BOGOTA, Colombia, May 23, 2017 /PRNewswire/ -- Ecopetrol S.A. (BVC:
ECOPETROL; NYSE: EC) ("Ecopetrol" or the "Company) announced that
it received a notification letter from the New York Stock Exchange
(NYSE) on May 17, 2017, stating that
as the Company had not filed in due time its Form 20-F for the
fiscal year ended December 31, 2016
with the Securities Exchange Commission (SEC), it was not in
compliance with the listing criteria of the NYSE. As a result, the
procedures set forth in Section 802.01E of the NYSE Listed Company
Manual will be applicable.
On May 17, 2017 the Company issued
a press release and filed a Form 6-K before the SEC, detailing
that, as part of the Company's due diligence, the Audit Committee
of the Board of Directors has retained a U.S.-based outside law
firm to commence a third-party investigation into the matters set
forth in the announcement made by the Prosecutor's Office on
April 27, 2017. In light of this
announcement, the Company's auditor for 2014-2015 has said it is
not ready to consent to the use of its opinion in connection with
the filing of the Form 20-F, and accordingly will continue to
monitor the progress of the third-party investigation.
The Company's management is committed to file its annual report
on Form 20-F and be again in compliance with applicable listing
rules as soon as possible.
Ecopetrol is the largest company in Colombia and is an integrated oil & gas
company; it is among the top 50 oil companies in the world and
among the four top ones in Latin
America. Besides Colombia -
where it generates over 60% of the national production - it has
exploration and production activities in Brazil, Peru
& the US (Gulf of Mexico).
Ecopetrol owns the largest refinery in Colombia and most of the pipeline and
multi-product pipeline network in the country, and is significantly
increasing its participation in bio-fuels.
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 Corporate Finance and Investor Relations
María
Catalina Escobar
Phone: (+571) 234 5190
E-mail: investors@ecopetrol.com.co
Media Relations (Colombia)
Jorge Mauricio Tellez
Phone: + 571-234-4329
Fax: +571-234-4480
E-mail: mauricio.tellez@ecopetrol.com.co
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SOURCE Ecopetrol S.A.