Exhibit 99.2



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| | ---------------------------------
| |                                  
| | Gaffney, Cline & Associates, Inc.
| |                                  
| | 1300 Post Oak Blvd., Suite 1000  
| | Houston, TX  77056               
| | Telephone:  +1 713 850 9955      
| | www.gaffney-cline.com            



|ASF/bgh/C2048.00/gcah.28.12 | February 07, 2012
|--------------------------- | -----------------



Mr. Oscar H. Valbuena

Director de Control de Reservas

Ecopetrol, S. A.

Vicepresidencia Financiera

Edificio Principal, Piso 7

Bogota, Colombia



Reserve Audit for Forty Five Fields in
Colombia

as well as Ecopetrol’s Participation
in Savia S.A.



Dear Mr. Valbuena:



This consolidated Proved
reserves statement has been prepared by Gaffney, Cline & Associates (GCA) and issued on February 07, 2012 at the request of
Ecopetrol, S.A. (Ecopetrol), a participant operator and investor in forty five fields in the Lower, Middle and Upper Magdalena
Valley, Catatumbo, Putumayo, Llanos Orientales and Nororiente Basins, Colombia and 50% holder of the interest in Savia, S.A.(Savia),
operator of the Lote Z-2B in Peru. This report is based on prior audits conducted by GCA and the same is intended for use in conjunction
with Ecopetrol’s December 31, 2011 20-F filing with the United States Securities and Exchange Commission.



GCA has conducted an
independent audit examination as of December 31, 2011, of the Proved hydrocarbon liquids and natural gas reserves for forty five
fields in the Lower, Middle and Upper Magdalena Valley, Catatumbo, Putumayo, Llanos Orientales and Nororiente Basins, Colombia
and provided to Ecopetrol a reserve statement dated January 20, 2012. GCA separately audited as of December 31, 2011, Savia’s
net proved reserves for its operated interest in Lote Z-2B in Peru and provided to Savia a reserve statement dated January 12,
2012. The table below presents the consolidated volumes corresponding to the Ecopetrol’s interest in the mentioned fields.



Statement of Proved Hydrocarbon Reserves
Volumes
Forty Five Fields, Colombia and Ecopetrol’s Participation in Savia, S.A.
as of December 31, 2011



|Reserves Category |  | Gross Field  Volumes |     |  | Net to Ecopetrol | 
|----------------- |  | -------------------- | --- |  | ---------------- | 
|                  |  | Liquids              |     |  | Gas              | 
|                  |  | MMBbl                |     |  | Bscf             | 
|Proved            |  |                      |     |  |                  | 
|Developed         |  |                      | 467 |  |                  | 
|Undeveloped       |  |                      | 282 |  |                  | 
|Total Proved      |  |                      | 749 |  |                  | 











|ASF/bgh/C2048.00/gcah.28.12
Ecopetrol, S. A. | 
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Hydrocarbon liquid
volumes represent crude oil and condensate, natural gasoline and LPG estimated to be recovered during field separation and plant
processing, and are reported in millions of barrels (MMBbl). Natural gas volumes represent expected gas sales, and are reported
in billions (109) of cubic feet (Bscf) at standard conditions of 14.7 psia and 60 degrees Fahrenheit. These volumes
have been reduced for fuel usage in the field. Royalties payable to the State have been deducted from reported net volumes.



Proved gas volumes
are based on firm and existing gas contracts and on the reasonable expectation that such gas sales contracts will be renewed on
similar terms in the future.



Ecopetrol has advised
GCA that these Proved volumes represent 39.6% of Ecopetrol’s total Proved reserves on an oil-equivalent basis. Based on information
provided by ECOPETROL, the third party estimate conducted by GCA addresses 38.3% of the total proved developed net liquid hydrocarbon
reserves, 28.2% of the total proved developed net gas reserves and 44.5% of the total proved undeveloped net liquid hydrocarbon
reserves and 72.2% of the total proved undeveloped net gas reserves of ECOPETROL. GCA is not in a position to verify these as it
was not requested to review Ecopetrol’s other oil and gas assets.



This audit examination
was based on reserve estimates and other information provided by Ecopetrol and Savia to GCA through December 2011, and included
such tests, procedures and adjustments as were considered necessary. Field data and information provided by Ecopetrol varies from
field to field, Ecopetrol provided production data sets, depending on the field, up to September or October 2011. All questions
that arose during the course of the audit process were resolved to our satisfaction.



Technical information
and comments related to the methodology followed to audit the reserves volumes for each one of the fields, is presented in separate
individual reports. As these reports are quite extensive and detailed, the significant points of the work performed are summarized
below.



Recoverable volume
estimates as derived from profiles of expected future performance were checked for consistency with the development plans provided
by Ecopetrol and Savia and verified on the basis of individual well decline analysis, typical well performance models, material
balance calculations, reservoir simulation results, analogies, etc. as appropriate to the available information and category of
the reserves. Gross reserves and those net to Ecopetrol’s interests were verified on the basis of the fiscal and contractual
terms applicable in each case.



In order to confirm estimates of petroleum
initially in place, the structural and stratigraphic descriptions of the accumulations, various reservoir limits, rock petrophysical
parameters and reservoir fluid properties were reviewed checked for reasonableness and/or modified as appropriate based on information
and data supplied by Ecopetrol or Savia. Reservoir and individual well performance was analyzed in order to assess the predominant
reservoir drive mechanisms currently active in the fields and those expected to affect the future production performance.



The economic tests
for the December 31, 2011 reserve volumes were based on a prior twelve-month first-day-of-the-month average reference price for
West Texas Intermediate (WTI) crude of US$96.19/Bbl, corrected for location and quality to an average wellhead price in the range
of US$78.88 – 109.70/Bbl, depending on the specific field, for the fields in Colombia. For the fields in Peru, the prior
twelve-month first-day-of-the-month average reference price for Ardjuna and Mines crudes of US$113.38/Bbl, was used as reference
price Sales gas and plant product prices were advised by Ecopetrol/Savia according to existing contracts and/or regulations. No
price escalation has been included, other than as provided for in existing contracts. The following tables include additional details
of these prices:



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|ASF/bgh/C2048.00/gcah.28.12
Ecopetrol, S. A. | 
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Oil and Condensate Prices



|Note                                                                                                                                                          |  | Price US$/Bbl |       
|------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------- | ------
|                                                                                                                                                              |  |               |       
|12 Month average price for West Texas Intermediate (WTI) Crude used as reference for the crude prices in Colombia.                                            |  |               | 96.19 
|Unweighted average of the prices adjusted for location and quality used  to determine oil and condensate proved reserves for the different fields in Colombia |  |               | 88.86 
|12 Month average price for the Ardjuna and Mines crudes used as reference for the crude prices in Peru.                                                       |  |               | 113.88
|Unweighted average of the prices adjusted for location and quality used  to determine oil and condensate proved reserves for the different fields in Peru.    |  |               | 113.88



Product Plant Prices







|Note                                                                                                            |  | Products Plants |  | Price US$/Bbl | 
|--------------------------------------------------------------------------------------------------------------- |  | --------------- |  | ------------- | 
|                                                                                                                |  |                 |  |               | 
|12 Month average reference price  (Mont Belvieu, Texas)                                                         |  | Propane         |  | 61.74         | 
|                                                                                                                |  | Butane          |  | 77.65         | 
|                                                                                                                |  | Gasoline        |  | 98.92         | 
|Unweighted average price adjusted for location and quality used to determine proved reserves in Colombia Assets |  | Propane         |  | 57.67         | 
|                                                                                                                |  | Butane          |  | 73.32         | 
|                                                                                                                |  | Gasoline        |  | 114.10        | 
|Unweighted average price adjusted for location and quality used to determine proved reserves in Peru Assets     |  | LPG             |  | 74.05         | 







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|ASF/bgh/C2048.00/gcah.28.12
Ecopetrol, S. A. | 
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Gas Prices





|Note                                                                                                                                |  | Location/Fields                                                                                                                                                             |  | Price  US$/MMBTU | 
|----------------------------------------------------------------------------------------------------------------------------------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ---------------- | 
|                                                                                                                                    |  |                                                                                                                                                                             |  |                  | 
|Average benchmark natural gas price - Colombia                                                                                      |  | Guajira (Benchmark Price)                                                                                                                                                   |  | 4.86             | 
|                                                                                                                                    |  | Opón (Benchmark Price)                                                                                                                                                      |  | 5.46             | 
|                                                                                                                                    |  | Cusiana (Benchmark Price)                                                                                                                                                   |  | 5.59             | 
|                                                                                                                                    |  |                                                                                                                                                                             |  |                  | 
|Natural gas average price defined by contract/
        agreements used to determine proved reserves
        in some Colombia fields |  | Fields audited: Dina Terciario, Mana, Sardinata, Tenay, Tempranillo and Toqui Toqui.                                                                                        |  | 2.88             | 
|Adjusted gas price  used to determine proved reserves in the remaining Colombia Fields                                              |  | Fields audited: Corazon, Corazon West, Dina Cretaceo, Palogrande, Cebu, Ballena, Chuchupa, Rio Ceibas, Riohacha, La Cira, Infantas, La Salina, Nutria, Payoa and Provincia. |  | 5.29             | 
|Adjusted gas price  used to determine proved reserves in some Peru Fields.                                                          |  | .Fields audited: Lote Z-2B                                                                                                                                                  |  | 6.29             | 





Future capital costs
for the fields were derived from development program forecasts prepared by field operators. Recent historical operating expense
data were utilized as the basis for operating cost projections. GCA has found that sufficient capital investments and operating
expenses have been projected by the operators to produce the projected volumes.



It is GCA’s opinion
that the estimates of total remaining recoverable hydrocarbon liquid and gas volumes as of December 31, 2011 are, in the aggregate,
reasonable and the reserves categorization is appropriate and consistent with the definitions for reserves set out in 17 CFR Part
210 Rule 4-10(a) of Regulation S-X of the United States Securities and Exchange Commission (as set out in Appendix II). GCA concludes
that the methodologies employed by Ecopetrol in the derivation of the reserves estimates are appropriate and that the quality of
the data relied upon and the depth and thoroughness of the reserves estimation process are adequate.



GCA is not aware of
any potential changes in regulations applicable to these fields that could affect the ability of Ecopetrol or Savia to produce
the estimated reserves.



This assessment has
been conducted within the context of GCA’s understanding of Ecopetrol’s petroleum property rights as represented by
Ecopetrol’s and Savia’s management. GCA is not in a position to attest to property title, financial interest relationships
or encumbrances thereon for any part of the appraised properties or interests.



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|ASF/bgh/C2048.00/gcah.28.12
Ecopetrol, S. A. | 
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There are numerous
uncertainties inherent in estimating reserves and resources, and in projecting future production, development expenditures, operating
expenses and cash flows. Oil and gas reserve engineering and resource assessment must be recognized as a subjective process of
estimating subsurface accumulations of oil and gas that cannot be measured in an exact way. Estimates of oil and gas reserves or
resources prepared by other parties may differ, perhaps materially, from those contained within this report. The accuracy of any
Reserve or Resource estimate is a function of the quality of the available data and of engineering and geological interpretation.
Results of drilling, testing and production that post-date the preparation of the estimates may justify revisions, some or all
of which may be material. Accordingly, Reserve and Resource estimates are often different from the quantities of oil and gas that
are ultimately recovered, and the timing and cost of those volumes that are recovered may vary from that assumed.



* * * * *



For this assignment,
GCA served as independent reserve auditor. The firm’s officers and employees have no direct or indirect interest holding(s)
in the property units evaluated. GCA’s remuneration was not in any way contingent on reported reserve estimates. The qualifications
of the technical person primarily responsible for overseeing this audit are included in Appendix I.



Finally, please note
that GCA reserves the right to approve, in advance, the use and context of the use of any results, statements or opinions expressed
in this report. Such approval shall include, but not be confined to, statements or references in documents of a public or semi-public
nature such as loan agreements, prospectuses, reserve statements, press releases etc.



Very truly yours,



GAFFNEY, CLINE & ASSOCIATES, INC.



David K. Morgan

Senior Technical Manager



Attachments

Appendices

I: Technical
Qualifications of Person Responsible for Audit.



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Appendix I:



Technical Qualifications of Person Responsible
for Audit



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Statement of Qualifications

D. K. Morgan



D. K. Morgan is one of GCA’s Senior
Technical Mangers and was responsible for overseeing the preparation of the audit. Mr. Morgan has over 42 years of diversified
international industry experience mainly in reservoir-engineering, geology, reserves estimates, project development, economics
and training in the assessment, classification and reporting of reserves and resources. Over the past 5 years he has been responsible
for project review and oversight for GCA’s Houston office as it pertains to exploration and production activities including
the reserves audits conducted on behalf of Repsol YPF S.A. and YPF S.A. He is a member of the Society of Petroleum Engineers (SPE)
and holds a petroleum engineering degree from Marietta College.



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