Ecopetrol Announces that the Supreme Court of the Netherlands Has Ruled in Its Favor in the Llanos Oil Exploration Ltd. Case
April 22, 2015 at 20:48 PM EDT
BOGOTA, Colombia, April 22, 2015 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) hereby informs that on March 18 the Supreme Court of the Netherlands notified the final verdict in favor of Ecopetrol S.A. in the lawsuit filed in 2011 by the Llanos Oil Exploration Ltd. against the company.
The Dutch Supreme Court dismissed, without any explanation, Llanos Oil Exploration Ltd.'s cassation appeal against the Court of Appeal and District Court of The Hague decisions, in which they declared that there was no jurisdiction to render judgment on the termination of the Guatapuri association contract occurred on July 23, 2003, termination that originated the lawsuit against Ecopetrol S.A.
As a result of the Supreme Court of the Netherlands decision, Llanos Oil Exploration Ltd.'s claim for damages for approximately 7,000 million euros, as a consequence of the termination of the Guatapurí association contract by Ecopetrol S.A., loses all legal basis.
Ecopetrol is the largest company in Colombia and is an integrated oil and gas company; it is among the top 40 oil companies in the world and among the top four oil companies in Latin America. Besides Colombia – where it generates over 60% of the national production – it has exploration and production activities in Brazil, Peru, the US (Gulf of Mexico) and Angola. Ecopetrol owns the largest refinery in Colombia, most of the pipeline and multi-product pipeline network in the country, and is significantly increasing its participation in bio-fuels.
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 and gas, our exploration and production activities, market conditions, applicable regulations, the exchange rate, Ecopetrol'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.
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SOURCE Ecopetrol S.A.