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With multiple proven wells and four gas blocks in the area, Ecopetrol believes it may be able to begin extracting the resources more efficiently.

Ecopetrol has struck oil in the Gulf of Mexico. It holds a 20% stake in the now-proven Warrior well site.

"The group has overcome the period of low oil prices and has returned to the path of growth in production," said CEO Juan Carlos Echeverry.

Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC; TSX: ECP) has issued a statement indicating that, along with partner Anadarko, it has verified the presence of hydrocarbon resources at the ultra-deepwater depth of 3720 meters, via its Kronos-1 well in the Fuerte Sur block. This...