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Ecopetrol and Worker Unions Agree to Continue Negotiation Talks

BOGOTA, Aug. 3 /PRNewswire-FirstCall/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) and its three existing union organizations, USO, Adeco and Sindispetrol, have agreed to extend negotiations for 20 days as of August 3. This extension is within the maximum mandatory legal terms.

The first phase of the negotiation process began on July 14 and would have expired on August 2. During the first 20 days of the direct settlement stage the unions have made public their claims and, in some cases, partial agreements have been achieved and were recorded in the process minutes.

Ecopetrol is confident that during the extension period agreements will be reached thus enabling the company to have a new Collective Bargain Agreement that will benefit its workers and assure the sustained growth of Ecopetrol.

Discussions have been held within an environment of respect that will translate in further building trust among the company, its employees and the country.

Ecopetrol Colombia's largest integrated oil company and is among the top 40 oil companies in the world and the four largest oil companies in Latin America. Besides Colombia, where it accounts for 60% of total production, the Company is involved in exploration and production activities in Brazil, Peru and the United States (Gulf of Mexico). Ecopetrol has the principal refinery in Colombia, most of the network of oil and multiple purpose pipelines in the country, and it is considerably increasing its participation in biofuels.

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.

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