Preliminary Results of Stratigraphic Well in Cano Sur Block

    
    Meta well shows evidence of hydrocarbons

    - Presence of crude oil in the Mago-1 stratigraphic well

    - Ecopetrol is the operator and has a 50% stake in the contract

    - Hydrocarbon potential of Meta province is reconfirmed







    
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<p><span class="xn-location">BOGOTA</span>, <span class="xn-location">Colombia</span>, <span class="xn-chron">Nov. 2, 2010</span> /CNW/ -- Ecopetrol (NYSE: EC; BVC: ECOPETROL; BVL: EC; TSX: ECP) announces that it successfully completed drilling of the stratigraphic well Mago-1 located in Meta province, as part of the Cano Sur Exploration and Production Contract.</p>
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<p>Ecopetrol is the operator and has a 50% stake in the contract.  The other 50% belongs to Shell Exploration and Production <span class="xn-location">Colombia</span> Cano Sur GMBH.</p>
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<p>The stratigraphic well Mago-1 is located in the eastern block of Cano Sur, adjacent to the Quifa field, in which Ecopetrol also participates, the area having recently been declared commercially viable.</p>
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<p>The well was drilled vertically to a depth of 3,300 feet, a little more than a kilometer. As part of recognition and sampling of the stratigraphic column, a core bit was used to drill at 120 feet intervals in the basal sands of the Carbonera formation.</p>
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<p>Based on information collected, the petrophysical evaluation shows presence of crude oil in the Carbonera formation, with a net reservoir thickness of approximately 20 feet and average porosity of 30%, which confirms the presence of the petroleum-producing system in the Cano Sur block and supports Ecopetrol's expectations of realizing higher volumes of hydrocarbons in this part of the country.</p>
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<p>The evidence shown in the stratigraphic well, together with finds in neighboring blocks, confirms the hydrocarbon potential of Meta province's eastern region.</p>
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<p>The evaluation of the information collected in the Mago-1 stratigraphic well will continue in the days to come, as well as further drilling in Cano Sur.</p>
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<p>Ecopetrol is Colombia's largest integrated oil & gas company, where it accounts for 60% of total production. It is one of the top 40 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 <span class="xn-location">Brazil</span>, <span class="xn-location">Peru</span> and the <span class="xn-location">United States</span> Gulf Coast, and owns the main refineries in <span class="xn-location">Colombia</span>, most of the network of oil and multiple purpose pipelines in the country, petrochemical plants, and it is entering into the biofuels business.</p>
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<p>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.</p>
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<p>Contact us for any additional information:</p>
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    Investor Relations
    Alejandro Giraldo
    Phone: [phone]
    Email: [email protected]
    
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    Media Relations (Colombia)
    Mauricio Tellez
    Phone: + 571-2345377
    Fax: [phone]
    Email: [email protected]
    
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    Website: www.ecopetrol.com.co




    

For further information: Investor Relations, Alejandro Giraldo, +011-571-234-5190, [email protected], or Media Relations (Colombia), Mauricio Tellez, +011-571-234-5377, Fax, +011-571-234-4480, [email protected] Web Site: http://www.ecopetrol.com.co