Ecopetrol Announces Another New Find

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Ecopetrol, Colombia's state-run oil company, said its Mito-1 exploratory well in the Meta province of the South American country has found evidence of oil and produced an average of 200 barrels per day in a testing period. The Meta province represents about 40% of the company's crude production, the company said in a statement.

In April, Ecopetrol said it found evidence of oil in the Nunda-1 well, located in the municipality of Tello in Colombia's Huila province. In the past year, Ecopetrol (EC) has made about a dozen new discoveries with most of those being in Colombia, but the company did announce one Brazilian find.

In addition to Brazil and Colombia, Ecopetrol also operates in Peru and the U.S. portion of the Gulf of Mexico. Ecopetrol, the fourth-largest oil company in Latin America, accounts for 60% of Colombia's oil production. Colombia is South America's third-largest oil producer behind Venezuela and Brazil.

In coming weeks the evaluation of the conditions for production and the behavior of the deposit discovered with the Mito-1 well will continue. Additionally, Ecopetrol will proceed with the drilling campaign within the Cano Sur block, which will encompass more than 10 exploratory wells, and additional stratigraphic wells in coming months, Ecopetrol said in a statement.