BOGOTA, Colombia, July 13, 2017 /CNW/ -- Ecopetrol S.A. (BVC:
ECOPETROL; NYSE: EC) reports that in line with its strategy of
diversification and strengthening of its exploration and production
portfolio, and as a result of the allocation of exploration and
extraction contracts in Mexico,
its Board of Directors has approved the establishment of a
subsidiary in that country.
The new subsidiary's shareholders are the subsidiaries i)
Ecopetrol Global Energy SLU, a company incorporated in Spain, with a 99% equity interest, and ii)
Ecopetrol America Inc., incorporated in the United States, with a 1% equity interest.
These two companies are owned by Ecopetrol S.A.
This new subsidiary, the sole corporate purpose of which will be
the exploration and extraction of hydrocarbons, will be responsible
for the subscription and execution of the petroleum contracts in
which Ecopetrol participates in Mexico, starting with the recently awarded
Blocks 6 and 8 of Round 2.1.
This decision is part of Ecopetrol's strategy to advancing
toward a new growth stage.
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 (A)
Lina María Contreras Mora
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co
Media Relations (Colombia)
Jorge Mauricio Tellez
Phone: (+ 571) 234 4329
E-mail: mauricio.tellez@ecopetrol.com.co
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SOURCE Ecopetrol S.A.