Ecopetrol Authorizes Liquidation Process for Two Subsidiaries

BOGOTA, Colombia, Aug. 24, 2017 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) reports that as part of its process of reviewing the Ecopetrol Group's corporate structure, at its meeting of August 18, 2017, the Board of Directors authorized:

    --  Taking the necessary measures under applicable law to liquidate
        Ecopetrol Global Capital S.L.U., a wholly-owned subsidiary of Ecopetrol
        S.A. domiciled in Madrid, Spain. That company is currently inactive and
        is no longer needed by the business group.
    --  It also authorized taking the necessary measures under applicable law to
        liquidate ECP Oil and Gas Germany, a company domiciled in Frankfurt
        (Germany) that is wholly owned by Ecopetrol S.A. through its Spanish
        subsidiary Ecopetrol Global Energy S.L.U. The liquidation will be
        finalized after completing the process of canceling the registration of
        that company's branch in Angola, as it has already completed the process
        of withdrawing from exploratory blocks 38/11 and 39/11 in that country.


This release contains statements that may be considered forward looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All forward-looking statements, whether made in this release or in future filings or press releases or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend, and do not assume any obligation to update these forward-looking statements.

For further information, please contact:

Head of Capital Markets
Maria Catalina Escobar
Phone: (+571) 234 5190

Media Relations (Colombia)
Jorge Mauricio Tellez
Phone: (+571) 234 4329

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SOURCE Ecopetrol S.A.