GeoPark Reports Fourth Quarter and Full-Year 2019 Results

RECORD PRODUCTION, RESERVES, REVENUE, ADJUSTED EBITDA AND NET ASSET VALUE NEW STRATEGIC ACQUISITIONS ADDED 1+ MILLION ACRES AROUND CORE LLANOS 34 BLOCK AND ENTRY INTO PUTUMAYO BASIN

Bogota, 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, Chile and Ecuador reports its consolidated financial results for the three-month period (“Fourth Quarter” or “4Q2019”) and for the year-ended December 31, 2019. A conference call to discuss 4Q2019 and full-year financial results will be held on March 5, 2020 at 10:00 am Eastern Standard 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 and should be read in conjunction with GeoPark’s consolidated financial statements and the notes to those statements for the year ended December 31, 2019, available on the Company’s website.

FOURTH QUARTER AND FULL-YEAR 2019 HIGHLIGHTS

Record Oil and Gas Production
• Consolidated oil and gas production up 8% to 41,786 boepd, 10% adjusting for divested blocks1 (5% higher compared to 3Q2019)
• Production in Colombia increased by 9% to 33,311 boepd, 12% increase adjusting for divested blocks
• Production in Chile increased by 17% to 3,292 boepd
• Full-year 2019 average production of 40,046 boepd, 11% higher than 2018 annual average levels, or 13% higher adjusting for divested blocks

Record Oil and Gas Reserves
• Proven developed reserves of 52.4 mmboe, 1P reserves of 130.6 mmboe, 2P reserves of 197.3 mmboe and 3P reserves of 351.3 mmboe
• 1P and 2P reserve life index (RLI) of 8.9 and 13.5 years

Record Net Asset Value
• 1P NPV10 and 2P NPV10 increased by 11% and 3% respectively, despite lower price deck
• 1P reserves NPV10 of $2.0 billion, equivalent to net debt adjusted NPV10 of $28.4 per share
• 2P reserves NPV10 of $2.8 billion, equivalent to net debt adjusted NPV10 of $42.5 per share

Record Revenue and Adjusted EBITDA
• 4Q2019 Revenue of $158.1 million / Full-year record Revenue of $628.9 million
• 4Q2019 Adjusted EBITDA of $85.7 million, including non-recurring G&A charges of $5.8 million related to the Amerisur Resources (“Amerisur”) acquisition / Full-year record Adjusted EBITDA of $363.3 million
• 4Q2019 Cash Flow from Operating Activities of $78.6 million / Full-year Cash Flow from Operating Activities of $235.4 million
• 4Q2019 Free Cash Flow3 of $40.4 million / Full-year Free Cash Flow of $109.0 million

→ Read the full press release.