GeoPark Reports First Quarter 2018 Results

MORE OIL AND GAS, MORE CASH INCOME, MORE ACREAGE, AND HIGHER 2018 TARGETS

Bogotá, Colombia – 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, Peru, Argentina, Brazil, and Chile reports its consolidated financial results for the three-month period ended March 31, 2018 (“First Quarter” or “1Q2018”).

A conference call to discuss 1Q2018 Financial Results will be held on Tuesday May 8, 2018 at 10:00 am Eastern Daylight Time.

All figures are expressed in US Dollars and growth comparisons refer to the same period of the prior year, except when specified. Definitions and terms used herein are provided in the Glossary at the end of this document. This release does not contain all of the Company’s financial information. As a result, this release should be read in conjunction with GeoPark’s consolidated financial statements and the notes to those statements for the period ended March 31, 2018, available on the Company’s website.

FIRST QUARTER 2018 HIGHLIGHTS
Stronger Oil and Gas Production Growth

Consolidated oil and gas production up 28% to 32,195 boepd (up 5% compared to 4Q2017)
Oil production increased by 33% to 27,345 bopd (up 8% compared to 4Q2017)
Colombian oil production increased by 37% to 26,303 bopd (up 8% compared to 4Q2017)
Gas production increased by 3% to 29.1 mmcfpd (down 9% compared to 4Q2017)
Current production of 35,000 boepd, including new production from Argentina acquisition
Operating three drilling rigs in the Llanos 34 block (GeoPark operated, 45% WI), and during May drilling Tigui 1, testing Chachalaca Sur 1 and drilling Yaguasito (GeoPark operated, Tiple acreage, 85% WI) exploration wells

Stronger Revenues, Adjusted EBITDA, Cash Flow and Net Income

Revenues increased by 86% to $123.9 million
Adjusted EBITDA increased by 63% to $63.3 million
Cash flow from operating activities of $60.7 million
Net Income increased more than four times to $24.9 million

Stronger Capital and Cost Efficiencies

Operating costs of $7.2 per boe /Colombia $5.4 per boe /Llanos 34 $4.1 per boe
Operating netback/capital expenditure ratio of 3.7x

Stronger Balance Sheet and Credit Rating

Cash in hand of $120.4 million, and following payment of Argentina acquisition, interest payments and work program capital expenditures
Net debt to Adjusted EBITDA ratio decreased from 2.6x to 1.5x
Interest coverage ratio increased to 7.2x from 3.4x
Second credit upgrade to B+ from Fitch, following previous upgrade from S&P

Stronger Latin American Asset Platform

Announced a strategic Latin American acquisition partnership with ONGC – India’s national oil company
Closing of low-cost, cash flow producing acquisition with development and exploration potential in the prolific Neuquen basin

Stronger Market Liquidity

Increased average daily stock trading volume to approximately $2.8 million in the past three months and $4.7 million per day in the past month.

Stronger 2018 Work Program

2018 work program increased to $140-150 million, targeting increased organic production growth of 20- 25%, in line with the November 2017 guidance under Brent oil prices above $60/bbl
Adding in production from the new acquisition in Argentina, 2018 consolidated production is expected to further increase to an average 35,500-36,500 boepd, representing approximately 25-30% production growth, and targeting exit production of 38,000-39,000 boepd
James F. Park, Chief Executive Officer of GeoPark said: “Our Company is flying into 2018 with continued record growth in the first quarter backed by climbing oil and gas production, multiplying cash generation and a big bottom line. We also added new attractive acreage and a powerful new long-term partner. With our increased performance and stronger oil price environment, GeoPark set our performance targets higher for 2018 with an accelerated work program, which is still funded from our own cash flow.”

→ Read the full press release.