Results of the Third Auction and approval of the extension of the Program to Transfer Ecopetrol's Equity Interest in Empresa de Energía de Bogotá S.A. E.S.P. (EEB)

BOGOTA, Colombia, Dec. 6, 2016 /CNW/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) reports today's results of the third auction corresponding to Stage Two of the Program to Transfer and Award its 86,585,888 shares of Empresa de Energía de Bogotá S.A. E.S.P., the results of which were as follows:

Auction equilibrium price	$1,815
Number of shares offered	86,585,888
Number of shares awarded at the equilibrium price	58,120,853
Total amount awarded	$105,489,348,195
Execution Date	December 12, 2016

Including these results, Ecopetrol has transferred 602,632,965 shares, having 28,465,035 shares remaining.

Ecopetrol S.A. also reports that on December 5, 2016 the Council of Ministers approved a one (1) year extension of the mentioned program, allowing Ecopetrol to transfer its remaining shares within a period expiring on December 31, 2017.

The documentation concerning the offer (available only in Spanish) can be found on Ecopetrol's website www.ecopetrol.com.co, under the following link:

http://www.ecopetrol.com.co/wps/portal/es/ecopetrol-web/relacion-inversionistas/para-el-accionista/Enajenacion-Adjudicacion-acciones-EEB-segundaetapa

This announcement is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933, or an exemption from registration. No public offering of securities has been or will be made in the United States and, accordingly, the securities will not be registered under the U.S. Securities Act of 1933. This announcement is being issued pursuant to Rule 135e of the U.S. Securities Act of 1933.

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
María Catalina Escobar
Phone: [phone]
E-mail: [e-mail]

Media Relations (Colombia) 
Jorge Mauricio Tellez 
Phone: + 571-234-4329 
e-mail: [e-mail]

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SOURCE Ecopetrol S.A.