GeoPark, a leading independent energy company with over 20 years of successful operations across Latin America, today issued the following statement regarding Parex Resources' announcement that it has nominated six director candidates to stand for election to the Company’s Board of Directors at GeoPark’s 2026 Annual General Meeting of Shareholders:

"On September 4, 2025 Parex submitted a $9.00 per share offer to acquire GeoPark, and publicly reiterated the same offer on October 29, 2025, despite the fact that GeoPark had announced and completed a transformative acquisition in Vaca Muerta – the fastest-growing unconventional oil play in the world – during that period. 

GeoPark’s Board and management team thoroughly evaluated Parex’s offer and underwent a months-long engagement with Parex around its interest in our company. Throughout the process, Parex consistently stated it was unwilling to increase its offer above $9.00 per share – a price that the Board determined meaningfully undervalued the Company and fails to recognize our growth prospects and diversified portfolio. On December 9, 2025 Parex indicated it was “pencils down.” Parex has not expressed further interest in continuing negotiations. 

Since then, our Board and management team have continued to advance strategic actions that have strengthened GeoPark’s scale, enhanced our growth profile, and built a more resilient and diversified portfolio. Our two-pronged strategy in Colombia and Argentina is working: we are already seeing strong results from our new Vaca Muerta assets, while continuing to unlock value from our core Colombian blocks. Additionally, on January 29, 2026, GeoPark announced the acquisition of Frontera Energy’s Colombian E&P assets, marking another pivotal step in our long-term strategy. Upon closing of the transaction, GeoPark will be the largest independent oil producer in Colombia.

The Vaca Muerta and Frontera transactions announced since October have reshaped the Company — materially increasing our production outlook, improving cash flow durability, and enhancing our ability to reinvest efficiently across the cycle. The market has responded positively to our initiatives. Since Parex’s original $9.00 per share offer, GeoPark’s share price has appreciated 33%, outperforming peers and Brent crude oil prices. Notably, following Parex’s December 9 announcement to disengage and halt negotiations with GeoPark’s Board, our share price has continued to rise – increasing 15%. Our Board and management team are focused on the continued execution of our strategic plan, and are confident that our strong team, diversified portfolio and distinctive operational capabilities will deliver meaningful long-term value for our shareholders.

Our Board remains fully committed to strong governance, disciplined capital allocation and long-term value creation. All nominations will be reviewed through our established governance processes, as we remain focused on executing our strategy and delivering results for all shareholders. GeoPark shareholders do not need to take any action at this time.

Goldman Sachs & Co. LLC is serving as financial advisor, Davis Polk & Wardwell LLP and Conyers Dill & Pearman Limited are serving as legal counsel, Okapi Partners LLC is serving as proxy advisor, and FGS Global is serving as strategic communications advisor to GeoPark."

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