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To formalize an agreement announced last week, the heads of Ecopetrol and USO sat down yesterday to sign the deal.

The tragedy follows the killing of a mining engineer working for Continental Gold earlier this month, who was left dead after his vehicle was attacked in Buriticá.

The $5 million USD deal includes two mining titles as well as "technical information and ancillary assets," said the Canadian mining firm.

Ecopetrol says it may draw upon the credit line to strengthen its "liquidity position in the face of eventual growth opportunities" or "mitigate risks associated to unexpected fluctuations in crude prices."

Two engineers were attacked on the morning of September 5 in the town of Buriticá where the Toronto-based company operates a large gold mine

"With underground development advancing at a productive rate and providing suitable drilling locations, the company will be more aggressive in drilling," stated Continental Gold.

The next step for the well will be to run and cement a liner in preparation for further testing, which is expected to take “several weeks,” said Frontera.

Rising oil prices were the biggest factor. The extractive industry exported $11.8 billion USD — nearly 60% of the nation's export value in the past six months.

"There are plenty of targets in Colombia that have never really seen modern exploration," says Lobo Tiggre. "That is clearly an advantage."

The Canadian oil company plans to buy back $250 million USD in previously issued notes, with the remainder going to “general corporate purposes."