BREAKING NEWS: Ecopetrol Chairman Gonzalo Restrepo Lopez Resigns

BOGOTA, Colombia, July 19, 2015 /PRNewswire/ — Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) hereby reports that, at the Board of Directors’ meeting on Friday, July 17, 2015, the Board of Directors decided as follows:

1. To accept the resignation of Mr. Gonzalo Restrepo Lopez as member and chairman of the Board of Directors.
   The Board of Directors gave special recognition to Mr. Restrepo’s work as chairman, in which he placed his unique human, managerial and leadership qualities at Ecopetrol’s service. The Board of Directors wishes him success in his new endeavor as a member of the government’s negotiating team in the peace process in Havana.
2. To appoint Mr. Luis Fernando Ramirez, an independent Director, as the new chairman of the Board of Directors.
3. To appoint the engineer Hector Manosalva Rojas, currently Ecopetrol’s Vice President of Development and Production, as the second alternate to Ecopetrol’s President.
4. To appoint Ms. Juliana Alban as Corporate Vice President of Compliance, who will also act as the company’s Compliance Officer.

The Corporate Vice Presidency of Compliance is a unit that was recently approved within Ecopetrol’s organizational structure with the purpose of ensuring the highest standards of compliance and internal controls on the management of the company.