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Ecopetrol Will Continue to Assume the Administrative and Custodial Costs Associated With its Shares on the Colombian Stock Market

BOGOTA, Colombia, Oct. 26 /PRNewswire-FirstCall/ -- To further development of the Colombian stock market and to incentivize the public's involvement in said stock market, Ecopetrol S.A. ("Ecopetrol" or the "Company") (NYSE: EC) announced that, as of November 1, 2009, it will continue to directly assume the administrative and custodial costs associated with the shares of the Company which were issued during the first round of the Company's Stock Issuance and Placement Program. These costs are due and owing, or may become due and owing, to the Colombian's Stock Market's Depository Agent ("DECEVAL"). As a result of Ecopetrol's decision, brokers (acting as direct participants of DECEVAL) will not assign such costs to the Company's shareholders.

(LOGO: http://www.newscom.com/cgi-bin/prnh/20090209/ARM001LOGO )

Ecopetrol's decision does not result in any change in the shareholders' rights, which remain unmodified to date.

For further information regarding the Company's investor relations, please contact the Investor Relations Department at the following toll free numbers or email address:

    -- Bogota: 307 7075
    -- Rest of Colombia: 01 8000 11 34 34
    -- Email: accionistas@ecopetrol.com.co

Ecopetrol is Colombia's largest integrated oil company and is among the top 40 oil companies in the world and the four largest oil companies in Latin America. Besides Colombia, where it accounts for 60% of total production, the Company is involved in exploration and production activities in Brazil, Peru and the United States (Gulf of Mexico). Ecopetrol has the principal refinery in Colombia, most of the network of oil and multiple purpose pipelines in the country, and it is considerably increasing its participation in biofuels.

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: +571-234-5190
    Email: investors@ecopetrol.com.co

    Media Relations (Colombia)
    Mauricio Tellez
    Phone: + 571-2345377
    Fax: +571-2344480
    Email: mtellez@ecopetrol.com.co

    Website: www.ecopetrol.com.co

SOURCE Ecopetrol S.A.

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