Shares of Ecopetrol SA (ECOPETROL.BO) climbed Tuesday to a new record on the company's planned $1.9 billion purchase of the oil and gas exploration operations of BP PLC (BP) in Colombia.

Ecopetrol's shares in the Colombian stock market rose 2.07% in morning trading, reaching COP3,210 ($1.74), an all-time high for the state-controlled company.

Ecopetrol will own 51% of the business while Canadian oil firm Talisman Energy Inc. (TLM, TLM.T) will have a 49% stake.

Ecopetrol's climb Tuesday comes despite warnings that the $1.9 billion price tag on BP's assets in Colombia is a "tad expensive," said Rupert Stebbings, an analyst with investment firm CELFIN.

With the purchase, Ecopetrol will have access to BP's 94 million barrels in reserves and production of 24,000 equivalent barrels a day, the Colombian company said in a statement.

Ecopetrol is by far Colombia's largest company, and is 89.9% owned by the government.

-By Darcy Crowe, Dow Jones Newswires; (57) 1 703 8953; darcy.crowe@dowjones.com
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