GeoPark Announces 2016 Work and Investment Guidelines

GeoPark Limited (“GeoPark” or the “Company”) (NYSE: “GPRK”), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Chile, Brazil, Argentina, and Peru¹, today announced its work and investment program for 2016. (All figures are expressed in US Dollars).

Security and Growth amid Volatility

During 2015, GeoPark took decisive steps to adapt to the new oil price environment. The Company reduced its 2015 capital expenditure program by 75% year-over-year and implemented a significant cost- restructuring plan by decreasing production costs by more than 55%, drilling costs by more than 30%, and cash costs (OPEX, G&A, Selling and Other) per boe by more than 45%. This results in more than 85% of GeoPark’s production staying cash flow positive if prices declined to $25-30 per barrel.

These cost reduction initiatives were implemented while preserving GeoPark’s long-term growth strategy. After a successful drilling campaign that resulted in the discovery of three new oil fields, production reached record levels in the fourth quarter of 2015 with an exit production rate of approximately 24,000 boepd. The Company’s new project acquisition efforts across the region continued producing results with the successful acquisition of a new block in Argentina and three new blocks in Brazil. GeoPark’s balance sheet and cash position were also further strengthened by a new offtake and $100 million funding agreement with Trafigura.

¹Transaction executed with Petroperu on October 1, 2014 with final closing subject to Peru Government approval

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