Mr. Mike Kruchten reports

PAREX RESOURCES PROVIDES UPDATE ON CHIRIMOYA WELL AT VIM-43

Parex Resources Inc. has noted that, with testing completed, it has abandoned the Chirimoya exploration well at VIM-43 (100-per-cent working interest).

As previously announced, Parex reached the Chirimoya exploration well's target depth of approximately 17,500 feet. Following open-hole evaluation, including logging operations, the company made the decision to case and test the well. All three prospective zones were evaluated and confirmed that the potential reservoirs had no economic hydrocarbons.

The Chirimoya exploration well was the first prospect in a three-well 2023 big E, high-impact exploration program. The Northern Llanos Arauca-8 well at Arauca (50-per-cent working interest) and the Llanos Foothills Arantes-1 well at LLA-122 (50-per-cent working interest) are expected to be spudded in Q4 2023.

Parex will release its Q2 2023 results as well as provide an operational update postmarket on Aug. 2, 2023, with plans to host a conference call for investors, analysts and other interested parties the following day.

About Parex Resources Inc.

Parex is the largest independent oil and gas company in Colombia, focusing on sustainable, conventional production. The company's corporate headquarters are in Calgary, Canada, with 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.

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