected]
    
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    Website: www.ecopetrol.com.co




    

For further information: Investor Relations, Alejandro Giraldo, +011-571-234-5190, [email protected], or Media Relations (Colombia), Mauricio Tellez, +011-571-234-5377, Fax: [phone], [email protected] Web Site: http://www.ecopetrol.com.co