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McAllister will remain in the position through March 9. Alejandro Piñeros will fulfill CFO responsibilities until a permanent replacement is appointed

Frontera Energy this week suspended operations at a site in Casanare in response to violence, intimidation, and threats.

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

Despite the year-over-year drop, the actual output did exceed Ministry of Mines and Energy's estimate of 840,000 barrels of oil per day.

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

Ecopetrol has a 50% stake in the discovery, which is lighter than typical heavy Colombian oil, according to the company.

Ecopetrol says the main purpose of the the new subsidiary “will be energy generation, conversion, and marketing."

The two state oil companies have already partnered to look for resources off the coast of Mexico.

Bayón is expected to formally take over on September 15. The company did not reveal why Echeverry was stepping down.

Robertson, the current chief financial officer of Eco Oro, is filling a void left by the recent resignation of Mark Moseley-Williams.