Ecopetrol S.A. Clarifies Information Concerning New Suit Filed by Llanos Oil Exploration
January 21, 2011 at 19:58 PM EST
BOGOTA, Colombia, Jan. 21, 2011 /PRNewswire/ -- Ecopetrol S.A. (NYSE: EC; BVC: ECOPETROL; BVL: EC; TSX: ECP) ("Ecopetrol" or the "Company") informs that on January 19 it was notified of a new lawsuit filed against it in The Hague (Netherlands) by Llanos Oil Exploration Ltd. as a consequence of the termination of the Guatapuri partnership contract on July 23, 2003.
In regards to this process and other legal actions related to the termination of said contract, Ecopetrol would like to clarify the following:
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.