Ecopetrol Confirms Hydrocarbons with Draco-1 Well

Ecopetrol has proved the presence of hydrocarbons in the second stratigraphic well drilled under the Cano Sur Exploration and Production contract, located in the province of Meta.

Preliminary results of the Draco-1 well, which reached a depth of 3,284 feet (close to one kilometer) confirm the presence of hydrocarbons which was previously announced on November 2 of 2010 in the Mago-1 well.

The interests under the Cano Sur contract are split equally between Ecopetrol, which is the operator, and Shell Exploration and Production Cano Sur GMBH.

The preliminary technical evaluation indicates the presence of crude petroleum in the Carbonera formation, in a net reservoir thickness of close to 9 feet, with average porosities of 30%.

The findings registered in this new stratigraphic well, together with those registered in Mago-1, confirm the hydrocarbons potential of the eastern region of the province of Meta, where the Rubiales and Quifa fields also are located.

This discovery brings the total number of wells (in which Ecopetrol has a participation) where the presence of hydrocarbons has been proved in 2010 to seven (including exploratory and stratigraphic). Four of these wells are located in the Eastern Llanos Region of Colombia.

During 2011 exploration activities are expected to continue in the Cano Sur block, with the goal of evaluating the potential of the reservoir and the eventual conditions for production.