Geopark Reports Results for the Third Quarter 2016

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 reports its consolidated financial results for the three-month period ended September 30, 2016 (“Third Quarter” or 3Q2016”).

A conference call to discuss 3Q2016 Financial Results and 2017 Work Program and Investment Guidelines will be held on November 15, 2016 at 10 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.

THIRD QUARTER 2016 HIGHLIGHTS

Operational:

• Oil and Gas Production Up 15% to 22,070 boepd
  o Oil production up 15% to 16,942 boepd
  o Gas production up 13% to 30.8 mmcfpd
  o 2016 targeted exit production of 23,500-24,500 boepd
• Unfolding World-Class Oil Play in Colombia
  o Tigana/Jacana oil field complex producing 25,000+ bopd gross from 13 wells in Llanos 34 Block (GeoPark operated with a 45% WI)
  o Recent drilling results expanded field size, with expected significant reserve impact
  o Jacana 6 appraisal well drilled outside 2P reserve outline, expected to be tested during November
  o 2016 drilling program continuing with 2-3 additional wells

Financial:

• Adjusted EBITDA up 7%
  o Adjusted EBITDA up 7% to $19.4 million
  o 9M2016 Adjusted EBITDA of $52 million, covering full 2016 capital expenditures o Cash cost per boe down 8% to $16.1
  o 9M2016 Cash costs down $20.1 million vs. 9M2015
  o Net loss for the period of $21.0 million, after $13.3 million non-cash write-offs
• Hedging Secures $50/bbl Minimum Oil Price
  o Secured a minimum Brent price of $50 per barrel for 6,000 bopd (approximately 30-35% of expected total oil production) through June 30, 2017
• $180 Million Cash and Available Facilities
  o Cash on hand of $63.6 million, $80.0 million in available committed facilities, and $36.0 million in uncommitted facilities

Strategic:

• 2017 Work Program and Investment Guidelines Highlights
  o Focus on unfolding potential of the Tigana/Jacana oil field complex
  o Fully funded $80-90 million adaptable capital program, with 70-75% allocated to Colombia o Base case production growth of 20-25% to 26,500-27,500 boepd
  o Estimated 2017 exit production above 30,000 boepd
  o Drilling of approximately 30-35 wells

For further detail, please refer to 2017 Work Program and Investment Guidelines released on November 14, 2016.

James F. Park, Chief Executive Officer of GeoPark, said: “Our third quarter financial results reflect our operating success through the year – and, despite market volatility in the beginning of the year, our growing cash flow has already fully-funded our total 2016 work program. Operating and financial growth is being driven by the successful production, development and appraisal of the Tigana/Jacana oil field complex in Colombia – where its attractive geology and low cost operating structure suggest big economic potential and a powerful engine of growth for GeoPark for the next 3-4 years. New results from testing and drilling this play are expected during the Fourth Quarter 2016.”

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

→ Read the full press release.