GeoPark Reports Second Quarter 2017 Results

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 Peru reports its consolidated financial results for the three- month period ended June 30, 2017 (“Second Quarter” or “2Q2017”).

A conference call to discuss 2Q2017 Financial Results will be held on August 17, 2017 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 June 30, 2017, available on the Company’s website.

SECOND QUARTER 2017 HIGHLIGHTS

Operational Results:

Record consolidated oil and gas production

• Consolidated oil and gas production increased by 24% to a record 26,123 boepd
• Oil production increased by 41% to 21,930 bopd, representing 84% of total production
• Colombian oil production continued climbing by 49% to 20,951 bopd
• Gas production decreased by 25% to 25.2 mmcfpd
• Current consolidated production of over 28,000 boepd
• 2017 exit production targeted to exceed 30,000 boepd

GeoPark Colombia surpasses 40 million barrel gross production milestone

• At Llanos 34 block (GeoPark operated with a 45% WI):
• Exploration: Jacamar 1 well discovered a new oil field, currently producing 300 bopd gross, and Curucucu 1 well drilled and currently being completed for testing
• Appraisal: Jacana Sur 2 and Jacana 8 wells drilled, completed and currently producing 1,800 bopd gross. Jacana 9 appraisal well drilled and under testing. Jacana 10 appraisal well drilled and producing over 800 bopd
• Development: Jacana 7, Jacana Sur 1 and Tigana Sur 5 wells drilled, completed and currently producing 2,800 bopd gross
• Gross GeoPark operated production exceeds 51,000 barrels per day

New oil field discovery in Argentina

• Discovery of the Rio Grande Oeste oil field in CN-V block (GeoPark 50% WI) in the Neuquen Basin. Rio Grande Oeste 1 exploration well showed potential net pay of 400 feet and successfully tested 300 bopd gross

Financial Results:

Adjusted EBITDA margin increased to 49%

• Revenues increased 64% to $75.2 million
• Operating netbacks of $22.2 per boe, a $4.5 per boe or a 25% increase
• Second quarter Adjusted EBITDA increased by 81% to $37.1 million and last twelve months Adjusted EBITDA reached $122.2 million
• Adjusted EBITDA per boe increased by 39% to $15.9 per boe
• Cash flow from operations of $33.9 million, exceeded capital expenditures by 1.3x
• Net loss of $1.1 million impacted by write-offs of $4.6 million

Continued balance sheet improvement

• Gross debt to Adjusted EBITDA decreased from 3.2x to 2.8x
• Net debt to Adjusted EBITDA decreased from 2.6x to 2.2x
• Interest coverage ratio at 4.1x now above 2020 Bond incurrence test ratio of 3.5x
• 40-50% of oil production hedged in 2H2017 with Brent price floor of $50-$54/bbl
• Increased cash and cash equivalents to $77.0 million

Strategic Results:

Intense exploration and appraisal drilling program in 3Q2017

• Four drilling rigs operating, targeting 12-13 oil and gas wells in Colombia, Chile and Argentina
• In Colombia, drilling seven wells, mostly appraisal, to further delineate the southern Jacana and northern Tigana oil fields in the Llanos 34 block
• In Chile, targeting one new shallow gas prospect in Fell block (GeoPark operated with a 100% WI)
• In Argentina, targeting four oil wells in the Sierra del Nevado and Puelen blocks (GeoPark non-operated with a 18% WI)

→ Read the full press release.