BOGOTA, Colombia, April 22, 2015 /PRNewswire/ -- Ecopetrol S.A.
(BVC: ECOPETROL; NYSE: EC; TSX: ECP) hereby informs that on
March 18 the Supreme Court of
the Netherlands notified the final
verdict in favor of Ecopetrol S.A. in the lawsuit filed in 2011 by
the Llanos Oil Exploration Ltd. against the company.
The Dutch Supreme Court dismissed, without any explanation,
Llanos Oil Exploration Ltd.'s cassation appeal against the Court of
Appeal and District Court of The
Hague decisions, in which they declared that there was no
jurisdiction to render judgment on the termination of the Guatapuri
association contract occurred on July 23,
2003, termination that originated the lawsuit against
Ecopetrol S.A.
As a result of the Supreme Court of the Netherlands decision, Llanos Oil
Exploration Ltd.'s claim for damages for approximately 7,000 million euros, as a consequence of the
termination of the Guatapurí association contract by Ecopetrol
S.A., loses all legal basis.
Ecopetrol is the largest company in Colombia and is an integrated oil and gas
company; it is among the top 40 oil companies in the world and
among the top four oil companies 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) and
Angola. Ecopetrol owns the largest
refinery in Colombia, 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
and gas, our exploration and production activities, market
conditions, applicable regulations, the exchange rate, Ecopetrol'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:
Investor Relations Director (A)
Claudia Trujillo
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.