Mr. Mike Kruchten reports

PAREX RESOURCES ANNOUNCES TIMING OF Q1 2022 RESULTS AND 2022 VIRTUAL ANNUAL GENERAL MEETING OF SHAREHOLDERS

Parex Resources Inc. will release its first quarter 2022 financial and operating results after markets close on Wednesday, May 11, 2022.

On the following day (Thursday, May 12, 2022), Parex will hold its annual general meeting of shareholders at 9:30 a.m. MT (11:30 a.m. ET) in a virtual-only format. The meeting will be conducted via webcast and provide all shareholders an opportunity to participate regardless of their geographic location.

In advance of the meeting, Parex would like to provide clarification regarding external auditor service fees as reported in its Dec. 31, 2021, annual information form (AIF). Additional disclosure as it specifically relates to tax fees related to compliance and consulting work performed by the company's auditor can be found in the attached table. Consulting tax fees and all other fees together represent less than 50 per cent of total fees paid to the company's auditor in 2021 at 47 per cent.

Further information regarding the annual general meeting, including meeting materials, can be found on the company's website under investors.

About Parex Resources Inc.

Parex is the largest independent oil and gas company in Colombia, focusing on sustainable, conventional production. Parex's corporate headquarters are in Calgary, Canada, and the company has an operating office in Bogota, Colombia. Parex is a member of the S&P/TSX Composite ESG Index and its shares trade on the Toronto Stock Exchange under the symbol PXT.