ECOPETROL S.A. and Petro Rubiales sign agreement to build oil pipeline in Los Llanos Orientales, Republic of Colombia
Jan 2, 2008

    VANCOUVER, Jan. 2 /CNW/ - ECOPETROL S.A. and Petro Rubiales Energy Corp.
announce the signing of a Memorandum of Understanding for the construction of
a 230km long, oil pipeline, that will allow for the transportation of the
heavy crude oil produced out of the Rubiales and Piriri fields, located in the
Meta Department in the Republic of Colombia.
    The pipeline will originate in Rubiales and will connect with the
Monterrey Station, in Casanare, which is an integral part of Colombia's oil
transport systems and is connected with the Oleoducto Central S.A. (OCENSA).
Petro Rubiales Energy Corp. will build on its account, an additional pipeline
branch to the Cusiana Station.
    The preliminary estimation for the pipeline project calls for an
investment in excess of US$300 million and it is expected that the pipeline
will come into operation in the second half of 2009. ECOPETROL S.A. will hold
a 65 percent share in the project and Petro Rubiales Energy Corp. will hold
the remaining 35 percent.
    The pipeline will be 24 inches in diameter and will have an initial
capacity of 170 KBD. This initial capacity could be expanded at a later date
to 260 KBD.
    The new pipeline will not only allow for the transportation of the
growing heavy crude oil production coming out of the Rubiales and Piriri
fields, but it will make possible the transportation of the volumes that will
come from additional developments or from the exploration efforts that will
take place in the region in the forthcoming years.
    The pipeline project underlines the strategic importance that both
companies attach to the development of the oil resources in Los Llanos
Orientales, one of the most prospective areas for heavy crude oils in the
Republic of Colombia.

    Forward-looking statements: This document contains statements about
expected or anticipated future events and financial results that are
forward-looking in nature and as a result, are subject to certain risks and
uncertainties, such as general economic, market and business conditions, the
regulatory process and actions, technical issues, new legislation, competitive
and general economic factors and conditions, the uncertainties resulting from
potential delays or changes in plans, the occurrence of unexpected events, and
the Company's capability to execute and implement its future plans. Actual
results may differ materially from those projected by management. For such
statements, we claim the safe harbour for forward-looking statements within
the meaning of the Private Securities Legislation Reform Act of 1995.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this news release.

For further information:
For further information: Mr. Ronald Pantin, Chief Executive Officer and
Director, Tel: (604) 688 9180; Dr. Sally Eyre, Senior Vice President,
Corporate Development, (604) 688-9180; Or visit: or