Ecopetrol Updates on US GoM Parmer Prospect

Ecopetrol S.A., through its affiliate Ecopetrol America Inc., provided the results of the Parmer Prospect, deepwater Gulf of Mexico.

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 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.

[mappress]

Press Release, August 20, 2012