GeoPark Announces Second Quarter 2017 Operational Update

Enduring Production and Reserve Growth Driven by Exploration,
Appraisal and Development Drilling Successes

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, Chile,
Brazil, Argentina, and Peru, today announced its operational update for
the three-month period ended June 30, 2017 (“2Q2017”).

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

Quarterly Highlights

Oil and Gas Production Up 24%

• Consolidated oil and gas production up 24% to 26,123 boepd (up 4%
  compared to 1Q2017)
• Oil production up 41% to 21,930 bopd (up 7% compared to 1Q2017)
• Colombian oil production jumped 49% to 20,951 (up 9% compared to
  1Q2017)
• Gas production down 25% to 25.2 mmcfpd
• Current production of over 28,000 boepd
• 2017 exit production target of 30,000+ boepd and average annual 2017
  production of 26,500 to 27,500 boepd

Exploration, Field Extension and Value Growth Successes in Colombia

In the Llanos 34 Block (GeoPark operated with a 45% WI):

• Discovery of the new Jacamar oil field, located in a fault trend
  southeast of the Tigana/Jacana oil fields
• Extension of the Jacana oil field with Jacana Sur 2 appraisal well
  successfully expanding the northwest boundary
• Jacana 8 appraisal well producing from the Mirador formation and
  finding additional reserves in the deeper Guadalupe formation
• New gross production added of approximately 5,700 bopd

Drilling and Testing Underway in Chile and Argentina

• Kimiri Aike 4 gas development well drilled in 2Q2017 expected to be
  put into production in 3Q2017 in the Fell Block in Chile (GeoPark
  operated with a 100% WI)
• Rio Grande Oeste 1 oil exploration well drilled in 2Q2017 with testing
  expected in 3Q2017 in the CN-V Block in Argentina (GeoPark operated
  with a 50% WI)

Growth Catalysts Ahead in 3Q2017

Colombia:

• Continued delineation of the expanding Tigana/Jacana complex with the
  drilling of five appraisal wells
• Curucucu 1 exploration well currently being drilled, located to the
  northwest of the recently discovered Jacamar oil field in Llanos 34
  Block

Chile:

• Ache 3 development well in the Fell Block
• Uaken shallow gas prospect located in the Fell Block

Argentina:

• Testing of the Rio Grande Oeste 1 exploration well in CN-V Block and
  exploration of prospects located in Sierra del Nevado and Puelen
  blocks (GeoPark non-operated with a 18% WI)

Breakdown of Quarterly Production by Country

The following table shows production figures for 2Q2017, as compared to
2Q2016:

a) Includes royalties paid in kind in Colombia for 781 bopd
approximately in 2Q2017. No royalties were paid in kind in either Chile
or Brazil.

Quarterly Production Evolution

Oil and Gas Production Update

Consolidated:

Significant oil production growth of 49% in Colombia increased the
average consolidated oil and gas production to 26,123 boepd in 2Q2017
from 21,143 boepd in 2Q2016. The increase was mainly attributed to new
production from the Tigana/Jacana oil fields with 6 new wells put into
production during 2Q2017. On a consolidated basis, it was offset by
lower gas production in Chile, due to a temporary interruption in gas
purchases from the buyer’s methanol plant, and in Brazil, due to lower
gas consumption in the northeast region and platform maintenance.

Oil increased in the production mix to 84% of the total reported
production in 2Q2017 (vs. 73% in 2Q2016 and 81% in 1Q2017) resulting
from the successful drilling campaign in the Llanos 34 Block and lower
gas production in Chile and Brazil.

Colombia:

Average net production in Colombia grew to 21,015 boepd in 2Q2017
compared to 14,084 boepd in 2Q2016, primarily attributed to exploration,
appraisal and development success in the Tigana/Jacana oil fields in the
Llanos 34 Block, representing 95% of GeoPark’s Colombian production in
2Q2017.

The 2Q2017 drilling campaign in the Llanos 34 Block continued to provide
positive results, as follows:

• Jacamar 1 exploration well was successfully drilled exploring a fault
  trend southeast of the Tigana/Jacana oil fields. The well is currently
  producing from the Guadalupe formation. Oil shows during drilling and
  petrophysical analysis also indicate the potential for hydrocarbon
  production in the shallower Mirador and the deeper Gacheta formations
• Jacana Sur 2 appraisal well was completed and put into production in
  2Q2017 to extend the northwest boundaries of the Jacana oil field
• Jacana 8 appraisal well was completed and put into production in
  2Q2017 from a channel sand in the Mirador formation, which had not
  previously produced oil in the Jacana oil field. The deeper Guadalupe
  formation was also tested and oil was found in an area which
  previously had no reserves assigned to it
• Jacana 7, Jacana Sur 1 and Tigana Sur 5 development wells were put
  into production in 2Q2017

For a summary of the upcoming drilling activities, please refer to
3Q2017 Drilling Schedule section, as follows.

Chile:

Average net oil and gas production in Chile decreased by 41% to 2,450
boepd in 2Q2017 compared to 4,118 boepd in 2Q2016 due to a temporary
interruption in gas purchases from the buyer during May and June of
2017. The resulting production mix during 2Q2017 was 62% gas and 38% oil
(vs. 64% gas and 36% oil in 2Q2016). The Fell Block represented 98% of
GeoPark’s Chilean production. As of the date of this release, gas
deliveries have been restored and current Chilean production is
approximately 3,100 boepd.

During 2Q2017, GeoPark resumed drilling activities in Chile for the
first time in 15 months, to further develop and produce its existing 2P
reserve base and to focus on gas production. Kimiri Aike 4 development
well was drilled to a total depth of 10,180 feet and tested in the
Springhill formation during June 2017 at a rate of approximately 900
mcfpd. Additional production history is required to determine stabilized
flow rates of the well. Surface facilities are currently being designed
and the well is expected to be put into production during 3Q2017. The
well was drilled at a total drilling and completion cost of $1.9
million, a reduction of approximately 40% from the average 2014-2015
drilling and completion costs in Chile.

During 3Q2017, GeoPark will continue targeting gas projects in the Fell
Block with Ache 3 development well currently being drilled that will be
followed by Uaken 1 exploration well.

Brazil:

Average net oil and gas production in Brazil decreased by 10% to 2,658
boepd in 2Q2017 compared to 2,941 boepd in 2Q2016, primarily attributed
to lower gas consumption by Brazilian industrial users. In addition to
the lower gas demand, the operator of the Manati field, Petrobras, is
currently performing maintenance at the platform, partially affecting
the total production capacity of the field since May of 2017. Production
capacity is expected to be restored during 3Q2017.

The Manati field (non-operated with a 10% WI) represented 100% of
GeoPark’s Brazilian production. As of the date of this release, gas
demand has increased and current production is approximately 3,200 boepd.

Argentina:

GeoPark drilled a new project in the prolific Neuquen Basin during
2Q2017 with one exploration well. Rio Grande Oeste 1 exploration well
was drilled in 2Q2017 to a total depth of 5,500 feet and is expected to
be completed and tested in August 2017 in the Grupo Neuquen formation.
The well is located in the CN-V Block where GeoPark acquired a 50%
interest in 2015 through a partnership with Wintershall (a subsidiary of
BASF).

The CN-V Block covers an area of 117,000 acres in the Neuquen Basin of
the Mendoza Province, with 3D seismic coverage of 180 sq km and is next
to the producing Loma Alta Sur oil field operated by YPF. An additional
oil prospect has been delineated adjacent to Rio Grande Oeste. The CN-V
Block also has upside potential in the developing Vaca Muerta
unconventional play.

During 3Q2017, GeoPark will also be drilling shallow exploration
prospects of heavy oil in the Sierra del Nevado and Puelen blocks in the
Neuquen basin. The Puelen Block is located north to the producing El
Corcobo oil field, operated by Pluspetrol, and Sierra del Nevado is
located east to the Llancanelo oil field, operated by YPF.

3Q2017 Drilling Schedule

The following is a summary of the expected activities scheduled for
3Q2017 with estimated total net capital expenditures of $30-35 million
(drilling and completion costs of $17-20 million plus facilities and
other costs of $13-15 million).

a) Information included in the table above is subject to change and may
also be subject to partner or regulatory approval

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 2017 production growth, expected schedule, economic
recovery, payback timing, IRR, drilling activities, demand for oil and
gas and capital expenditures plan. 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.

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.

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
Santiago, Chile
Stacy Steimel,
+562 2242 9600
Shareholder Value Director
[email protected]
or
Buenos
Aires, Argentina
Dolores Santamarina, +5411 4312 9400
Investor
Manager
[email protected]
or
MEDIA:
Sard
Verbinnen & Co
New York, USA
Jared Levy, +1 212-687-8080
[email protected]
or
Kelsey
Markovich, +1 212-687-8080
[email protected]