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Ecopetrol S.A. Modifies Its Corporate Governance Code

BOGOTA, Dec. 15 /PRNewswire-FirstCall/ -- Ecopetrol S.A. (NYSE: EC; BVC: ECOPETROL; BVL: EC) ("Ecopetrol" or the "Company") reports to its shareholders and the general public that, on December 11, 2009, the Company's Board of Directors approved several modifications to the Company's Corporate Governance Code ("Code").

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

    The primary changes are as follows:

- Board of Directors Committees: The Business Committee is now a permanent committee of the Board of Directors.

- Corporate Social Responsibility (Responsabilidad Social Empresarial (RSE)): The RSE sections of the Code have been revised to reflect the Company's new strategy with respect to its shareholders and the commitments made to them within the realm of corporate social responsibility.

- External controls: The Code now makes note of the concurrent oversight of Ecopetrol exercised by the Superintendency of Ports and Transportation and the Superintendency of Health.

- Office of Disciplinary Control (Oficina de Control Disciplinario (OCD)): The Code has been modified in order to clarify that Ecopetrol's OCD will continue to oversee disciplinary investigation proceedings.

The complete text of the Code can be found on the Company's website at www.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: + 571-234-5377
    Fax: +571-234-4480
    Email: mtellez@ecopetrol.com.co

    Website: www.ecopetrol.com.co

SOURCE Ecopetrol S.A.

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