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Pacific Exploration is showing signs of recovery, but it still has a long way to go to get back to its performance levels in earlier years.

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.

CEO Juan Carlos Echeverry says "2016 was a year of enormous challenges for Ecopetrol," but he believes increased investment in 2017 will improve results in the coming years.

The 40-year industry veteran will be based in Bogotá once he officially takes over the position on February 20.

"This company will be disciplined and margin-focused, not simply production-driven," says Pacific Chairman Gabriel de Alba.

Pacific believes the affected common shares will be listed on the Toronto Stock Exchange on November 3

This represents at least the second unexpected delay this month for Pacific Exploration in finalizing its restructuring plan.

Pacific Exploration said its arrangement with Catalyst will close on October 12, "assuming satisfaction or waiver of the remaining conditions."

Pacific Exploration is selling its 35% stake in the Karoon Blocks in Brazil to Karoon Gas Australia Ltd. for at least $15.5 million.

Pacific Exploration expects to implement its restructuring plan, allowing it to come out of creditor protection, during the week of October 3.