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Parex Resources (TSX:PXT) narrowed its net loss in the first quarter of 2015, and registered production above its projections for the period.

Canacol Energy (TSX:CNE) has announced its 2015 Capex plan which includes an investment of US$84M for its operations in Colombia and Ecuador. Due to uncertainty on the price of crude, the firm says it has focused on its gas reserves, and expects 60% of its production immune to fluctuations in the price of crude .

Promigas president Antonio Celia believes that there is commitment from the government to make gas infrastructure licensing more agile, but the system does not fully consider the cost of delays in licensing, considering the loss in royalties, investment, job creation, gas availability and gas rates.

Costs associated with closed operations in Peru and the fall of oil prices cut into Gran Tierra Energy (TSX:GTE) financial results, but the firm says its production remains stable, looked to focus on cost cutting and would not comment on management speculation in its first quarter 2015 conference call.

A potential plan from Ecopetrol (NYSE:EC) to farm out its smaller fields to private operators, one of the potential new strategy points mentioned by the NOC’s president Juan Carlos Echeverry, already has the USO oil workers union sounding alarms.

USO affiliated workers with oil services firm Weatherford (NYSE:WFT) came to an agreement ending a nearly month long strike.

Acquisitions of Pacific Rubiales (TSX:PRE) ordinary shares by a financial group has caught the attention of local press, while a reported proxy battle for control of Gran Tierra Energy (TSX:GTE) has caught the interest of analysts.

Ecopetrol (NYSE:EC) president Juan Carlos Echeverry gave another interview, emphasizing offshore and clarifing that in the Llanos development remains strong despite cuts in investment.

Colombia’s watchdog on corporate activity, Supersociedades, studied 53 companies from the oil and gas sector and concluded that 23 or about 40% were at a high risk of declaring bankruptcy.

Ecopetrol (NYSE:EC) president Juan Carlos Echeverry says that the NOC has more austerity measures coming, but that thus far there are no mass layoffs planned. He also said fracking must continue to be an option.