OREANDA-NEWS. Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) reports that as part of the strategy of diversifying and strengthening its international exploration portfolio, the following events have taken place:

1. The subsidiary Ecopetrol Germany GmbH was incorporated in Frankfurt am Main (Germany), in which Ecopetrol S.A. holds an indirect share interest of 100% with a net worth of 25,000 euros. This company will incorporate a new subsidiary in Angola.

2. An agreement was reached with the Norwegian company Statoil to acquire, through the new subsidiary Ecopetrol Germany GmbH, a 10% participation in the blocks 38/11 and 39/11 in the Kwanza basin, located offshore Angola (Africa). The agreement is subject to approval by Sonangol E&P, the Angolan Petroleum Ministry and the other partners.

3. In addition to Statoil (the operator of the two blocks) the partners in block 38/11 would be Sonangol P&P, Ecopetrol Germany GmbH and the joint venture made up of White Rose Energy Ventures and Genel Energy plc (WRG), while the partners in block 39/11 would be Sonangol P&P, WRG, Total, and Ecopetrol Germany GmbH. The participation of WRG in the Blocks 38/11 and 39/11 was approved by Sonangol P.P, the Angolan Petroleum Ministry and the other partners.

The agreement with Statoil has as objective to diversity and strengthen Ecopetrol S.A.'s exploratory portfolio in areas of high potential, based on the capabilities developed in the Gulf of Mexico (U.S.) and Brazil.