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Ecopetrol announces hydrocarbon discovery in the Gulf of Mexico (USA)

BOGOTA, Colombia, Oct. 27, 2014 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) reports the discovery of hydrocarbons in the Leon exploratory well located deepwater in the Gulf of Mexico (USA), operated by Repsol USA (60%), in partnership with Ecopetrol America Inc. (40%).

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The well is located 219 miles (354 kilometers) offshore and 6,120 feet (1,865 meters) deep in Keathley Canyon Block 642.

Drilling reached a total depth of 31,774 feet (9,676 meters). Repsol USA indicated that the results for the Leon well are being evaluated and that additional work is required to determine the size of the hydrocarbon deposit.

Leon is Ecopetrol's fifth discovery in the Gulf since 2011 and the second in 2014 ( the first was the Rydberg well announced in July) and it is located in one of the regions with the greatest potential for oil in deep waters in the world.  

Ecopetrol is the largest company in Colombia and is integrated into the oil chain; it is among the 50 major oil companies in the world and among the four main ones in Latin America. Besides Colombia - where it generates over 60% of the national production - it is present in exploration and production activities in Brazil, Peru & US (Gulf of Mexico). Ecopetrol owns the largest refinery in Colombia and most of the pipeline and multi-product pipeline network in the country, and is significantly increasing its participation in bio-fuels.

This report contains statements associated with the business perspectives, estimates for operational and financial outcomes and affirmations associated to Ecopetrol's growth. All the above are projections, and as such are solely based on the expectations of its directors with respect to the future of the company and its ongoing access to capital to fund the company's commercial plan. The realization of such estimates in the future depends on market conditions, regulations, competitiveness, performance of Colombia's economy and industry, to mention a few; therefore, they are subject to changes without previous notice.

For further information, please contact:

Investor Relations Director
Alejandro Giraldo
Phone: +571-234-5190

Media Relations (Colombia)
Jorge Mauricio Tellez
Phone: + 571-234-4329
Fax: +571-234-4480

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SOURCE Ecopetrol S.A.

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