Mr. Mike Krutchen reports

PAREX RESOURCES ANNOUNCES NOMINATION OF SIX DIRECTORS TO GEOPARK'S BOARD

Parex Resources Inc., which has an approximately 11.8-per-cent ownership position in GeoPark Ltd., has nominated six highly qualified director candidates for election to GeoPark's board of directors at its coming 2026 annual meeting of shareholders. Each of the nominees is independent of both GeoPark and Parex under applicable securities laws and stock exchange rules.

The nominations follow Parex's attempts to explore value-maximizing transactions for GeoPark shareholders, including a proposal by Parex to acquire GeoPark in late 2025. Parex has nominated these director candidates in advance of the annual meeting in accordance with GeoPark's advance notice bylaw. As one of GeoPark's largest shareholders, Parex believes this action will help to ensure that all options to maximize shareholder value are independently evaluated.

Following a thorough director search process, Parex has identified six independent, highly qualified director nominees. The slate of nominees consists of current and former senior executives and directors with deep industry expertise and a record of maximizing shareholder value. The nominees are:

• Jim Davidson -- former co-founder and chief executive officer of FirstEnergy Capital Corp.;
• David French -- former partner at McKinsey & Company and former president and chief executive officer of Obsidian Energy and Bankers Petroleum;
• Matthew Rees -- former CEO of Vesta Energy;
• Michael Stewart -- former director at TC Energy, Bonterra Energy, C&C Energia, and Pengrowth Energy;
• Walter Vrataric -- currently the vice-president, business development and land, at Woodcote Oil & Gas, and former CEO of Chinook Energy;
• Ian Weatherdon -- former chief financial officer of Gulf Keystone Petroleum Ltd.

More detailed biographical information about the nominees can be found below. Additional information about the earlier proposal by Parex to acquire GeoPark can be found in Parex's Oct. 29, 2025, news release.

Parex has retained Scotiabank as its financial adviser; Paul, Weiss, Rifkind, Wharton & Garrison LLP, Norton Rose Fulbright Canada LLP, and Appleby (Bermuda) Limited LLP as its legal counsel; and Innisfree as its proxy solicitor.

Director nominees

Jim Davidson:

• With decades of energy sector investment banking experience, Mr. Davidson has served as the former co-founder and chief executive officer of FirstEnergy Capital, formerly Canada's leading energy-focused investment bank, was a governor of the former Alberta Stock Exchange, and was on the board of the Calgary Humane Society. Mr. Davidson currently serves on the boards of Topaz Energy and the Fraser Institute.
• Mr. Davidson graduated from the University of Waterloo and holds the ICD.D designation from the Institute of Corporate Directors. He has been inducted into the IIAC Investment Industry Hall of Fame, awarded a lifetime achievement award by the Oil & Gas Council, was recognized as one of Canada's top-50 most powerful business people by Canadian Business Magazine, and is a recipient of the Queen Elizabeth II Diamond and Platinum Jubilee medal by the Governor-General of Canada.

David French:

• With over 30 years of experience in both the oil and gas and advisory sectors, Mr. French was most recently a partner at McKinsey & Company, where he led the technical and commercial advisory teams in operations, joint ventures and merger integrations. He was also the president and chief executive officer at Rosehill Resources, Obsidian Energy and Bankers Petroleum.
• Mr. French holds an MBA from Harvard Business School and a bachelor of science in mechanical engineering from Rice University.

Matthew Rees:

• With over 25 years of experience in the energy sector, Mr. Rees was most recently the president and chief executive officer of Vesta Energy, a private equity-owned upstream producer with assets in the Duvernay. He was also the president and chief executive officer of Orlen Upstream Canada, and was on the board of directors for Bonavista Energy and Pieridae Energy.
• Mr. Rees has significant experience across Latin America, where he held senior leadership roles for Talisman Energy in business development, including leading the commercial and planning Colombia team from Bogota.
• Mr. Rees holds an MBA from the University of Calgary and a bachelor of engineering degree with mechanical specialization from the University of Victoria, and holds the ICD.D designation from the Institute of Corporate Directors.

Michael Stewart:

• Mr. Stewart has served as a director of public companies in aggregate for over 50 years, including on the boards of TC Energy, Pengrowth Energy, CES Energy Solutions, C&C Energia, and Bonterra Energy. He also held several senior executive positions at Westcoast Energy.
• Mr. Stewart graduated from Queen's University with a bachelor of science degree (honours) in geological sciences and is a non-practising member of the Association of Professional Engineers and Geoscientists of Alberta.

Walter Vrataric:

• Mr. Vrataric has more than 30 years of experience in the energy sector.
• Currently, Mr. Vrataric is the vice-president of business development and land at Woodcote Oil & Gas, an exploration company focused on the Clearwater in Western Canada. He also served as the president and chief executive officer of Chinook Energy, where he gained international experience, and as the president, chief executive officer and founder of One Exploration.
• Mr. Vrataric graduated from the University of Calgary with a bachelor of commerce degree.

Ian Weatherdon:

• With over 35 years of international oil and gas experience, Mr. Weatherdon was most recently the chief financial officer and director of Gulf Keystone Petroleum, a London-listed company with one of the largest oil developments in the Kurdistan region. He also served as the chief financial officer of Sino Gas & Energy Holdings, vice-president of finance and planning, Asia Pacific, at Talisman Energy, and chief financial officer of the Equion Energia Ltd. joint venture in Colombia.
• Mr. Weatherdon holds a FT non-executive director diploma, is a chartered professional accountant and holds a bachelor of commerce degree from the University of Calgary.

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 is in Calgary, Canada, with an operating office in Bogota, Colombia. Parex shares trade on the Toronto Stock Exchange under the symbol PXT.

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