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Frontera Energy (TSX:FEC) achieved or exceeded its original 2018 guidance targets, with the exception of production guidance where it achieved revised guidance. Average production before royalties of 71,032 boe/d (within guidance range of 70,000 to 72,000 boe/d), operating EBITDA...

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

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

Herbert has worked for BP, Philips Petroleum, and Talisman Energy and has experience working in the oil sector in Colombia.

Eléctricas de Medellín – Ingeniería y S.A.S is the buyer in a cash deal for what Frontera Energy called a “non-core asset.”

The Frontera chairman called the move a “very strategic acquisition” that will support the firm’s push to reduce transportation costs.

All six of the directors nominees were approved with an average affirmative vote of 98%.

The 40-year industry veteran will be based in Bogotá once he officially takes over the position on February 20.

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