GeoPark Announces Fourth Quarter 2017 Operational Update

GeoPark Growth Track Record Continues: Record Production, Drilling
Success, Field Expansion, Key New Acreage Added

SANTIAGO, Chile–(BUSINESS WIRE)–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, Brazil,
Argentina, Chile and Peru, today announced its operational update for
the three-month period ended December 31, 2017 (“4Q2017”).

All figures are expressed in US Dollars and growth comparisons refer to
the same period of the prior year, except when otherwise specified.

Fourth Quarter Highlights

30% growth in oil and gas production

• Consolidated oil and gas production up 30% to 30,654 boepd (up 8%
  compared to 3Q2017)
• Oil production increased by 35% to 25,341 bopd (up 9% compared to
  3Q2017)
• Colombian oil production increased by 39% to 24,293 (up 9% compared to
  3Q2017)
• Gas production increased by 11% to 31.9 mmcfpd (up 4% compared to
  3Q2017)
• Annual 2017 average production up 23% to 27,586 boepd, exceeding
  guidance of 26,500-27,500 boepd
• Record 2017 exit production of 31,977 boepd

Drilling success in Colombia, Brazil and Chile

• GeoPark’s 2017 work program included a total of 35 wells drilled (28
  operated with a success rate of over 85%) as part of its $100-110
  million capital expenditures plan.

Drilling results in the fourth quarter were as follows:
Colombia:

• Drilling results drive gross production to over 54,000 bopd in the
  Llanos 34 block (GeoPark operated, 45% WI) with the addition of 7,900
  bopd gross from new wells
• Jacana 13 and 17 appraisal wells completed, tested and put on
  production
• Tigana Norte 3 and 4 appraisal wells and Tigana Sur Oeste 2, 3, and 7
  development wells drilled, tested and put on production
• Tigana Norte 5 appraisal well currently being tested
• Tigana Norte 3, 4 and 5 appraisal wells were drilled outside the 3P
  outline defined in the 2016 DeGolyer and MacNaughton (D&M) reserve
  certification

Brazil:

• Jet 1 exploration well in the Potiguar basin is under stimulation and
  testing

Chile:

• Uaken 1 exploration well testing a new low-cost shallow gas play and
  currently under production test

New attractive acreage added

Colombia: high-impact exploration acreage acquired adjacent to Llanos 34
block

• Tiple exploration acreage
• Zamuro exploration acreage in Llanos 32 block

Argentina: low-cost acquisition in the prolific Neuquen basin with cash
flows, reserves and upside

• 100% WI and operatorship in Aguada Baguales, El Porvenir and Puesto
  Touquet blocks, with current production of 2,700 boepd (70% light oil,
  30% gas)

Catalysts in 1Q2018

Colombia:

• Six wells to be drilled during the quarter to continue developing
  Tigana/Jacana oil fields and to explore a new prospect: two in Tigana
  Norte, three in Jacana, and one exploration well, Chachalaca Sur 1.

Brazil:

• One exploration well in POT-T-619 block (GeoPark operated, 100% WI) in
  the Potiguar basin

Chile:

• Testing results from the Uaken 1 exploration well in the Fell block
  (GeoPark operated, 100% WI)

Oil and Gas Reserve Update:

• Independent certified reserves update as of December 2017 issued in
  February 2018

These activities are part of GeoPark’s 2018 work program and budget of
$100-110 million, expected to be fully funded by cash flow from
operations and targeting the drilling of 30+wells, representing a 15-20%
production increase over 2017 average levels.

Breakdown of Quarterly Production by Country

The following table shows production figures for 4Q2017, as compared to
4Q2016:

Quarterly Production Evolution

Oil and Gas Production Update

Consolidated:

Continued significant oil production growth of 39% in Colombia increased
average consolidated oil and gas production to 30,654 boepd in 4Q2017
from 23,593 boepd in 4Q2016. The increase was mainly attributed to new
production from the Tigana/Jacana oil fields in Llanos 34 block. On a
consolidated basis, gas production in Chile and Brazil increased by 11%
compared to 4Q2016.

Oil represented 83% of the total reported production in 4Q2017 (vs. 80%
in 4Q2016).

Colombia:

Average net production in Colombia grew 39% to 24,378 boepd in 4Q2017
compared to 17,535 boepd in 4Q2016, primarily attributed to appraisal
and development drilling success in the Tigana/Jacana oil fields in the
Llanos 34 block, which represented 95% of Colombian production in 4Q2017.

Llanos 34 block drilling campaign completed a successful year with
4Q2017 results including:

• Jacana 13 and 17 appraisal wells were completed, tested and are
  currently producing 1,450 bopd.
• Tigana Norte 3 appraisal well was drilled to a total depth of 11,352
  feet. A production test conducted with an electric submersible pump in
  the Guadalupe formation resulted in a production rate of 970 bopd of
  15.0 degrees API, with less than 0.3% water cut. The well is currently
  producing 1,800 bopd.
• Tigana Norte 4 appraisal well was drilled to a total depth of 11,730
  feet. A production test conducted with an electric submersible pump in
  the Guadalupe formation resulted in a production rate of 1,900 bopd of
  14.1 degrees API, with 1.8% water cut. The Tigana Norte 3 and 4 wells
  were drilled outside the 3P outline defined in the 2016 D&M reserves
  certification and approximately 50 to 75 feet down dip of the Tigana
  Norte 1 well (previous lowest-known-oil in the 2016 D&M reserves
  certification), respectively, and did not encounter the oil-water
  contact.
• Tigana Sur Oeste 2 development well was drilled to a total depth of
  11,370 feet. A production test conducted with an electric submersible
  pump in the Guadalupe formation resulted in a production rate of 1,050
  bopd of 14.8 degrees API, with 0.4% water cut.
• Tigana Sur Oeste 3 development well was drilled to a total depth of
  11,546 feet. A production test conducted with an electric submersible
  pump in the Guadalupe formation resulted in a production rate of 800
  bopd of 14.3 degrees API, with 0.3% water cut. The well is currently
  producing 1,170 bopd.
• Tigana Sur Oeste 7 development well was drilled to a total depth of
  12,054 feet. A production test conducted with an electric submersible
  pump in the Guadalupe formation resulted in a production rate of 610
  bopd of 14.1 degrees API, with 4.8% water cut.
• Tigana Norte 5 appraisal well was drilled to a total depth of 11,900
  feet, outside the 3P outline defined in the 2016 D&M reserves
  certification, and approximately 100 feet down dip of the Tigana Norte
  1 well. The well is currently being tested.

For a summary of upcoming drilling activities, please refer to the
1Q2018 drilling schedule below.

GeoPark announced two acquisitions adjacent to the Llanos 34 block:

• The first is a joint venture agreement with CEPSA Colombia to drill
  one exploration well in the Tiple block acreage in the first half of
  2017. GeoPark would acquire and operate 85% of the Tiple block acreage
  if the well is successful.
• A farm-in agreement with Parex was also announced to drill the Zamuro
  exploration prospect located in Llanos 32 block (where GeoPark
  currently has a non-operated 12.5% WI). In the event of a commercial
  discovery, GeoPark would increase its economic interest to 56.25% in
  the Zamuro field.

Brazil:

Average net production in the Manati gas field (GeoPark non-operated,
10% WI) improved by 31% to 3,328 boepd in 4Q2017 compared to 2,535 boepd
in 4Q2016. Industrial demand for gas in Brazil recovered in the fourth
quarter and maintenance activities were completed in November 2017,
which resulted in increased production levels.

Jet 1 exploration well was drilled to a total depth of 2,050 feet,
targeting an oil prospect in the POT-T-747 block (GeoPark operated, 70%
WI) in the Potiguar basin. Oil shows during drilling and petrophysical
analysis indicated the presence of hydrocarbons and the well is
currently under stimulation and testing.

For a summary of upcoming drilling activities, please refer to the
1Q2018 drilling schedule below.

Chile:

Average net oil and gas production in Chile decreased by 17% to 2,932
boepd in 4Q2017 compared to 3,523 boepd in 4Q2016 due to the natural
declines in the fields, but increased by 4% compared to 3Q2017,
resulting from successful and low-cost well intervention activities to
maintain production levels. The resulting production mix during 4Q2017
was 66% gas and 34% oil (vs. 63% gas and 37% oil in 4Q2016). The Fell
block represented 98% of Chilean production.

GeoPark is currently testing the Uaken 1 exploration well in the Fell
block to test a new shallow low-cost gas play.

Argentina:

In late October 2017, GeoPark initiated a long-term test in the Rio
Grande Oeste 1 exploration well in CN-V block (GeoPark operated, 50% WI)
in the Neuquen basin. The well tested gross average levels of 50 to 150
bopd. Further testing, stimulation and intervention activities are
planned for 1Q2018, including a change in the artificial lift system to
enhance productivity levels.

Also in 4Q2017, three exploration wells were drilled in Sierra del
Nevado block (GeoPark non-operated, 18% WI), and one exploration well
was drilled in Puelen block (GeoPark non-operated, 18% WI), with three
of these expected to be tested in 2018.

In December, GeoPark, acquired three blocks in the Neuquen basin in
Argentina with oil and gas production, reserves and resources. The asset
purchase agreement includes 100% working interest and operatorship of
the Aguada Baguales, El Porvenir and Puesto Touquet blocks. The blocks
include oil and gas production of 2,700 boepd, of which 70% is light oil
and 30% gas, proven and probable (2P) oil and gas reserves of
approximately 12-14 million barrels of oil equivalent (mmboe), 3P
reserves of approximately 18-20 mmboe, and exploration resources of
approximately 15-30 mmboe (all GeoPark estimates). Closing of the
transaction is expected in the first quarter 2018, subject to customary
regulatory approvals.

1Q2018 Drilling Schedule

The following is a summary of expected drilling activities scheduled for
1Q2018 with estimated total net capital expenditures of $30-35 million
(drilling and completion costs of $12-15 million plus facilities and
other costs of $18-20 million).

NOTICE

Additional information about GeoPark can be found in the “Investor
Support” section on the website at www.geo-park.com.

Rounding amounts and percentages: Certain amounts and percentages
included in this press release have been rounded for ease of
presentation. Percentage figures included in this press release have not
in all cases been calculated on the basis of such rounded figures, but
on the basis of such amounts prior to rounding. For this reason, certain
percentage amounts in this press release may vary from those obtained by
performing the same calculations using the figures in the financial
statements. In addition, certain other amounts that appear in this press
release may not sum due to rounding.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION

This press release contains statements that constitute forward-looking
statements. Many of the forward- looking statements contained in this
press release can be identified by the use of forward-looking words such
as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’
‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among
others.

Forward-looking statements that appear in a number of places in this
press release include, but are not limited to, statements regarding the
intent, belief or current expectations, regarding various matters,
including expected 2018 production growth, expected schedule, economic
recovery, payback timing, IRR, drilling activities, demand for oil and
gas, capital expenditures plan, reserves and exploration resources.
Forward-looking statements are based on management’s beliefs and
assumptions, and on information currently available to the management.
Such statements are subject to risks and uncertainties, and actual
results may differ materially from those expressed or implied in the
forward-looking statements due to various factors.

Oil and gas production figures included in this release are stated
before the effect of royalties paid in kind, consumption and losses,
except when specified.

Forward-looking statements speak only as of the date they are made, and
the Company does not undertake any obligation to update them in light of
new information or future developments or to release publicly any
revisions to these statements in order to reflect later events or
circumstances, or to reflect the occurrence of unanticipated events. For
a discussion of the risks facing the Company which could affect whether
these forward-looking statements are realized, see filings with the U.S.
Securities and Exchange Commission.

Readers are cautioned that the exploration resources disclosed in this
press release are not necessarily indicative of long term performance or
of ultimate recovery. Unrisked prospective resources are not risked for
change of development or chance of discovery. If a discovery is made,
there is no certainty that it will be developed or, if it is developed,
there is no certainty as to the timing of such development. There is no
certainty that any portion of the Prospective Resources will be
discovered. If discovered, there is no certainty that it will be
commercially viable to produce any portion of the resources. Prospective
Resource volumes are presented as unrisked.

Contacts

INVESTORS:
GeoPark Limited
Stacy Steimel – Shareholder
Value Director
Santiago, Chile
+562 2242 9600
[email protected]
or
MEDIA:
Sard
Verbinnen & Co
Jared Levy
New York, USA
+1
212-687-8080
[email protected]
or
Sard
Verbinnen & Co
Kelsey Markovich
New York, USA
+1
212-687-8080
[email protected]