GeoPark Announces Certified 2015 Oil and Gas Reserve Increase With Record 2P Reserves of 125 Mmboe

GeoPark Limited (“GeoPark”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and producing properties in Colombia, Chile, Brazil, Argentina and Peru1, announced today its reserves assessment as of December 31, 2015 independently certified by DeGolyer and MacNaughton (“D&M”) under PRMS methodology.

All figures are expressed in US Dollars.

Year-End 2015 D&M Certified Reserves Highlights

• After producing 7.4 MMBOE in 2015, total net proven developed producing (“PDP”) reserves in Colombia, Chile and Brazil increased 25% (3.5 MMBOE) to 17.3 MMBOE. For each BOE produced in 2015, 1.5 BOE of PDP reserves were added with a PDP reserve replacement index (“RRI”) of 150%
• Total net proven (“P1”) reserves in Colombia, Chile and Brazil increased 19% (8.1 MMBOE) to 52.3 MMBOE and, including Peru, to 71.1 MMBOE. P1 reserve life index (“RLI”) in Colombia, Chile and Brazil equaled 7.1 years and, including Peru, 9.6 years. For each BOE produced in 2015, 2.1 BOE of P1 reserves were added with a P1 RRI of 211%
• Total proven and probable (“2P”) reserves in Colombia, Chile and Brazil increased 3% (3.0 MMBOE) to 95.1 MMBOE and, including Peru, to 125.3 MMBOE. 2P RLI in Colombia, Chile and Brazil equaled 12.9 years and, including Peru, equaled 16.9 years. For each BOE produced in 2015, 1.4 BOE of 2P reserves were added with a 2P RRI of 141%
• Total net present value (“NPV”) after tax of 2P reserves was $1.65 Billion in 2015 compared to $1.69 Billion in 2014

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