BOGOTA, July 27 /PRNewswire-FirstCall/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) is disclosing the following clarifications relating to information reported in various media sources concerning the estimates of reserves and production from the Rubiales field:
Each year Ecopetrol S.A. reports the volume of proven hydrocarbons reserves (1P) owned by the Company after qualified firms have completed their reserve audit and certification procedures. As of December 31, 2008, the known hydrocarbons reserves (1P) owned by Ecopetrol S.A. came to 1.474 million barrels of petroleum equivalent. The aforesaid reserves are determined according to a method prescribed by the SEC based on price estimates in the company's investment portfolio.
In regards to the Rubiales field, the Company would like to clarify that results concerning seismic information and the most recently drilled wells in the field are currently being analyzed. In addition, the audit and certification procedures for 2009 have not been conducted. Thus, it is not possible for the Company to confirm or refute information appearing in the media concerning the results of the Rubiales field.
Current production from the Rubiales field stands at 63 thousand barrels per day of oil, of which 57.6% belongs to Ecopetrol S.A., after deducting 20% in royalties from total production. The development of the oil field is being undertaken by the field operator, based on decisions made by the Executive Partnership Committee.