News | December 15, 2016

Ecopetrol Announces Hydrocarbon Discovery In The Gulf Of Mexico (USA)

Bogota, Colombia /PRNewswire/ - Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol") reports a hydrocarbon discovery in the recently drilled Warrior exploratory well, located in the Green Canyon area in the Gulf of Mexico (United States).

The well is operated by Anadarko Petroleum Corporation, with Anadarko US Offshore LLC owning 65% of the block. Ecopetrol America Inc. owns 20% and MCX Exploration (USA) LLC owning the remaining 15%.

Drilling reached a total depth of 26,957 feet (8.216 m) in water depths of 4,144 feet (1.263 m). The Warrior exploratory well encountered more than 210 net feet (64 m) of oil pay in multiple high-quality Miocene-aged reservoirs.

This discovery is part of Ecopetrol's new exploration strategy in the Gulf of Mexico, which consists of exploring for resources near existing infrastructure. The Warrior discovery is expected to be tied back to the nearby Marco Polo production facility, also operated by Anadarko. The K2 Field, where Anadarko is operator and Ecopetrol has a 9.21% interest, also produces into the Marco Polo production facility, all of which are within a 3-mile radius.

"We are pleased to end this year with such an important discovery, which contributes to our main goal of increasing reserves. This achievement evidences Ecopetrol's ability to strengthen its presence in one of the most prospective areas in the world as is the Gulf of Mexico", said Juan Carlos Echeverry, Ecopetrol's CEO.

During the second half of this year, the average production of Ecopetrol America Inc. in the Gulf of Mexico exceeded 10 thousand barrels equivalent oil per day (Boed), much of which comes from the Gunflint Field, which was discovered in 2008, where Ecopetrol America Inc. owns 31.5%.

Warrior is the fifth discovery of Ecopetrol in the United States, following the most recent discoveries: Rydberg and León in 2014, Dalmatian South and Parmer in 2012

This release contains statements that may be considered forward looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All forward-looking statements, whether made in this release or in future filings or press releases or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend, and do not assume any obligation to update these forward-looking statements.

SOURCE: Ecopetrol S.A.

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