GeoPark Announces Second Quarter 2015 Operational Update

GeoPark Limited (“GeoPark”) (NYSE: GPRK), the Latin American oil and gas explorer, operator and consolidator with operations and producing properties in Colombia, Chile, Brazil, Argentina and Peru¹, announces today its 2Q2015 operational update.

OPERATIONAL HIGHLIGHTS

• Oil and gas production reached 19,575 boepd in 2Q2015 led by continuing production growth in Colombia, stable production in Brazil and declining production in Chile impacted by no new wells being drilled during 1H2015
• GeoPark’s drilling campaign restarted in June 2015 with two rigs drilling two new exploration prospects in Colombia
• Oil production in Llanos 34 Block (Operated by GeoPark with 45%WI) achieved record production of 27,000 bopd gross by the end of 2Q2015
• Construction of facilities underway for Ache Gas Project in Fell Block (Operated by GeoPark with 100% WI) in Chile with an expected start-up in 4Q2015
•  Surface compression plant completed in the Manati Field (Non-operated with 10% WI) in Brazil with expected start-up in 3Q2015
• Continuing cost reduction (operating cost, capital expenditures, G&A, service contractors) efforts underway. Cash costs reduction of 33% realized during 1Q2015As announced in January 2015, GeoPark is carrying out a fully-funded $60-70 million work and investment program for 2015 based on an average oil price assumption of $45-50 per barrel. This program is subject to adjustment with changes in oil prices and opportunities developed through the lower cost environment. During the first half of the year with no drilling activity, GeoPark has maintained its production levels. During the second half of the year, drilling operations have been resumed and investment activities increased.

→ Read the full press release.