Benzinga | Jun 21, 2021 09:52AM EDT

GeoPark Late Friday Offered Comment On Letter From Former Chair: Says Unfortunate Former Chair 'has chosen to leave the Board and disparage GeoPark with baseless claims'

GeoPark Limited ("GeoPark" or the "Company") (NYSE:GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in Colombia, Ecuador, Chile, Brazil and Argentina, today issued the following statement in response to the letter sent to the Board by its former Chair Gerald O'Shaughnessy:

"Since GeoPark's inception, we have always worked to ensure we have the skills, capabilities and necessary tools to become the leading independent E&P Company in Latin America. As we have grown and matured, we have worked deliberately to strengthen our governance profile and, today, our Board has a majority of independent directors and a newly appointed independent chair, consistent with best practices. We have added two new independent directors in the last 12 months and have nominated a third independent director for election at the upcoming Annual General Meeting. We have also instituted a new Board committee with two independent members to oversee strategic matters. Our Board's continued evolution and diversification in recent years is an important and notable achievement, and one that we expect will help us build and deliver value to all shareholders.

It is unfortunate that, after 18 years of service as the Chair of GeoPark's Board, Mr. O'Shaughnessy, 72, has chosen to leave the Board and disparage GeoPark with baseless claims. The Board and the management team are focused on the best interests of the Company and our shareholders. We maintain an open dialogue with our shareholders and are always open to opportunities that will create value for all shareholders."