Parex Resources Provides Update on Northern Llanos Operations as well as Announces Timing of Q4 2023 Results

CALGARY, Alberta, Feb. 12, 2024 (GLOBE NEWSWIRE) -- Parex Resources Inc. (“Parex” or the “Company”) (TSX: PXT) provides an update on its Northern Llanos operations, which are being affected by ongoing social protests in the region that began on January 22, 2024. The Company also announces that it will release its Q4 2023 and FY 2023 financial and operating results, as well as its independent reserves assessment as at December 31, 2023, after markets close on Thursday, February 29, 2024.

Ongoing Social Protests that are Affecting Operations in the Northern Llanos

As reported by Colombian media outlets, the operations of energy companies that operate in the Northern Llanos region of Colombia are being impacted by ongoing social protests.

As a result of the protests, on January 22, 2024, Parex shut-in its operations at the Capachos Block⁽¹⁾, as well as halted drilling and testing operations at the Arauca Block⁽²⁾. For the period of January 1, 2024, to February 11, 2024, estimated average Company production was approximately 53,200 boe/d⁽³⁾ and current average production is roughly 50,000 boe/d⁽⁴⁾. The Company's average production guidance for FY 2024, ranging from 54,000 to 60,000 boe/d (57,000 boe/d midpoint), remains unchanged due to production contingencies incorporated into the guidance range.

The Company has activated internal security protocols and is actively working to resume operations by engaging with stakeholders at all levels. Parex acknowledges the efforts and leadership of the Colombian national government, including various ministries and agencies, as we strive to find a mutually beneficial solution through an established engagement process.

^{(1) 50% W.I.
(2) Business Collaboration Agreement with Ecopetrol S.A. (Parex 50% Participating Share)).
(3) Light & medium crude oil: ~7,961 bbl/d, heavy crude oil: ~44,496 bbl/d, conventional natural gas: ~4,457 mcf/d.
(4) Estimated current average production relates to the 11-day period of February 1, 2024, to February 11, 2024 (light & medium crude oil: ~7,482 bbl/d, heavy crude oil: ~41,820 bbl/d, conventional natural gas: ~4,189 mcf/d).}

Q4 2023 and FY 2023 Results – Conference Call & Video Webcast

Parex will host a conference call and video webcast to discuss its Q4 2023 and FY 2023 results on Friday, March 1, 2024, beginning at 9:30 am MT (11:30 am ET). To participate in the conference call or video webcast, please see the access information below: