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"The rating upgrade reflects Frontera's ability to stabilize its operational and financial performance," stated Fitch Ratings.

Eléctricas de Medellín – Ingeniería y S.A.S is the buyer in a cash deal for what Frontera Energy called a “non-core asset.”

Ecopetrol said members of the Alto Unuma indigenous community have “taken by force” an onsite water disposal plant at Rubiales oilfield.

From Pacific Rubiales to Pacific Exploration to Frontera Energy: Canadian oil company undergoes second rebrand in the past 22 months.

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.

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 group has overcome the period of low oil prices and has returned to the path of growth in production," said CEO Juan Carlos Echeverry.

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