BOGOTA, Colombia, The Ministry of Social Welfare issued an administrative measure on December 29, 2008, authorizing a mechanism for the partial commutation of Ecopetrol's pension liabilities, the final requirement in a process which the company initiated in 2006.

The mechanism for commutation was generally authorized by Decree 941 of 2002 and calls for the transfer of the pension obligations of a company and of the money supporting them to an autonomous fund to ensure that it will be possible to meet such obligations.

Ecopetrol will continue to be responsible in a supplementary fashion for the amount commuted, should the resources in the autonomous fund fail to be sufficient for payment of the obligations being transferred.

On October 28, 2008, the Ministry of Finance issued its approval of the actuarial calculations that included estimates of the liability for each one of the beneficiaries. The authorization makes it possible for the pension liability, projected at COP$9.84 billion on December 31, 2008, according to actuarial calculations, to be eliminated from the company's balance sheet, thus reflecting its financial reality. This liability has already been funded.

The commuted resources, as well as their earnings, cannot change their beneficiaries, nor be returned to the employer institution until all retirement obligations have been met.

Ecopetrol is Colombia's largest integrated oil company and is among the top 40 oil companies in the world and the four chief oil companies in Latin America. Besides Colombia, where over 60% of domestic production is concentrated, the Company is involved in exploration and production activities in Brazil, Peru and the United States (Gulf of Mexico). Ecopetrol has the principal refinery in Colombia, most of the network of oil and multiple purpose pipelines in the country and it is considerably increasing its participation in biofuels.

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.

Office of Investor Relations:
Alejandro Giraldo
Phone: +571 234 4988, +571 234 5190
Fax: +571 234 5628
Email: alejandro.giraldo@ecopetrol.com.co, investors@ecopetrol.com.co

Media Relations (Colombia):
Mauricio Tellez
Phone: +571 234 5377
Fax: +571 234 4480
Email: mtellez@ecopetrol.com.co
www.ecopetrol.com.co