Ecopetrol Announcement On The Amendment To Its Bylaws Approved By The Shareholders' General Assembly
March 26, 2015 at 23:51 PM EDT
BOGOTA, Colombia, March 26, 2015 /PRNewswire/ -- Ecopetrol S.A. (NYSE: EC; BVC: ECOPETROL; TSX: ECP) hereby reports that, at the Shareholders' General Assembly held on Thursday, March 26, 2015, the following changes were made to its bylaws:
1. The following corporate governance practices recommended by the Superintendence of Finance in the New Code of Corporate Best Practices of Colombia have been adopted:
2. The company's reserves accounts amounting to COP$14.76 trillion were capitalized by increasing the nominal value of shares from COP$250 to COP$609 per share. This capitalization demonstrates the confidence of investors in the Company and boosts its long term financial sustainability.
For further information, the text of the approved reforms can be viewed on Ecopetrol S.A.'s website (www.ecopetrol.com.co).
Ecopetrol is the largest company in Colombia and is an integrated oil & gas company; it is among the top 50 oil companies in the world and among the top four in Latin America. Besides Colombia - where it generates over 60% of the national production - it has exploration and production activities in Brazil, Peru & the 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 release contains statements that may be considered forward looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All forward-looking statements, whether made in this release or in future filings or press releases or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend, and do not assume any obligation to update these forward-looking statements.
For further information, please contact:
Investor Relations Director (A)
Media Relations (Colombia)
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SOURCE Ecopetrol S.A.