The predominantly organic shale formation dates to the Late Cretaceous period; Cenomanian-Turonian epochs and has a maximum thickness of 1,700 metres (5,600 ft).

The formation, rich in TOC, is an important oil and gas generating unit for the giant oilfields Cupiagua and Cusiana of the Eastern Ranges as well as in the Llanos Orientales.

[5] In the Chitasugá-1 well, drilled between 1980 and 1981, from the sandstones of the Chipaque Formation half a million m3 of water were produced.

[8] The formation has been deposited in an open to shallow marine platform setting.

The anticlinals of the Río Blanco-Machetá, San José and Sopó-Sesquilé are composed of the Chipaque Formation.