GeoPark Announces New Gas Play Discovery in Chile

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 the successful drilling and
testing of the Uaken 1 exploration well in the Fell block (GeoPark
operated, 100% WI) in Chile.

GeoPark drilled and completed the Uaken 1 exploration well to a total
depth of 3,658 feet. A production test through different chokes in El
Salto formation resulted in an average production rate of 0.8 million
standard cubic feet per day of gas (or 125 boepd) with a wellhead
pressure of 158 pounds per square inch. Additional production history is
required to determine stabilized flow rates of the well. Surface
facilities are in place and the well is already in production. GeoPark
has a long-term contract to sell gas to the large Methanex methanol
plant located approximately 100 kilometers from the Fell block which is
connected by a pipeline.

The Uaken gas field discovery in the shallow El Salto formation provides
additional low-cost production and creates a new gas play across the
Fell block that can be tested in identified leads and prospects. In
addition, there are multiple wells in already discovered oil and gas
fields within the Fell block that can be re-entered to test this
formation.

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.

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 preliminary production test results and hydrocarbon
production, 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.

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.

Contacts

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