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With multiple proven wells and four gas blocks in the area, Ecopetrol believes it may be able to begin extracting the resources more efficiently.

The oil spill has threatened a nearby stream that feeds into an aqueduct relied upon by some 3,500 locals in Guamalito.

Moody's said its decision was based on having "insufficient or otherwise inadequate information to support the maintenance of the rating."

Orinoquia Capital received 25 million shares as the result of an April 4 merger between a wholly owned subsidiary of PMI Resources and PentaNova Energy Corp.

SIGRA will use the hydrogen and the technology provided by HyGear for the hydrogenation of its edible fats and oils.

Ecopetrol holds a 50% interest in the Magdalena Middle Valley's Boranda-1 well, which is operated and 50% controlled by Canadian exploration company Parex.

Bioenergy, operating from its El Alcaraván plant in the department of Meta, is currently storing its ethanol as it ramps up toward its target production goal.

The prolonged shutdown has cost Colombia some 893,000 barrels of production, according to Ecopetrol.

The outlook upgrade reflects a sound financial position and Ecopetrol's ability to respond to a high volatility oil price environment.

Pacific Exploration has finalized its restructuring plan and is planning to invest $375 million USD this year to increase its production from the lows seen in the fourth quarter last year.