Ecopetrol S.A. Announces Exchange Offer Results

BOGOTA, Oct. 5 /PRNewswire-FirstCall/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE:
EC) a Colombian mixed economy company (the "Company"), announced today the
results of its offer to exchange (the "Exchange Offer") registered 7.625%
Notes due 2019 (the "New Notes") for up to U.S.$1,500,000,000 aggregate
principal amount of its 7.625% Notes due 2019 (the "Old Notes"), upon the
terms and subject to the conditions described in the prospectus dated
September 3, 2009 (the "Prospectus"). The Exchange Offer expired on Friday,
October 2, 2009 and it will not be extended.

The following table contains the results of the Exchange Offer:

Principal Principal
CUSIP No. ISIN No. Amount of Amount of
CUSIP Nos. ISIN Nos. of of Old Notes New Notes
of Old Notes of Old Notes New Notes New Notes Tendered to be Issued
------------ ------------ --------- ------------ -------- ------------
279158AA7 US279158AA73 279158AB5 US279158AB56 U.S. U.S.
(Rule 144A) (Rule 144A) $531,492,000 $1,492,541,000
(Rule 144A)
P3661PAA9 USP3661PAA95 U.S.
(Reg. S) (Reg. S) $961,049,000
(Reg. S)

The Company will not receive any proceeds from the Exchange Offer. The terms
of the New Notes to be issued are identical to the Old Notes, except for the
transfer restrictions and registration rights relating to the Old Notes. The
Company expects to deliver the New Notes on or about October 7, 2009. The
Company will apply to list the New Notes on the New York Stock Exchange.

Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of the New Notes, nor have they
determined if the Prospectus is truthful or complete. Any representation to
the contrary is a criminal offense.

This announcement shall not constitute an offer or a solicitation to exchange,
nor shall there be any exchange of the Old Notes in any jurisdiction in which
such offer, solicitation or exchange would be unlawful. This announcement
shall not constitute an offer or a solicitation to exchange the New Notes.

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 S.A.

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
S.A.