Mr. Mike Kruchten reports

PAREX RESOURCES PROVIDES UPDATE ON NORTHERN LLANOS OPERATIONS AS WELL AS ANNOUNCES TIMING OF Q4 2023 RESULTS

Parex Resources Inc. has provided an update on its Northern Llanos operations, which are being affected by continuing social protests in the region that began on Jan. 22, 2024. The company also will release its Q4 2023 and FY 2023 financial and operating results, as well as its independent reserves assessment as at Dec. 31, 2023, after markets close on Thursday, Feb. 29, 2024.

Continuing social protests that are affecting operations in the Northern Llanos

As reported by Colombian media outlets, the operations of energy companies that operate in the Northern Llanos region of Colombia are being impacted by continuing social protests.

As a result of the protests, on Jan. 22, 2024, Parex shut in its operations at the Capachos block (1), as well as halted drilling and testing operations at the Arauca block (2). For the period of Jan. 1, 2024, to Feb. 11, 2024, estimated average company production was approximately 53,200 boe/d (barrels of oil equivalent per day) (3) and current average production is roughly 50,000 boe/d (4). The company's average production guidance for FY 2024, ranging from 54,000 to 60,000 boe/d (57,000 boe/d midpoint), remains unchanged due to production contingencies incorporated into the guidance range.

The company has activated internal security protocols and is actively working to resume operations by engaging with stakeholders at all levels. Parex acknowledges the efforts and leadership of the Colombian national government, including various ministries and agencies, as the company strives to find a mutually beneficial solution through an established engagement process.

(1) 50-per-cent W.I.

(2) Business collaboration agreement with Ecopetrol S.A. (Parex 50-per-cent participating share).

(3) Light and medium crude oil: approximately 7,961 bbl/d, heavy crude oil: approximately 44,496 bbl/d, conventional natural gas: approximately 4,457 mcf/d.

(4) Estimated current average production relates to the 11-day period of Feb. 1, 2024, to Feb. 11, 2024 (light and medium crude oil: approximately 7,482 bbl/d, heavy crude oil: approximately 41,820 bbl/d, conventional natural gas: approximately 4,189 mcf/d).

Q4 2023 and FY 2023 results -- conference call and video webcast

Parex will host a conference call and video webcast to discuss its Q4 2023 and FY 2023 results on Friday, March 1, 2024, beginning at 9:30 a.m. MT (11:30 a.m. ET). To participate in the conference call or video webcast, please see the access information:

Conference ID:  1 335 335

Participant toll-free dial-in number:  1-888-550-5584

Participant international dial-in number:  1-646-960-0157

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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