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Ecopetrol holds a 50% interest in the Magdalena Middle Valley's Boranda-1 well, which is operated and 50% controlled by Canadian exploration company Parex.

CEO Juan Carlos Echeverry says "2016 was a year of enormous challenges for Ecopetrol," but he believes increased investment in 2017 will improve results in the coming years.

"Both wells confirm the potential of this hydrocarbon province, located in the southern Colombian Caribbean," said Ecopetrol.

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

The Warrior well is located within an area called Green Canyon that is operated by Anadarko Petroleum Corporation. Ecopetrol America controls nearly 20% of that block.