Mr. Mike Kruchten reports

PAREX RESOURCES ANNOUNCES PRODUCTION UPDATE AND TIMING OF Q3 2025 RESULTS

Parex Resources Inc. has released a production update and expects to release its Q3 (third quarter) 2025 financial and operating results on Nov. 4, 2025.

Q3 2025 production update (1) (2):

• The estimated Q3 2025 average production was 44,000 barrels of oil equivalent per day (boe/d), with production in the quarter supported by strong base asset performance, growth at LLA-32 and positive exploration results, offset by lower production at Capachos. The prior quarter's (Q2 (second quarter) 2025) average production was 42,542 boe/d.
• With new wells recently brought on stream at LLA-32, current field production has increased by over 40 per cent since the tuck-in acquisition (3) (4). In addition, with the fourth near-field exploration success of 2025 coming on line in late September, current average production has increased to approximately 46,500 boe/d (4).
• Over the remainder of 2025, the company expects to bring on stream four to six production-adding wells across LLA-32, Capachos and Putumayo, along with continued near-field exploration. Together, these are expected to support Q4 (fourth quarter) 2025 production and set up a strong entry into 2026.

(1) See product type disclosure.

(2) Average production numbers are preliminary, subject to final reconciliation, and rounded for presentation purposes (excludes Q2 2025).

(3) LLA-32 tuck-in acquisition as previously announced; see the May 8, 2025 news release.

(4) The estimated average daily production corresponds with the period of Sept. 23, 2025, to Sept. 29, 2025.

Q3 2025 conference call and webcast

Parex will host a conference call and webcast to discuss its Q3 2025 results on Tuesday, Nov. 4, 2025, 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 below.

Conference ID:  5403995

Participant toll-free dial-in number:  1-646-307-1963

Participant dial-in number:  1-647-932-3411

Webcast:  A webcast will be available.

About Parex Resources Inc.

Parex is one of the largest independent oil and gas companies in Colombia, focusing on sustainable, conventional production. The company's corporate headquarters are in Calgary, Canada, with an operating office in Bogota, Colombia. Parex shares trade on the Toronto Stock Exchange under the symbol PXT.

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