Ecopetrol, Talisman Finalize Acquisition of BP Colombia

Upon obtaining the corresponding authorizations, Ecopetrol and Talisman Colombia (Talisman) have completed the acquisition of BP Exploration Company (Colombia) Limited for US $1.75 billion. Ecopetrol will have 51% of the new company and Talisman the remaining 49%.

"This transaction strengthens our operations in Colombia, especially in the Piedemonte Llanero, identified as one the areas with greater potential in Colombia. The most important thing for us is that we incorporate to our group the knowledge and expertise of more than 400 people, who are well known for their capacity to operate in an efficient and safe way and who have received several awards and distinctions for their leadership at BP," said the President of Ecopetrol, Javier Gutierrez Pemberthy.

John A. Manzoni, President and CEO of Talisman Energy Inc. said, "These assets will be a cornerstone as Talisman looks to build a strong production base in Latin America over the next three to five years. We look forward to deepening our strategic relationship with Ecopetrol. Employees may be assured of our joint commitment as we work together to maximize the value of these assets and help the company grow. Those involved from all three companies should be very proud of their accomplishments in this transaction."

The shareholders also announced the new name of the company: EQUION ENERGIA LIMITED. The company assumes ownership of all assets and businesses that the BP subsidiary in Colombia held.

The company is among the five largest oil producers in Colombia and among the three main natural gas producers. The operation of the company includes the equity interest that BP had in the partnership contracts Piedemonte, Rio Chitamena, Tauramena and Recetor contracts, which cover the fields of Cusiana, Cupiagua in Recetor, Pauto and Florena.

Within the next few months, EQUION will define its long-term business plan, in line with the strategies of Ecopetrol and Talisman, in which they will take advantage of the capabilities of their highly qualified team with industry-leading levels of industrial safety and environmental protection, backed up by more than two decades of operations in Colombia.