Parex Announces the Retirement of Dave Taylor and the Appointment of Imad Mohsen as President and CEO

CALGARY, Alberta, Dec. 07, 2020 (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, herein announces that Mr. Dave Taylor has elected to retire from the Company under its normal course retirement policy, coincident with his 65^th birthday, as of the Annual General Meeting of the Company's shareholders in May 2021.

Mr. Taylor joined Petro Andina, the precursor company to Parex in 2007 as VP Exploration and Business Development and continued in that role following the spinout of Parex in 2009. In that capacity he led the effort to assemble the asset base that has supported the growth of the Company from its inception to its current status as the 2^nd largest oil company in Colombia. In 2015, Mr. Taylor was appointed President of Parex and in 2017, he was promoted to President and CEO. On behalf of shareholders, the Board of Directors and staff of Parex we extend our thanks to Dave for his leadership and his many individual contributions through his long and successful tenure with the Company.

“Dave has been a key member of the Parex team throughout the history of the Company. We are especially grateful for his steadfast leadership through 2020, managing through the unprecedented operating challenges of the COVID pandemic and its related economic stresses. Parex is in excellent financial health and with a strong capital program planned for 2021 that is already underway. We extend our sincere best wishes to Dave and his family as he moves toward closing out his long and successful career,” stated Wayne Foo, Parex Board Chair.

In connection with Mr. Taylor’s retirement the Board carried out a thorough executive search process that considered the nature of the assets, operations and financial strength of the Company, the challenges and opportunities facing the oil and gas industry in the coming decade, and the significant strengths of the existing leadership team. Based on those considerations, Parex is pleased to announce that Mr. Imad Mohsen will be joining the Company as President and CEO with an anticipated start date of February 1, 2021.

Mr. Mohsen, 47, is an engineering graduate of the Paris School of Mines (ENSMP). He joined Royal Dutch Shell in 1997 and rose through technical assignments of increasing responsibility and an assignment as Sustainable Development Advisor before being appointed Private Advisor to the CEO in 2005. Following that assignment, in 2007 he moved to New Orleans, Louisiana as Development Manager, Subsea GOM from 2007 to 2011 and then to Cairo, Egypt as General Manager, Operations for Shell Egypt JV (Bapetco) from 2011 to 2013.