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Last updated on April 24, 2014 at 1:21 EDT

Tempranillo North-1 Well is located in the Township of Aipe, Huila

January 29, 2010

BOGOTA, Jan. 29 /PRNewswire-FirstCall/ — Ecopetrol S.A. (NYSE: EC; BVC:
ECOPETROL; BVL: EC) reports it has confirmed the presence of hydrocarbons in
the Tempranillo North-1 well located in the Unified Production Agreement in
the Pijao-Potrerillo area, signed between Ecopetrol and the National
Hydrocarbons Agency (ANH) of Colombia.

(Logo: http://www.newscom.com/cgi-bin/prnh/20090209/ARM001LOGO )

The Tempranillo North-1 well is located in the township of Aipe, Huila.

Well drilling began in the final week of October and by December 2009 had
reached a total depth of 10,235 feet, equivalent to over three kilometers.

The well drilled through two layers of the Caballos Formation, where
accumulations of hydrocarbons were found at three intervals. Upper layer sands
revealed two intervals at depths below 8,500 feet, with a net hydrocarbon
thickness of 40 feet. Lower layer sands are located below 9,700 feet and
revealed a net hydrocarbon interval of 16 feet.

Short Drill Stream Tests (DSTs) performed during the month of January 2010
revealed that the Caballos Formation produced crude oil of 24 degrees API,
with an average volume of 1,000 barrels per day supported by an artificial
lift system, a low gas-oil ratio, and water cut of about 1%.

This new finding increases our reserves inventory in this region of
Colombia. Tempranillo North-1 is the fourth discovery made in the
Pijao-Potrerillo area during the last 2 years, after the discovery of Tenax,
Arrayan and Tempranillo.

Ecopetrol is Colombia’s largest company and it is integrated in the oil
chain, among the top 40 oil companies in the world and the four chief oil
companies in Latin America. Besides Colombia, where over 60% of its domestic
production is concentrated, the company is involved in exploration and
production activities in Brazil, Peru and the United States (Gulf of Mexico).
Ecopetrol owns the main refinery in Colombia, along with most of the country’s
network of oil and multi-purpose pipelines, and is considerably increasing its
holdings in biofuels.

This release contains forward-looking statements relating to our business
prospects, estimates for operating and financial results, and statements
related to Ecopetrol’s growth prospects. These statements 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. These forward-looking statements
may vary depending on changes in market conditions, government regulations,
competition, the performance of the Colombian economy and the industry, among
other factors, and are therefore subject to change without prior notice.

    For more information, please contact:

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

    Media Relations (Colombia)
    Mauricio Tellez
    Phone: +571-234-5377
    Fax: +571-234-4480
    Email: mtellez@ecopetrol.com.co

    Website: www.ecopetrol.com.co

SOURCE Ecopetrol S.A.


Source: newswire