Statoil Hits Hydrocarbons in GOM

Ecopetrol announced a hydrocarbon discovery in the Logan 1 well, located in the U.S Gulf Coast. Ecopetrol's subsidiary Ecopetrol America Inc. has a 20% interest and Statoil is the operator.

The Logan 1 well was drilled by the Discoverer Americas and operations were completed on October 22nd of 2011. The well discovered hydrocarbons and evaluations are ongoing to assess volumes and commerciality. The well is located in the Walker Ridge 969 block.

The U.S Gulf Coast, one of the regions with the most oil hydrocarbon potential in the World is one of the focus areas of Ecopetrol's international exploration strategy. Ecopetrol America Inc. has an interest in a total of 112 blocks in this region, in partnership with companies such as Shell, ENI, BP, Statoil, Repsol and Anadarko, among others.

"Ecopetrol is very satisfied to announce the first discovery in the deep waters of the U.S. Gulf Coast, carried out in association with top-level companies with experience in these types of operations throughout the world. This is a milestone in our internationalization strategy, which we initiated some years ago to diversify our exploration portfolio. Our U.S. subsidiary is in the process of establishing a solid position in the U.S. Gulf Coast with stakes in more than one hundred blocks," stated Javier Gutierrez, Ecopetrol's CEO.

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