I think you have a misunderstanding of how % heights work in css.
An element is always 100% high, the 100% refers to the elements's own height, not the parent elements height.
Also, html doesnt do columns properly yet, which is a common metaphor in the print world.
To do what you need, you probably need some jquery / other javascript to detect which of the two divs has the greater height, and set the height of the lesser to the height of the greater.
You then have two options for the image: css background or html img tag in the left area (col-md-4 in this case)
On another note, the markup you provided isnt like the image underneath (the markup gives a left area thats twice the size of the right area)