Parex Resources Announces Approval of Normal Course Issuer Bid and Automatic Share Purchase Plan

CALGARY, Alberta, Jan. 16, 2024 (GLOBE NEWSWIRE) -- Parex Resources Inc. (“Parex” or the “Company”) (TSX: PXT) is pleased to announce that the Toronto Stock Exchange ("TSX") has approved the Company commencing a normal course issuer bid ("Bid").

Pursuant to the Bid, Parex will purchase for cancellation, from time to time, as it considers advisable, up to a maximum of 10,198,838 common shares of the Company ("Common Shares"). The Bid will commence on January 22, 2024 and will terminate on January 21, 2025 or such earlier time as the Bid is completed or terminated at the option of Parex.

The maximum number of Common Shares to be purchased pursuant to the Bid represents 10% of the public float, as of January 8, 2024. Purchases pursuant to the Bid will be made on the open market through the facilities of the TSX and/or Canadian alternative trading systems. The number of Common Shares that can be purchased pursuant to the Bid is subject to a daily maximum of 113,253 Common Shares (which is equal to 25% of the average daily trading volume of 453,015 from July 1, 2023 to December 31, 2023). The price that Parex will pay for any Common Shares under the Bid will be the prevailing market price on the TSX at the time of such purchase. Common Shares acquired under the Bid will be cancelled.

Eight Capital has agreed to act on the Company's behalf to make purchases of Common Shares pursuant to the Bid.

A copy of the Form 12 Notice of Intention to Make a Normal Course Issuer Bid filed by the Company with the TSX can be obtained from the Company upon request without charge.

Parex believes that the Common Shares have been trading in a price range which does not adequately reflect their value in relation to the Company's current operations and its growth prospects, and that, at such times, the purchase of Common Shares for cancellation will increase the proportionate interest of, and be advantageous to, all remaining shareholders. As of the close of business on January 8, 2024, the Company had 103,811,718 Common Shares issued and outstanding and a public float of 101,988,380 Common Shares.

Under a previous notice of intention to conduct a normal course issuer bid, the Company sought and received approval of the TSX to purchase 10,675,555 Common Shares for the period from January 4, 2023 to January 3, 2024. From January 4, 2023 to January 3, 2024, the Company purchased 5,628,100 Common Shares on the open market at a weighted-average price of $25.1587 per Common Share.