GeoPark Reports Results For The First Quarter Ended March 31, 2014

GeoPark Limited (GeoPark) (NYSE: GPRK), the Latin American oil and gas explorer, operator and consolidator with operations and producing properties in Chile, Colombia, Brazil and Argentina, today reported results for 1Q2014. All figures are expressed in US dollars. All growth comparisons refer to the same period of the prior year, except when specified. Proforma figures in this release refer to the incorporation in both periods of the acquired interest in the Manati Field (Brazil), which was closed on March 31, 2014.

FIRST QUARTER 2014 HIGHLIGHTS

Operations:

Oil and gas production up 25% to 16,743 boepd compared to 1Q2013. Proforma, average production reached 20,410 boepd
15 new wells drilled during 1Q2014, seven exploration wells and eight development and appraisal wells
New oil field discovery (Aruco 1 on the Llanos 34 Block) in Colombia
Two new oil field discoveries in Chile (Loij 1 in the Fell Block and Tenca 1 in the Flamenco Block). Four exploratory wells drilled in 1Q2014 will be completed and tested in 2Q2014
Start-up of commercial production in the Tierra del Fuego blocks in Chile, with a gross average of 374 boepd in 1Q2014, and a gross average of 1,084 boepd in March 2014 (542 boepd net to GeoPark)
Signed service contracts to acquire 3D seismic in the blocks awarded in Round 11 in Brazil

Finance:

Profit for the period up 9% to $10.3 million
Net Revenues down 6% to $84.7 million and Adjusted EBITDA down 3% to $48.4 million, both impacted by oil delivery delays (please see note below)
Cash position of $131.9 million at the close of 1Q2014

Strategic / New Business:

Transitioned from the London AIM Market (AIM) to the New York Stock Exchange (NYSE) in February 2014, raising approximately $100 million of gross proceeds in the Initial Public Offering (IPO)
Completed acquisition of 10% interest in the Manati gas field in Brazil, funded with existing cash and new debt amounting to $70 million
Signed the license agreement with the ANP (Agência Nacional do Petróleo, Brazil’s National Agency of Petroleum) for the Sergipe Alagoas Block in Brazil awarded during Round 12

Note: The significant increase in GeoPark’s Colombian oil production of 88% in 1Q2014 was not entirely reflected in net revenues or Adjusted EBITDA for the period, mainly due to some delays in oil deliveries and increased oil inventory. During the first quarter of 2014, Ecopetrol allocated larger volumes of its own oil production to exports because of an oil refinery shut down, temporarily affecting the volumes received from GeoPark and other Colombian oil producers at the port of Coveñas. This situation has normalized in May 2014, and is not expected to generate any impact on the Company’s 2014 results.

→ Read the full press release.