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Arrow Exploration will bring in $5 million USD by selling a 46.9% interest in what it refers to as the the "deeper section" of the block and a 20% interest in the "shallow section."

"This joint venture forms an important part of Frontera's plans to build growth for the future,” said Gabriel de Alba, chairman of the board of directors of Frontera Energy.

"The increase in the stand-alone credit profile is a recognition of the company's stable operating performance," stated Ecopetrol.

Frontera Energy had been producing an average of roughly 8,950 barrels of oil per day from Block 192.

Frontera Energy said future moves "may include accelerating or increasing share buyback programs, dividend payments, and investments."

Frontera's oil-price hedges have now expired, and it believes that this will be a boon for future earnings as it tries to further move beyond its most trying financial times.

"We were able to capture the profit coming from the higher international oil prices," said Ecopetrol CEO Felipe Bayón.

The diesel Ecopetrol distributed across Colombia in September had an average of 17 parts per million, just north of the 15 ppm limit mandated in the United States.

The find came at the Acorazado-1 exploration well and marked the Canadian oil company’s fourth discovery in 2018.

To formalize an agreement announced last week, the heads of Ecopetrol and USO sat down yesterday to sign the deal.