Parex Provides Production Update Related to Colombian Blockades - Seite 2

As of May 17, 2021, the Company has repurchased for cancellation 5.4 million common shares, under its NCIB, which commenced on December 23, 2020. As of April 30, 2021, Parex had 127.9 million basic shares outstanding. Parex expects to purchase the maximum allowable 12.9 million shares under the Company's normal course issuer bid program, prior to its expiry on December 22, 2021.   

For more information, please contact:

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

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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.

In particular, forward-looking statements contained in this document include, but are not limited to, statements with respect to the Company's focus, plans, priorities and strategies; expectation the Company will restart normal operations and production, subject to the lifting of blockades; support of communities where the Company's operates; H2 2021 average production and the assumptions thereunder; the exploration and growth activities when the Company resumes activities and the timing thereof; and Parex' expectation that it will purchase the maximum allowable number of common shares under its normal course issuer bid.