Parex Announces the Retirement of Dave Taylor and the Appointment of Imad Mohsen as President and CEO - Seite 2

In 2013, Mr. Mohsen joined Tulip Oil Holding B.V., a private equity backed upstream company founded in 2010 to explore for and develop oil and gas opportunities in Western Europe. After initially serving as COO, he was appointed CEO in 2015. Under his leadership Tulip had success with near field, short cycle time exploration and development of gas in the challenging environment of the Dutch North Sea. This included a significant exploratory discovery developed by installation of an innovative, low cost, remotely operated, unmanned production platform powered solely by renewable energy. Tulip is now the 4^th largest producer in the Netherlands offshore. In Germany, Imad oversaw a successful exploration program in the Rhine Graben area in a challenging regulatory regime with complex environmental and social issues.

Imad's successes during his prior work experience demonstrate his strength in strategic planning and in leading teams to execute growth through exploration, project management excellence, stakeholder relations and financial discipline. From both a personal standpoint and within the teams that he’s led, the ESG values he has developed and carries forward are closely aligned with those that have defined Parex through its history.

“We believe that Imad is a leader who can engage the current Parex organization to maintain and build upon the strong performance and future potential of the existing operating base and deliver our 2021 budget. In addition, we have confidence that his experience in successfully applying best in class ESG approaches can be leveraged to steer the Company as it considers the many significant opportunities that are emerging during this transformational period for our industry,” said Wayne Foo.

Subject to completion of notice, immigration and other requirements it is anticipated that Mr. Mohsen will commence relocating to Calgary with his family to assume his duties with Parex in the first quarter of 2021 and will work through a transition period with Mr. Taylor that will extend to the AGM.

Conference Call – Monday December 7, 2020 @ 10:00 am MT

Parex will host a conference call on Monday, December 7, 2020 beginning at 10:00 am Mountain Time. To participate in the call, please use the dial-in instructions below:

Toll-free dial-in number (Canada/US):	1-866-696-5894
Local dial-in number:	416-340-2217
International dial-in numbers:	https://www.confsolutions.ca/ILT?oss=7P1R8666965894
Participant passcode:	6422194#

For more information, please contact: