Ecopetrol Advances in Consolidating its Costa Afuera Colombia S.A.S. Subsidiary

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) reported that it has signed the Addendum No. 3 to Contract No. 37 of 2007 RC-9 for the Exploration and Production of Hydrocarbons (the "Contract") between the National Hydrocarbons Agency-ANH, Ecopetrol S.A., Ecopetrol Costa Afuera Colombia S.A.S. and ONGC VIDESH Limited, to assign its rights and obligations under the Contract to Ecopetrol Costa Afuera Colombia S.A.S.

The RC-9 Offshore Block is located in the municipal jurisdictions of Uribia and Manaure in the Department of Guajira and in Colombian waters in the Caribbean Sea, and was awarded to Ecopetrol and ONGC VIDESH Limited in the Caribbean 2007 Round (Ronda Caribe 2007).

As a result of the transfer, the joint venture for implementation of the E&P RC-9 Contract will be comprised by Ecopetrol Costa Afuera Colombia S.A.S. and ONGC VIDESH Limited, each with a 50% stake.

All activities necessary to consolidate the RC-9 block in the name of Ecopetrol Costa Afuera S.A.S. are currently being undertaken.

Bogota, September 22, 2016

-----------------------------------------

Ecopetrol is the largest company in Colombia and is an integrated oil & gas company; it is among the top 50 oil companies in the world and among the four top ones in Latin America. Besides Colombia - where it generates over 60% of the national production - it has exploration and production activities in Brazil, Peru & the US (Gulf of Mexico). Ecopetrol owns the largest refinery in Colombia and most of the pipeline and multi-product pipeline network in the country, and is significantly increasing its participation in bio-fuels.

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.

For further information, please contact: Head of Corporate Finance and Investor Relations

María Catalina Escobar Phone: (+571) 234 5190

E-mail: investors@ecopetrol.com.co

Media Relations (Colombia)

Jorge Mauricio Tellez Phone: + 571-234-4329

Fax: +571-234-4480

e-mail: mauricio.tellez@ecopetrol.com.co

Ecopetrol SA - Empresa Colombiana de Petroleos published this content on 22 September 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 14 October 2016 21:25:03 UTC.

Original documenthttp://www.ecopetrol.com.co/english/documentos/Cesión de ECAS a Ecoeptrol Costa Afuera VF English.pdf

Public permalinkhttp://www.publicnow.com/view/ED7679F9D588CF419F9D109BF4DB248EBCA5133D