In early 2018, Canacol was granted permission to carve out the Oso Pardo exploitation area from the Santa Isabel (Shallower horizons) Block located in the Middle Magdalena Basin. The production licence expires on 27 March 2040.  It is thought that the rest of the block may be relinquished. Canacol begun the paperwork to secure a licence for the recently discovered Oso Pardo Field in 2015. The previous year the company was carrying out short-term production tests on the Oso Pardo-2 exploration well on the block. That's the well that in August 2014 encountered 45.4m of net potential oil pay within the Tertiary Umir and Basal Lisama sandstone reservoirs. The well reached PTD of 1,341m in early August 2014. Oso Pardo-2 was spudded in July 2014 with a Petrex rig. Previous to that, Canacol drilled the Oso Pardo-1 NFW. Per the terms of the Santa Isabel farm-in agreement, In March 2013, ConocoPhillips farmed into Santa Isabel. Canacol retained a 100% interest in the shallow Tertiary section. Santa Isabel was awarded to Green Power Corporation on 28 June 2010. In 2011, Carrao Energy purchased Green Power's share, which was subsequently bought out by Canacol.
In early 2018, Canacol was granted permission to carve out the Oso Pardo exploitation area from the Santa Isabel (Shallower horizons) Block located in the Middle Magdalena Basin. 