Ecopetrol S.A. (EC)

[eastunder]

Ecopetrol continues to grow in the deepwater Gulf of Mexico (US)

Press Release: Ecopetrol S.A. – Tue, Apr 2, 2013 5:10 PM EDT.. .

http://finance.yahoo.com/news/ecopetrol-continues-grow-deepwater-gulf-211000846.html


Ecopetrol America Inc. placed bids partnering with Murphy Exploration and Production Company, Anadarko US Offshore Corporation, MCX Gulf of Mexico LLC and JX Nippon Oil Exploration (U.S.A.) Limited.

With the results from this round, Ecopetrol America Inc. could raise its share to 136 blocks in one of the most attractive areas for exploration in the world.


BOGOTA , Colombia , April 2, 2013 /CNW/ - Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) announces that its U.S. affiliate (Ecopetrol America Inc.) placed the most competitive bids for 6 blocks in the "Central Planning Area Lease Sale 227" round held in New Orleans , as disclosed by the Bureau of Ocean Energy Management (BOEM), the governmental authority in charge of the process in the U.S.

In this lease sale, Ecopetrol America Inc. partnered with Murphy Exploration and Production in 2 blocks; with Anadarko US Offshore Corporation, MCX Gulf of Mexico LLC and JX Nippon Oil Exploration (U.S.A) Limited in two blocks, and in two blocks Ecopetrol America has 100% interest.

The official awarding of the blocks will be conducted by BOEM in the coming months after the checking of bids and ascertaining that the companies fulfill the conditions required for the round.

The economic bids placed by Ecopetrol America and its partners in the 6 blocks add up to approximately US $15.5 million with Ecopetrol America's share consisting of approximately US $6.2 million .

These blocks allow deep water hydrocarbon exploration in water depths of over 221 meters for a 5 to 7 years period.

52 companies participated in this round of offshore blocks located in the Gulf of Mexico (US) and placed 407 bids for 320 blocks. The total area offered was 38.6 million acres.

The new blocks are added to the 47 obtained on the Gulf of Mexico (US) in previous Lease Sales. With these 6 blocks, Ecopetrol America Inc. could increase its participation in this prolific hydrocarbon basin to 136 blocks.

The results obtained strengthen Ecopetrol's position in the Gulf of Mexico , which it considers a focus area in its internationalization process.