Proved Reserves of Ecopetrol Increase 11.4%

Ecopetrol S.A. EC announced its consolidated proved reserves of oil, condensed and natural gas as of December 31, 2010 according to the Securities and Exchange Commission technical standards and prices. 98% of the reserves were audited by three specialized independent firms: Gaffney, Cline & Associates, Ryder Scott Company and DeGolyer and McNaughton. Ecopetrol's proved net reserves of hydrocarbons at the end of 2010 amounted to 1,714 million BOE (1,878 BOE of gross proved reserves, including royalties), which represents an increase of 11.4% compared to 1,538 BOE at the end of 2009 . In 2010, there was an increase of 365 MMBOE of proved reserves and net production was 189 MMBOE, which means that 1.93 barrels were added to proven reserves for each barrel of oil equivalent produced. Reserve replacement ratio was 193% for 2010 and the reserves to production ratio was 9.1 years, assuming constant production levels in the future. 72% of proved reserves correspond to crude and 28% to natural gas.