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If violations are proven, the Superintendency could levy fines as high as $23.7 million USD against each of the involved companies.

Ecopetrol CEO Juan Carlos Echeverry has called for an "extraordinary" shareholder meeting next month to fill open seats on the oil company's board of directors.

Brazilian firms took the brunt of the punishment, with 56 domestic corporates getting hit with downgrades last year.

The drilling push is expected to bring Ecopetrol's new well count to 105 in 2016, with 35 additional wells coming to the lucrative Rubiales oilfield.

More than 98% of affected creditors approved the plan, and Pacific Exploration expects to get official sign off from a Canadian court on August 23.

With its share of Gunflint field, Ecopetrol America's operations in the United States now exceed 10,000 barrels of oil equivalent per day.

The downgrades for Bogotá and Medellín — Colombia's two biggest cities — are the same action Fitch Ratings took against the nation's sovereign rating and state-controlled Ecopetrol in July.

The state-controlled oil giant and the U'wa community that has spent decades fighting energy firms have negotiated an end to their standoff in Norte de Santander.

While Ecopetrol's long-term foreign-currency IDR was maintained at BBB, its outlook has changed to negative, and the energy giant's long-term local-currency IDR was downgraded one notch.

The expiration of a contract between Pacific Exploration and Ecopetrol cedes the Canadian firm's 43% stake in the vast Campo Rubiales field to the state-run oil company.