GeoPark (GPRK) said late Tuesday that the company and Repsol have mutually agreed against proceeding with a November deal under which GeoPark had agreed to acquire Repsol's certain upstream oil and gas assets in Colombia.

The decision came after Repsol's partner in SierraCol Energy Arauca exercised its preemptive rights to acquire 25% of Repsol's interest in SierraCol in Arauca Department, Colombia, GeoPark said.