Ecopetrol and KNOC Acquire Petro-Tech

BOGOTA, Colombia, Feb. 6 /PRNewswire-FirstCall/ — Korea National Oil
Corporation (Knoc) and Ecopetrol S.A. report that today complete the deal to
acquire Offshore International Group Inc., headquartered in the United States.
The total transaction amounted to US$900 million (50% Ecopetrol and 50% Knoc).

The main asset of Offshore International Group is Petro-Tech Peruana S.A.,
engaged in exploration, development, hydrocarbon production and gas processing
activities in Peru. It began to operate in January 1994 in the North coast of
Peru, in block Z2B, and its current crude average production is close to
12,000 barrels per day, with estimated 2P reserves of over 100 million
barrels.

In recent years, this company has strongly positioned itself in offshore
hydrocarbon exploration and production in Peru. The company has 11 blocks in
Peru (1 production and 10 exploration), which altogether add up to one of the
largest offshore areas in South America (9.5 million hectares). As of November
2008, the revenues and net profit of the company amounted to US$359 million
and US$134 million respectively.

Offshore International Group, Inc also has a holding in other companies
that provide essential services in the exploration and production activities
of Petro-Tech Peruana S.A., particularly related to marine operations
(drilling, diving and maritime transport services).

This acquisition is an evidence of the confidence that Ecopetrol and KNOC
have in the Peruvian economy, its institutions, and its potential in the
petroleum industry. Both companies intend to make further investments in
coming years to thus increase hydrocarbon production and reserves. One of the
main goals is to more than double the production volume within the next three
years.

Lima, Peru, February 5, 2009

Ecopetrol is 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.

    Contact us for any additional information:

    Investors
    Alejandro Giraldo
    Phone: +571-234-5190
    Email: investors@ecopetrol.com.co

    Media (Colombia)
    Mauricio Tellez
    Phone: + 571-2345377
    Fax: +571-2344480
    Email: mtellez@ecopetrol.com.co

    Website: www.ecopetrol.com.co

SOURCE Ecopetrol S.A.