GPK Geopark

Six months ended June 30

(in thousands of US$, except for percentages)

2013

2012

Change, June 2013 vs.
June 2012

(unaudited)

Revenues

Net oil sales

149,817

104,893

43%

Net gas sales

10,989

17,098

(36)%

Total net revenue

160,806

121,991

32%

Production costs

(81,147)

(54,668)

48%

Gross profit

79,659

67,323

18%

Exploration costs

(13,587)

(10,199)

33%

Administrative costs

(20,730)

(13,562)

53%

Selling expenses

(7,658)

(7,981)

(4)%

Other operating expense

4,205

(413)

1,118%

Operating profit

41,889

35,168

19%

Financial results, net

(20,562)

(7,344)

180%

Bargain purchase gain on acquisition of subsidiaries

-

8,401

(100)%

Profit before income tax

21,327

36,225

(41)%

Income tax expense

(7,092)

(10,863)

(35)%

Profit for the period

14,235

25,362

(44)%

Non-controlling interest

5,619

5,458

3%

Profit for the period attributable to owners of the
    Company

8,616

19,904

(57)%

Net production volumes

Oil (mbbl)

1,926

1,129

71%

Gas (mcf)

2,803

4,889

(43)%

Total net production (mboe)

2,393

1,944

23%

Average net production (boepd)

13,221

11,939

11%

Average realized sales price

Oil (US$ per bbl)

80.5

94.6

(15)%

Gas (US$ per mcf)

4.5

4.1

10%

Average realized sales price per boe (US$)

70.6

66.7

6%

Average unit costs per boe (US$)

Production costs

33.9

28.1

21%

Exploration costs

5.7

5.2

10%

Administrative costs

8.7

7.0

24%

Selling expenses

3.2

4.1

(22)%

Average Adjusted EBITDA per boe (US$)

35.1

36.1

(3)%