Ecopetrol (EC) said Thursday the Colombian Attorney General's Office brought formal charges against Ricardo Roa, the company's president, for alleged influence peddling by a public servant.

The legal indictment initiates criminal proceedings but does not constitute a conviction nor a decision on the merits.

"The Board of Directors plans to continue to deliberate to adopt a formal decision on the compatibility of Mr. Ricardo Roa's continuity with Ecopetrol's regulatory obligations," the company said.

Corporate leadership is also monitoring financial data to address any potential impacts the legal situation could have on Ecopetrol securities, Ecopetrol said.

Shares of the company were up over 1% in Thursday premarket activity.