Press release from PR Newswire
Ecopetrol Reports Deepwater Discovery in the U. S. Gulf Coast
Thursday, August 16, 2012
Ecopetrol Reports Deepwater Discovery in the U. S. Gulf Coast10:24 EDT Thursday, August 16, 2012· Results indicate the presence of both gas/condensate and oil. · Ecopetrol America has a 30% interest in the Parmer prospect. Its partners are Stone Energy and Apache.BOGOTA, Colombia, Aug. 16, 2012 /PRNewswire/ -- Ecopetrol S.A. (NYSE: EC; BVC: ECOPETROL; TSX: ECP), through its affiliate Ecopetrol America Inc., provided the results of the Parmer Prospect, deepwater Gulf of Mexico. (Logo: http://photos.prnewswire.com/prnh/20090209/ARM001LOGO )The Parmer prospect #1 is located on Green Canyon 867, at a depth of 18,900 ft (5,760 meters), which allowed for several pressure readings and the collection of several fluid samples from Miocene sands. The data indicate a column of approximately 240 ft (73 meters) of net condensate-rich gas pay, as prospect as one of 40 ft (12 meters) of net oil pay. In the coming months, Ecopetrol and its partners will reprocess 3-D seismic data and determine a comprehensive delimitation and development plan according to these results. The two Parmer leases (GC 823 and GC 867) are located within the Green Canyon protraction area, at a depth of approximately 4,200 ft (1,280 meters) underwater. Each covers an area of 5,760 acres (23.3 square kilometers) and is located approximately 143 miles (230 km) from Louisiana. Ecopetrol America has a 30% interest in the Parmer Prospect. Its partners are Stone Energy, and Apache that is the prospect's operator. The Parmer discovery is Ecopetrol's second deepwater discovery in the Gulf of Mexico, one of the regions with the highest oil hydrocarbon potential in the world. The prospect's results are expected to assist in Ecopetrol S.A.'s strategy to attain a production level of 1.0 million clean barrels of oil equivalent a day by 2015, and 1.3 million clean barrels by 2020.Ecopetrol is Colombia's largest integrated oil & gas company, where it accounts for 60% of total production. It is one of the top 50 oil companies in the world and the fourth largest oil company in Latin America. The Company is also involved in exploration and production activities in Brazil, Peru and the United States Gulf Coast, and owns the main refineries in Colombia, most of the network of oil and multiple purpose pipelines in the country, petrochemical plants, and is entering into the biofuels business.This release contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Ecopetrol. These are merely projections and, as such, are based exclusively on the expectations of management concerning the future of the business and its continued access to capital to fund the Company's business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Colombian economy and the industry, among other factors; therefore, they are subject to change without prior notice. Contact us for any additional information:Investor RelationsAlejandro GiraldoPhone: +571-234-5190Email: email@example.comMedia Relations (Colombia)Mauricio TellezPhone: + 571-2345377Fax: +571-2344480Email: firstname.lastname@example.org Website: www.ecopetrol.com.co SOURCE Ecopetrol S.A.