OREANDA-NEWS. Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) reports that, as part of the corporate reorganizational process it has been undertaking since 2012, with the main purpose of simplifying its corporate structure, to consolidate investments in the transport segment, the Board of Directors of ODL FINANCE and Oleoducto de los Llanos Orientales S.A. ("ODL S.A."), subordinates of Ecopetrol S.A., in sessions held on September 2nd 2014 and August 19th 2014 respectively, authorized the merger of ODL FINANCE and ODL S.A., with ODL S.A. as the acquiring corporation. This operation was approved by the pertinent regulating authorities.

As a result of this authorized operation, the ownership structure of the merging companies would be the following:

Current Ownership Structure

 

Direct Shareholder

Share

Ecopetrol S.A. Direct Ownership

Ecopetrol S.A Indirect Ownership

ODL Finance S.A

Cenit Transporte y Logfstica de Hidrocarburos S.A.S

65%

0%

65%

ODL S.A

ODL Finance S.A

100%

0%

65%

Approved Ownership Structure

 

Direct Shareholder

Share

Ecopetrol S.A. Direct Ownership

Ecopetrol S.A Indirect Ownership

ODL S.A

Cenit Transporte y logfstica de hidrocarburos S.A.S

65%

0%

65%

Ecopetrol is Colombia's largest integrated oil & gas company, one of the top 50 oil companies in the world, and one of the four top oil companies in Latin America. In addition to Colombia, where it generates more than 60% of the nation's production, it is also involved in exploration and production activities in Brazil, Peru and the United States (Gulf of Mexico). Ecopetrol owns the largest refinery in Colombia and the majority of the country's oil and multi-product pipeline network, and is significantly increasing its participation in biofuels.

This press release contains declarations related to business perspectives, estimated operating and financial results, and statements related to prospects for Ecopetrol's growth. All of these statements are projections and consequently are based solely on management expectations related to the future of the company and its continued access to capital to finance the company's business plan. These future estimates depend on changes in market conditions, regulations, competition and the performance of the Colombian economy and industry, among other factors; consequently they are subject to change without prior notice.