Parex Plans to Increase Production and Re-start Capex Programs - Seite 2

• La Belleza (VIM-1 Block): Advance initial works for 2021 drilling
• Boranda: 1 appraisal well
• Fortuna: Drill exploration well

Parex’ proposed capital program to increase near-term production and evaluate exploration prospects for long-term sustainability. 

Share Buy-Back: To date, the Company has repurchased for cancellation 4.7 million common shares under the normal course issuer bid that commenced on December 23, 2019. As of June 19, 2020, Parex has 138.9 million basic shares outstanding compared to 149.4 million basic shares outstanding as at March 31, 2019. 

Financial Strength: Parex is well-positioned for the challenges of the current business environment. The Company is debt-free, has an approximate June 1, 2020 cash position of $360 million and an undrawn credit facility of $200 million. As at March 31, 2020, the Company’s working capital was $330 million.

Q2 Results and Conference Call

We anticipate releasing our Second Quarter 2020 unaudited financial results on Wednesday, August 5, 2020 after the close of markets. We will hold the quarterly conference call and webcast for investors, analysts and other interested parties on Thursday, August 6, 2020 at 9:30 am MT (11:30 am ET), conditional on the Q2 results being released the previous day. To participate in the conference call or webcast, see access information below

Toll-free dial number (Canada/US)	1-866-696-5910
International dial-in number	Click to access the dial-in number of your location
Passcode	8822777#
Webcast	https://edge.media-server.com/mmc/p/rf6oojzh

For more information, please contact:

Mike Kruchten
Senior Vice-President Capital Markets & Corporate Planning
Parex Resources Inc.
Phone: [phone]
[e-mail]

Advisory on Forward Looking Statements

Certain information regarding Parex set forth in this press release contains forward-looking statements that involve substantial known and unknown risks and uncertainties. The use of any of the words "plan", "expect", “prospective”, "project", "intend", "believe", "should", "anticipate", "estimate", "forecast", "budget" or other similar words, or statements that certain events or conditions "may" or "will" occur are intended to identify forward-looking statements. Such statements represent Parex' internal projections, estimates or beliefs concerning, among other things, future growth, results of operations, production, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, plans for and results of drilling activity, business prospects and opportunities. These statements are only predictions and actual events or results may differ materially. Although the Company’s management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Parex' actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Parex.