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GeoPark
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OIL AND GAS RESERVES AND PRODUCTION

RESERVES

The following table shows GeoPark’s proved (P1), probable (P2), and possible (P3) reserves as of December 31, 2016, in accordance with Degolyer & MacNaughton’s independent appraisal report.

The reserves estimates were prepared in line with the industry standards recognized by the Society of Petroleum Engineers (SPE) in accordance with the Petroleum Resources Management System (PRMS). The PRMS reserves do not constitute SEC reserves.

The oil price assumptions used in the 2016 reserve report are an average of $65 per barrel over the next five years and $82 to $90 per barrel over the long term, lower than the $70 per barrel five-year and $100 per barrel long-term assumptions used in the 2015 report.


CountryReserves
Category
December 2016
(MMboe)
%OilNPV
($MM)
Colombia


1P
2P
3P
40.4
67.4
94.9
100%
100%
100%
642.0
1,006.0
1,371.0
Chile


1P
2P
3P
13.9
38.3
73.2
50%
39%
29%
157.0
399.0
679.0
Brazil


1P
2P
3P
5.4
5.6
5.9
1%
1%
1%
78.0
81.0
85.0
Peru*


1P
2P
3P
18.6
31.5
60.8
100%
100%
100%
242.0
401.0
773.0
Total
(D&M Certified)

PDP
PDNP
PUD
19.4
9.6
49.3
63%
100%
88%
-
-
-
  1P
2P
3P
78.3
142.8
234.8
83%
80%
75%
1,119.0
1,887.0
2,908.0


Reserves