Parex Resources completed the acquisition of a 11.8% stake in GeoPark.

Parex Resources, a Colombian focused, international oil and gas exploration and development company, completed the acquisition of a 11.8% stake in GeoPark, an independent Latin American oil and gas company that focuses on exploration, development, and production of oil and gas reserves. Financial terms were not disclosed. Parex Resources announces that it submitted a proposal to the Board of Directors of GeoPark to acquire all outstanding common shares of GeoPark for US$9.00 per share in cash. As an indication of the seriousness of the Company’s interest in this transaction, Parex has acquired an 11.8% ownership stake in GeoPark, which allows Parex to call a special shareholder meeting of GeoPark shareholders. Parex remains ready and willing to engage with GeoPark to finalize a transaction as outlined in the proposal.