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The legal representative of 20% of Pacific E&P (TSX:PRE) investors, Jaime Granados, promised legal action in Colombia if company management enacted a debt for share swap which could mean a total loss of value for the company’s shareholders.

Pacific E&P (TSX:PRE) said that it has been formally notified of the Colombian Constitutional Court’s decision to suspend operations near the Venecedor Piriri indigenous community in the Quifa block. It said it would suspend operations in this area, but that it would not materially affect its production.

Ecopetrol’s (NYSE:EC) five year “Business Fabric” program has received national attention for its impact in 21 municipalities, credited with contributing to the development of local entrepreneurs and making the local economy more dynamic.

Canacol Energy (TSX:CNE) saw a drop in revenues and widened loss, as well as a fall in production, and confirmed that its management team is squarely focused on the opportunities for natural gas in 2016.

Ecopetrol (NYSE:EC) said that its strategy to increase the efficiency of its operations, including renegotiated rates with suppliers, shortened drill times and new technology, allowed it to save CoP$1.08T (US$352M), which amounts to nearly half of its total 2015 savings.

USO VP and communications secretary Edwin Palma warned media that Ecopetrol (NYSE:EC) will cut 2000 positions across the country, and that the NOC has already issued a voluntary separation plan to workers.

Ecopetrol’s president Juan Carlos Echeverry offered a spirited defense of the Cartagena Refinery (Reficar) and its modernization at the recent Congress of the Colombian Natural Gas Association (Naturgas), highlighting that despite the bad press, the project moves forward and is nearly 100% operational.

A letter submitted to congress from the Finance Ministry (MinHacienda) detailing the government’s stake in Ecopetrol (NYSE:EC) and another 29 state owned firms sparked alarms form the recently launched “United for Ecopetrol” as proof the government plans to privatize the NOC. The ministry said it is a routine and legally mandated letter submitted each year.

Unwavered by a formal decision to suspend the modernization of the Barrancabermeja Refinery by Ecopetrol (NYSE:EC), city authorities and unions continue to call for the project. The refinery management has denied rumors that it is currently unsafe and defended the NOC’s priorities.

Pacific Exploration & Production (TSX:PRE) said that it grew production in 2015 but, like everyone else in the industry, impairment charges led it to post a loss of US$5.462B. A report in US financial media that the firm is reviewing buyer proposals has also fueled speculation on its future.