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The company’s "credit risk lies in 2020 and 2021, with an expected lower production profile and possibility for lower grades,” stated Fitch.

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

Despite high oil prices, Frontera realized just $249.5 million USD in sales in the quarter compared to $316.6 million USD in the first quarter of 2017.

The Colombian government, which owns the vast majority of Ecopetrol shares, will receive a dividend of $1.17 billion USD (3.2 trillion pesos).

PentaNova Energy has an 80% “beneficial working interest” in the Maria Conchita block.

Frontera Energy plans to drill between 40 to 50 wells in the first quarter of 2018.

The Canadian oil company's operations in the country are now held by the Colombian branch of Meta Petroleum Corporation, a wholly owned subsidiary.

Three rigs are now operating in this 15,000-meter exploration campaign, and two more are planned to join the effort later this year.

Output at this historic site peaked at 60,000 barrels per day in 1939 but that number fell to a mere 5,000 by 2003.

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