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Colombia - Ecopetrol Retains Stake in Cano Sur Block

By: Ecopetrol S.A. February 14, 2011

BOGOTA - Ecopetrol and Shell Exploration and Production Colombia Cano Sur GmbH ("Shell") have reached an agreement whereby Ecopetrol will assume all of the stake that Shell previously held in the exploration of the Cano Sur Block, located in the Llanos Orientales basin.

Ecopetrol will retain a 100% stake in the block and continue as operator to carry out anticipated investment programs associated with it.

The agreement is subject to authorization by the National Hidrocarbons Agency, ANH, for concession of interest.

The block, which covers an area of about 610,000 hectares, is part of the projects included in the Ecopetrol Business Group's Heavy Crude strategy.  Cano Sur block, which is covered under the hydrocarbons exploration and exploitation contract signed in 2005 with the ANH, is still in the exploratory phase and results obtained from evidence recorded in the stratigraphic wells Draco-1 and Mago-1 have confirmed the presents of hydrocarbons.

Ecopetrol will continue to perform intensive exploratory work in order to ascertain the hydrocarbons potential of the eastern region of Meta province, where the Rubiales and Quifa fields are also located.