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Despite the year-over-year drop, the actual output did exceed Ministry of Mines and Energy's estimate of 840,000 barrels of oil per day.

The Canadian oil company's operations in the country are now held by the Colombian branch of Meta Petroleum Corporation, a wholly owned subsidiary.

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

"The rating upgrade reflects Frontera's ability to stabilize its operational and financial performance," stated Fitch Ratings.

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.

From Pacific Rubiales to Pacific Exploration to Frontera Energy: Canadian oil company undergoes second rebrand in the past 22 months.

Pacific Exploration is showing signs of recovery, but it still has a long way to go to get back to its performance levels in earlier years.

Pacific Exploration has finalized its restructuring plan and is planning to invest $375 million USD this year to increase its production from the lows seen in the fourth quarter last year.

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