Ecopetrol Listing on the Lima Stock Exchange
December 01, 2009 at 07:00 AM EST
BOGOTA, Dec. 1 /PRNewswire-FirstCall/ -- Ecopetrol S.A. (NYSE: EC; BVC: ECOPETROL) ("Ecopetrol" or the "Company") announces that in coming days investors will be able to trade the Company's American Depositary Receipts ("ADRs") on the Lima Stock Exchange (the 'BVL'). The ADRs that will be traded are the same instruments which were listed on the New York Stock Exchange in September 2008. The listing of the ADRs on the BVL is not a new issuance of stock and will not generate additional funds for Ecopetrol.
The ADRs are being registered in accordance with Article 15 of Resolution No. 125-98-EF/94.10 of the Comision Nacional Supervisora de Empresas y Valores del Peru (CONASEV), which sets forth the requirements for listing foreign securities on the BVL. Pursuant to these requirements, Stock Broker Agencies ("SABs") may request the listing of foreign securities. With respect to the listing of Ecopetrol's ADRs, GPI Valores SAB, the Peruvian stock broker agent for Global Securities Colombia, requested the Ecopetrol ADR listing with CONASEV and the BVL.
For Ecopetrol, entering the BVL (one of the most dynamic and important international capital markets) is a milestone in the Company's capital markets positioning strategy and will booster the Company's presence in Peru, one of the local countries forming part of the Company's growth and internationalization strategy.
Ecopetrol began operations in Peru in 2007 through its affiliate, Ecopetrol del Peru S.A., which currently holds five exploratory blocks in the country. In January 2009, Ecopetrol acquired 50% of Offshore International Group (OIG), which is the parent company of Petrotech Peruana S.A. ("Petrotech"). Petrotech has a strategic exploratory position on the coast of Peru, with nine exploratory blocks and a production of 14,200 barrels per day.
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: firstname.lastname@example.org Media Relations (Colombia) Mauricio Tellez Phone: + 571-2345377 Fax: +571-2344480 Email: email@example.com Website: www.ecopetrol.com.co
SOURCE Ecopetrol S.A.