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Shell, the operator of the exploration plan, and Chevron both hold a 45% interest in the block. With the deal, Ecopetrol now holds the remaining 10% stake.

BP will be the operator of the exploration and has a 50% holding in the block. CNOOC has a 30% interest, with Ecopetrol having rights to 20%.

All shareholders of record at the close of business on January 3 will be eligible to receive the dividend.

Arrow Exploration will bring in $5 million USD by selling a 46.9% interest in what it refers to as the the "deeper section" of the block and a 20% interest in the "shallow section."

"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.

"The increase in the stand-alone credit profile is a recognition of the company's stable operating performance," stated Ecopetrol.

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."

Restrepo, who joined the company in August 2015, will leave the Toronto-based company effective November 30.

Zonte Metals will use the funds for "working capital purposes" and to finance exploration at the Cross Hills Iron Oxide Copper Gold Property in Newfoundland and Labrador.