LLA-34 Drilling Success at Jacana-13, Jacana-17 & Tigana Suroeste-7

CALGARY, Alberta, Nov. 22, 2017 (GLOBE NEWSWIRE) -- Parex Resources Inc. (“Parex” or the “Company”) (TSX:PXT), a company headquartered in Calgary, Alberta and focused on Colombian oil exploration and production, provides an operational update.

Dave Taylor, Parex President and CEO commented, “We are very pleased with the latest LLA-34 drilling successes.  These new results continue to push out the limits of the Jacana/Tigana oil fields.”

Llanos-34 (working interest (“WI”) 55%): Parex continues to delineate the Jacana/Tigana trend on LLA-34.

Tigana Suroeste-7: Producing 730 bopd.  The Tigana Suroeste-7 well was drilled to a total depth of 11,730 feet approximately 1.7 kilometers southwest of the Tigana Suroeste-1 well and 1.7 km northeast of the Jacana-10 well to appraise the Guadalupe formation between the Tigana and Jacana pools.  The well was tested and placed on production with an Electric Submersible Pump (“ESP”) at a rate of 730 barrels of oil per day (“bopd”) with a 4% watercut and an estimated drawdown of 50%.  The Tigana Suroeste-7 well was drilled outside the GLJ 2016 Report 2P boundary.  After Tigana Suroeste-7, Tigana Suroeste-3 was drilled and cased.

Jacana-13: Testing 750 bopd.  The Jacana-13 well was drilled to a total depth of 11,889 feet at approximately 1.7 kilometers north of the Jacana-17 well and 4.5 kilometers southwest of the Jacana-1 discovery well.  Jacana-13 encountered a 65 foot section of Guadalupe reservoir.  The lower sands in the section were tested separately, recovering water and were abandoned.  The upper sands in the well were completed and tested with an ESP.  Over a 4 day test period the well produced a total of 2,036 barrels of 15 API oil and 683 barrels of completion load fluid.  The watercut has been declining throughout the test and the most recent production test rate was 750 bopd with a 5% watercut comprised of completion load fluid.  Bottom hole pressure recorders from the last test indicate a producing drawdown of approximately 50%.  Additional production history from the Jacana-13 well will be required to determine whether there is connectivity of the upper oil bearing zone with the lower water bearing zone. The Jacana-13 well was drilled outside the GLJ 2016 Report 3P boundary.