Bloomberg News

Colombian Stock Movers: Ecopetrol, Pacific Rubiales Energy Corp.

December 01, 2011

Dec. 1 (Bloomberg) -- The following companies are having unusual price changes in Bogota trading. Stock symbols are in parentheses and prices are as of 11:28 a.m. local time.

The IGBC Index fell 0.3 percent to 12,886.16, while the Colcap Index rose 0.1 percent to 1,562.90.

Ecopetrol SA (ECOPETL CB), Colombia’s largest oil company, fell 0.5 percent to 4,080 pesos.

The company said it is challenging a penalty of 5.1 billion pesos ($2.6 million) imposed by Cormacarena, a regional conservation agency, for failing to observe environmental norms in the Castilla production field, according to a regulatory filing.

Ecopetrol said it is requesting the penalty be revoked after the company adjusted its activities to meet the agency’s norms, without giving further details.

Pacific Rubiales Energy Corp. (PREC CB), the Toronto-based oil producer that operates fields in Colombia, fell 1.3 percent to 40,820 pesos.

Holders of the company’s convertible debentures converted 98.9 percent of the securities into 20.5 million ordinary shares under a temporary incentive conversion rate increase that expired Nov. 29, according to a regulatory filing. The temporary incentive, which was aimed at reducing the company’s debt, may be diluting the shares, said Juan David Pineros, an analyst at Interbolsa SA.

--Editors: Glenn J. Kalinoski, Lester Pimentel

To contact the reporter on this story: Blake Schmidt in Bogota at bschmidt16@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net


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