Ecopetrol filed an amendment to give effect and formalize changes to its bylaws approved by its General Shareholders' Meeting of 2013
June 14, 2013 at 17:10 PM EDT
BOGOTA, Colombia, June 14, 2013 /PRNewswire/ -- Ecopetrol S.A. (NYSE: EC; BVC: ECOPETROL; TSX: ECP) announces that the amendment to its bylaws approved by its General Shareholders' Meeting on was formalized in Public Deed No 666 with Notary 65 of the of the Bogota Circuit and filed to give effect and formalize the changes to its bylaws on form 01731747.
This amendment gave the Board of Directors the power to authorize the issuance and placement of non-convertible bonds and other debt securities, as well as to regulate and approve their respective prospectuses. The aim of this amendment is to expedite the process in cases where the Company may issue bonds for financing.
Concretely, two articles of the bylaws of Ecopetrol were amended:
(i) Article eighteen, letter (g) – Functions of the General Shareholders' Meeting.
(ii) Article twenty six, numbers 12, 29 and 30 of the Functions of the Board of Directors.
The changes are summarized in the following table.
Approved amendments to the Company's bylaws
Ecopetrol is Colombia's largest integrated oil & gas company, where it accounts for 60% of total production. It is one of the top 50 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 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.