Financial Superintendency Issues Warning
December 31, 2010 at 15:46 PM EST
BOGOTA, Colombia, Dec. 31, 2010 /PRNewswire/ -- The Deputy Superintendent for Issuers, Investment Portfolios and Other Agents has issued a warning, by means of resolution 2374 of 2010, to Ecopetrol S.A.'s ("Ecopetrol" or the "Company") legal representative, Dr. Javier Gutierrez P., for failing, in their opinion, to comply with the terms of section (g) of article 50 of Law 964 of 2005, concerning the obligation to supply material information as set forth in section (a), number nine of articles 220.127.116.11 and 18.104.22.168 of Resolution 400 of 1995 (now compiled in full as Decree 2555 of 2010).
The warning is related to the Company's alleged failure to disclose as material information the Company's investment in ODL Finance S.A., a company in which Ecopetrol S.A. (NYSE: EC; BVC: ECOPETROL; BVL: EC; TSX: ECP) holds 65% of the subscribed capital.
The Company can choose to appeal this warning and will make a decision in the next few days whether to follow such course of action.
Ecopetrol is Colombia's largest integrated oil & gas company, where it accounts for 60% of total production. It is one of the top 40 oil companies in the world and the fourth largest oil company in Latin America. The Company is also involved in exploration and production activities in Brazil, Peru and the United States Gulf Coast, and owns the main refineries in Colombia, most of the network of oil and multiple purpose pipelines in the country, petrochemical plants, and it is entering into the biofuels business.
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.
SOURCE Ecopetrol S.A.