Ecopetrol and Glencore Closed Negotiation on Reficar S.A.

BOGOTA, May 27 /PRNewswire-FirstCall/ -- ECOPETROL announced today that it has
closed the acquisition of all shares held by Glencore in Reficar S.A., as per
the terms agreed in the Memorandum of Understanding signed on February 28,
2009.

(Photo: http://www.newscom.com/cgi-bin/prnh/20090209/ARM001LOGO )

The purchase price of US$ 549 million could be reduced in approximately US$
4.8 million as a result of the due diligence process to be performed by
Ecopetrol. The adjustment will follow the procedure agreed by the parties in
the contract, however, as of today, Ecopetrol already controls Reficar.

Ecopetrol ratifies its willingness to continue developing the proposed
expansion and modernization of the Cartagena refinery and, in order to
maximize the benefits of the company, Ecopetrol is currently working on
integrating synergies with its Barrancabermeja refinery.

Ecopetrol is Colombia's largest integrated oil company and is among the top 40
oil companies in the world and the four largest oil companies in Latin
America. Besides Colombia, where it accounts for 60% of total production, the
Company is involved in exploration and production activities in Brazil, Peru
and the United States (Gulf of Mexico). Ecopetrol has the principal refinery
in Colombia, most of the network of oil and multiple purpose pipelines in the
country, and it is considerably increasing its participation in biofuels.

This release contains forward-looking statements relating to the prospects of
the business, estimates for operating and financial results, and those related
to growth prospects of Ecopetrol. These are merely projections and, as such,
are based exclusively on the expectations of management concerning the future
of the business and its continued access to capital to fund the Company's
business plan. Such forward-looking statements depend, substantially, on
changes in market conditions, government regulations, competitive pressures,
the performance of the Colombian economy and the industry, among other
factors; therefore, they are subject to change without prior notice.

Website: www.ecopetrol.com.co

SOURCE Ecopetrol

Investor Relations, Alejandro Giraldo, +571-234-5190,
investors@ecopetrol.com.co; or Media Relations (Colombia), Mauricio Tellez, +
571-2345377, Fax: +571-2344480, mtellez@ecopetrol.com.co, both of Ecopetrol