Geopark Successfully Drills, Tests New Gas Well at Fell Block

Geopark Holdings has announced the successful drilling and testing of a new gas well -- Monte Aymond 33 -- on the Fell Block in Chile. Geopark operates and has a 100% working interest in the Fell Block.

Geopark drilled and completed the Monte Aymond 33 well to a total depth of 2,391 meters. A production test in the Springhill formation, at approximately 2,273 meters in a 13 meter perforated interval, flowed at a rate of approximately 3.12 million cubic feet per day (mmcfpd) of gas and 22.6 barrels per day (bpd) of condensate and 33.9 bpd of water, through a choke of 12 millimeters (mm) and with a well head pressure of 654 pounds per square inch (psi). These are preliminary results and further production history will be required to determine stabilized flow rates from this well and the extent of the reservoir.

Flowlines are now being constructed to connect Monte Aymond 33 to the main gas pipeline infrastructure from where it will be sold to the large methanol plant located adjacent to the Fell Block and operated by the Methanex Corporation. Targeted hook-up of the well is in April 2009.

Monte Aymond 33 represents a new productive development well in the Monte Aymond field area in the northeast portion of the Fell Block. The Company's geoscience team has identified additional drilling opportunities in the up-dip area of the field which will be further developed in the Company's drilling program.

Twelve of the last thirteen wells drilled and completed by Geopark have proven to be oil and gas productive. During 2009, Geopark is planning to build on its successful drilling results by drilling 7-9 new wells and initiating the start-up of activities on its two new blocks in Chile -- Tranquilo and Otway (covering an area of approximately 12,000 square kilometers).

Commenting, Gerald E. O'Shaughnessy, Chairman of Geopark, said, "We are pleased with the results from the Monte Aymond well which continues our record of success in finding and developing hydrocarbons in Chile. GEOPARK's intrinsic value is growing with each new drilling success."