GEOPARK, the Latin American oil and gas exploration and production company with producing properties in Chile and Argentina, is exceeding its 2008 exit oil and gas production rate target of 6,000 barrels of oil per day equivalent (boepd). With the addition of production from the new Aonikenk oil field and the Manekenk gas field, the Company is currently producing at a rate over 6,250 boepd.
GEOPARK's activities are principally focused on its Fell Block in Chile where it is completing a US $57 million capital expenditure program in 2008 -- including the drilling of 14 new wells, a new 3D seismic survey and expansion of its production infrastructure. During the year, GEOPARK began production from nine new wells in Chile -- which included four new field discoveries. Three wells have recently been drilled and cased and will be tested during Q12009. In addition to its Fell Block operations, GEOPARK has recently acquired two new large blocks in Chile (covering an area of approximately 12,000 square kilometers) where it will begin work and operate on behalf of international consortia in Q12009 (subject to Chilean regulatory approval).
Commenting, James F. Park, CEO of GEOPARK, said, "Exceeding our production target this year is the culmination of substantial efforts, challenges and successes during the year - and management salutes the GEOPARK team for this important accomplishment. It further demonstrates GEOPARK's fundamental strength, that is, our ability to find oil and gas - and then to efficiently and quickly produce and commercialize discovered reserves.
"Achievements during 2008 include growth in all key value measurement categories: increased production, increased reserves, increased revenues, increased operating profits, increased acreage from new blocks, expanded prospect opportunity portfolio, strengthened balance sheet from new equity funding, improved gas market security and continual improvements to our professional team. Building on this foundation and momentum of success, GEOPARK is well positioned to continue growing and creating value in 2009 - as well as to seize some of the many new opportunities now available in our industry."
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