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equiring remediation under the criteria set out in the 1995 Settlement Agreement and specified
the remedial action to be taken at each site. Ecuador reviewed Woodward-Clyde's Remedial
Action Plan and conducted its own investigation of the sites to confirm that it was consistent
with the MOU and the 1995 Settlement Agreement. In September 1995, Ecuador, Petroecuador,
TexPet, and Woodward-Clyde each approved and signed off on the Remedial Action Plan.
55. Between October 1995 and September 1998, Woodward-Clyde conducted all of
the remediation required by the 1995 Settlement Agreement and the Remedial Action Plan on
behalf of TexPet and at TexPet's expense. The remediation work was monitored and supervised
by Petroecuador, the Ministries of Energy and Environment, and outside auditors. Ecuador
issued a series of official records called "Aetas" during this time certifying the adequacy ofthe
remediation work that it had supervised and evaluated on an ongoing basis. In all, TexPet spent
approximately $40 million (unadjusted dollars) on environmental remediation and community
development in Ecuador pursuant to the 1995 Settlement Agreement in exchange for the releases
granted by Ecuador.
56. On September 30, 1998, Ecuador, Petroecuador, and TexPet executed the Aeta
Final (the "1998 Final Release"), certifying that TexPet had performed all of its obligations
under the 1995 Settlement Agreement, and thus fully releasing TexPet from any and all
environmental liability arising from the consortium's activities except for individual personal
injury claims, sllch as to specific persons or property, which the parties understood as not being
covered by the release. The 1998 Final Release was signed on behalf of Ecuador by Patricio
Ribadeneira, the Minister of Energy and Mines; on behalf of Petroecllador by Ramiro Gordillo,
Executive Chairman, and by Luis Alban Granizo, Manager of Petroproducci6n; and on behalf of
TexPet by Rodrigo Perez Pallares and Ricardo Reis Veiga.
57. The validity of these agreements has been publicly acknowledged by the
Republic of Ecuador, and-recently-by the Lago Agrio Plaintiffs as well. As noted above,
supra paragraphs 45 and 50, at the time the 1995 Settlement Agreement and the 1998 Final
Release were executed, the Republic of Ecuador was the only legal person or entity with
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