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Parex Resources Announces Production Update and Timing of Q2 2025 Results

News Provided by GlobeNewswire2025-07-03

CALGARY, Alberta, July 03, 2025 (GLOBE NEWSWIRE) -- Parex Resources Inc. (“Parex” or the “Company”) (TSX: PXT) announces a production update and plan to release its Q2 2025 financial and operating results on July 30, 2025.

Q2 2025 Production Update⁽¹⁾⁽²⁾

Estimated Q2 2025 average production was 42,550 boe/d.
June 2025 average production was approximately 43,950 boe/d; production growth was supported by previously disclosed positive exploration results and the successful startup of the first follow-up horizontal well at LLA-74 in the Southern Llanos.
In July 2025, the Company expects to ramp up production from its second follow-up horizontal well at LLA-74 and bring onstream the first well of the LLA-32 development campaign.

boe/d	For the three months ended June 30, 2025
Block LLA-34	21,500
Southern Llanos	13,800
Northern Llanos	4,000
Magdalena Basin	2,250
Natural Gas Production	1,000
Average Production	42,550

Monthly Production Breakdown⁽¹⁾⁽²⁾

boe/d	April 2025	May 2025	June 2025
Average Production	41,350	42,300	43,950

^{(1) See “Product Type Disclosure.”}
^{(2) Average production numbers are preliminary, subject to final reconciliation, and rounded for presentation purposes.}

Q2 2025 Conference Call & Webcast

Parex will host a conference call and webcast to discuss its Q2 2025 results on Wednesday, July 30, 2025, beginning at 9:30 am MT (11:30 am ET). To participate in the conference call or webcast, please see the access information below:

Conference ID:
Participant Toll-Free Dial-In Number:
Participant Dial-In Number:
Webcast:

5403995
1-646-307-1963
1-647-932-3411
https://events.q4inc.com/attendee/228530270

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 Bogotá, Colombia. Parex shares trade on the Toronto Stock Exchange under the symbol PXT.

For more information, please contact:

Mike Kruchten
Senior Vice President, Capital Markets & Corporate Planning
Parex Resources Inc.
403-517-1733
investor.relations@parexresources.com

Steven Eirich
Senior Investor Relations & Communications Advisor
Parex Resources Inc.
587-293-3286
investor.relations@parexresources.com

NOT FOR DISTRIBUTION OR FOR DISSEMINATION IN THE UNITED STATES

Product Type Disclosure

Product Type	April 2025	May 2025	June 2025
Light & Medium Crude Oil (bbl/d)	10,803	10,193	10,976
Heavy Crude Oil (bbl/d)	29,761	31,089	31,811
Conventional Natural Gas (mcf/d)	4,721	6,115	6,978
Oil Equivalent (boe/d)	41,350⁽¹⁾	42,300⁽¹⁾	43,950⁽¹⁾

Product Type	For the three months ended June 30, 2025
Light & Medium Crude Oil (bbl/d)	10,662
Heavy Crude Oil (bbl/d)	30,899
Conventional Natural Gas (mcf/d)	5,941
Oil Equivalent (boe/d)	42,550⁽¹⁾

^{(1) Average production numbers are preliminary, subject to final reconciliation, and rounded for presentation purposes.}

Oil & Gas Matters Advisory

The term "Boe " means a barrel of oil equivalent on the basis of 6 thousand cubic feet ( "mcf ") of natural gas to 1 barrel (“bbl”). Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 mcf: 1 bbl, utilizing a conversion ratio at 6 mcf: 1 bbl may be misleading as an indication of value.

Abbreviations

The following abbreviations used in this press release have the meanings set forth below: