Mr. Imad Mohsen reports

PAREX RESOURCES ANNOUNCES APPOINTMENT OF SANJAY BISHNOI TO CHIEF FINANCIAL OFFICER

Parex Resources Inc. has appointed Sanjay Bishnoi as chief financial officer, effective Oct. 2, 2023.

"We are excited to welcome Sanjay to the Parex team," said Imad Mohsen, president and chief executive officer. "Bringing an extensive international background in strategy, corporate finance and executive leadership, he has demonstrated a track record of enhancing shareholder value through an entrepreneurial and commercial mindset."

Mr. Bishnoi is a proven chief financial officer with over 25 years of financial and leadership experience, primarily in the energy sector. Most recently, he held the position of chief financial officer at TotalEnergies EP Canada. Prior to that role, he served as the chief financial officer and senior vice-president of Enerflex from 2019 to 2023, where he led all financial and reporting aspects of the global natural gas infrastructure company. From 2015 to 2019, he was a co-founder and served as the chief financial officer of Caprock Midstream, a privately held mid-stream operator in the Delaware basin. His career has also encompassed financial and operational roles with organizations such as GE, The Dow Chemical Company, El Paso Global LNG, The Boston Consulting Group and Imperial Oil.

Mr. Bishnoi holds an MBA from the University of Chicago, a PhD in chemical engineering from the University of Texas at Austin and a BSc in chemical engineering from the University of Calgary.

"I am very enthusiastic about becoming a member of the Parex team," said Mr. Bishnoi. "The world-class portfolio of assets, combined with the promising opportunity set in Colombia, has positioned the company to continue delivering significant shareholder value in the years to come."

Mr. Bishnoi will succeed Ken Pinsky, who, as previously announced, is electing to retire. Mr. Pinsky joined Petro Andina, Parex's predecessor, in 2008 as vice-president, finance, and chief financial officer, and has been the chief financial officer of Parex since its inception. Following Mr. Bishnoi's appointment, Mr. Pinsky will remain with the company until Nov. 30, 2023, to ensure a smooth transition.

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 is 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.