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"This joint venture forms an important part of Frontera's plans to build growth for the future,” said Gabriel de Alba, chairman of the board of directors of Frontera Energy.

Frontera Energy had been producing an average of roughly 8,950 barrels of oil per day from Block 192.

Frontera Energy said future moves "may include accelerating or increasing share buyback programs, dividend payments, and investments."

Frontera's oil-price hedges have now expired, and it believes that this will be a boon for future earnings as it tries to further move beyond its most trying financial times.

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

This represents a 1.6% increase over the production in May 2017 and a 0.1% increase from last month.

Canadian oil company Frontera Energy Corporation will split its stock this year, issues a two-for-one share split on June 26.

Following an initial eight-month term, the credit facility is expected to be extended to two years “upon satisfaction of certain extension conditions."

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.

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