GeoPark Reports Second Quarter 2019 Results

OPERATIONAL SUCCESS PLUS CAPITAL INVESTMENT EFFICIENCY
DELIVERS RECORD FINANCIAL PERFORMANCE

ADDED NEW HIGH VALUE ACREAGE AND BLOCKS TO STRONGEST REGIONAL ASSET PLATFORM

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, Chile and Ecuador reports its consolidated financial results for the three-month period ended June 30, 2019 (“Second Quarter” or “2Q2019”). A conference call to discuss 2Q2019 financial results will be held on August 8, 2019 at 10:00 am Eastern 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 period ended June 30, 2019 and 2018, available on the Company’s website.

SECOND QUARTER 2019 HIGHLIGHTS

More Oil and Gas
• Consolidated oil and gas production up 9% to 39,201 boepd
• Oil production increased by 13% to 34,261 bopd
• Colombian oil production increased by 13% to 32,021 bopd
• Flowline in place and operational, connecting the Colombian Llanos 34 block (GeoPark operated, 45% WI) to regional pipeline system

Better Bottom Line
• Revenue increased by 6% to $169.5 million
• Lower transportation costs in Colombia improved Adjusted EBITDA by $2 per bbl
• Consolidated operating costs reduced by 5% to $8.1 per boe and Colombian operating costs reduced by 5% to $5.4 per boe
• Adjusted EBITDA increased by 18% to $98.7 million, or $29.4 per boe, despite 9% lower Brent oil prices • Net Profit increased by 5.7x to $31.5 million compared to $5.5 million

Industry-Leading Capital Investment Efficiency
• Every $1 invested in Capital Expenditures yielded $3.4 in Adjusted EBITDA¹
• 1H2019 Adjusted EBITDA of $191.0 million more than covered the full-year 2019 work program of $130145 million
• Return on capital employed of 43%²  in the last twelve months • Net debt to Adjusted EBITDA ratio of 1.0x

Bigger, Deeper and Longer Project Inventory
• Colombia: Acquired three high-potential, low-risk, low-cost exploration blocks in the Llanos basin in partnership with Ecopetrol/Hocol, adjacent to prime acreage, adding 86-155 million barrels³ of gross unrisked exploration resources
• Ecuador: Signed final contracts for the Espejo (GeoPark operated, 50% WI) and Perico (GeoPark nonoperated, 50% WI) blocks in the Oriente basin

Performance Plus Value Back to Shareholders
• Invested $53 million in the share buyback program initiated in December 2018, buying 3,300,000 shares (or 5% of outstanding shares) while executing self-funded growth work programs

James F. Park, Chief Executive Officer of GeoPark, said: “Thanks to the GeoPark team for continuing to execute and deliver. Our quarterly metrics continue to improve – adding to an impressive first half of the year that puts us on target for another full year of growth and to extend our unique 16-year performance track record of finding and producing oil and gas. Our underlying economics also set us apart. We are self-funded from our own cash flow generation, our low operating costs allow us to weather any oil price volatility, and the low capital investment required to maintain and grow our production beats most of our Latin American and North American peers. Our excess cash flow also enables us to provide more value directly to our shareholders by investing in and buying back our own shares. Importantly, we continue to build out our rich project inventory with strategic high-value, low-cost acquisitions in targeted core hydrocarbon basins, giving us plenty of running room in the short, medium and long-term. In recognition of our capabilities, we were honored to be chosen by the Colombian state oil company as its operating partner in Colombia’s principal basin in our successful joint bid round participation.”

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