Mr. Mike Kruchten reports

PAREX RESOURCES ANNOUNCES UPDATE ON DISCUSSIONS WITH GEOPARK REGARDING A POTENTIAL BUSINESS COMBINATION

Parex Resources Inc. has halted discussions with GeoPark Ltd. (New York Stock Exchange: GPRK) regarding the acquisition of GeoPark by Parex.

Based on Parex's review of information provided by GeoPark since Nov. 14, 2025, as well as virtual and in-person discussions with GeoPark management, Parex has determined that there is no basis to increase its view on the value of GeoPark common shares relative to the proposal to acquire all GeoPark shares for $9.00 (U.S.) per share in cash, which Parex submitted to the GeoPark board of directors on Sept. 4, 2025 (the September proposal). Following its engagement with Geopark over the past month, Parex concluded, given the gap in perceived value, that further discussions were unlikely to lead to any agreement with respect to a transaction between GeoPark and Parex as outlined in the September proposal and has determined to halt discussions with GeoPark.

The following summarizes key events that have taken place since Oct. 29, 2025, the date Parex announced that it had previously submitted the September proposal to the GeoPark board of directors, and that it had acquired an 11.8-per-cent ownership position in GeoPark:

• Nov. 2, 2025: The chief executive officer of GeoPark advises the chief executive officer of Parex that GeoPark is prepared to engage regarding a potential transaction between GeoPark and Parex.
• Nov. 5, 2025: GeoPark publicly announces its intention to engage with Parex and that its board of directors has formed a special committee of independent directors.
• Nov. 4 to Nov. 13, 2025: Parex and GeoPark negotiate and execute a non-disclosure agreement (NDA).
• Nov. 14, 2025: GeoPark grants Parex access to a virtual data room and begins sharing select information.
• Nov. 24, 2025: GeoPark publicly announces an off-cycle reserves update.
• Nov. 24, 2025: Representatives of Parex and GeoPark hold a virtual meeting during which GeoPark presents certain information regarding its assets.
• Dec. 1, 2025: GeoPark publicly updates its guidance for 2026 to 2028.
• Dec. 1, 2025: Representatives of Parex and GeoPark meet in person in Bogota and share their respective views of value. At the conclusion of the meeting, Parex advises GeoPark that, if the parties are unable to advance discussions regarding a potential transaction within the parameters of the September proposal, Parex will halt further discussions.
• Dec. 5, 2025: The chair of the special committee of GeoPark and the chair of Parex directly establish a communication channel.
• Dec. 8, 2025: GeoPark reaffirms its prior position that it is not willing to negotiate a potential transaction within the parameters of the September proposal. The chief executive officer of Parex advises the chief executive officer of GeoPark that Parex is halting further discussions.

About Parex Resources Inc.

Parex is one of the largest independent oil and gas companies in Colombia, focusing on sustainable, conventional production. The company's corporate headquarters are in Calgary, Canada, with an operating office in Bogota, Colombia. Parex shares trade on the Toronto Stock Exchange under the symbol PXT.

We seek Safe Harbor.