Mr. Mike Kruchten reports

PAREX RESOURCES ANNOUNCES APPROVAL OF NORMAL COURSE ISSUER BID AND AUTOMATIC SHARE PURCHASE PLAN

The Toronto Stock Exchange has approved Parex Resources Inc. commencing a normal course issuer bid.

Pursuant to the bid, Parex will purchase for cancellation, from time to time, as it considers advisable, up to a maximum of 9,407,490 common shares of the company. The bid will commence on Jan. 22, 2026, and will terminate on Jan. 21, 2027, or such earlier time as the bid is completed or terminated at the option of Parex.

The maximum number of common shares to be purchased pursuant to the bid represents 10 per cent of the public float as of Jan. 9, 2026. Purchases pursuant to the bid will be made on the open market through the facilities of the TSX and/or Canadian alternative trading systems. The number of common shares that can be purchased pursuant to the bid is subject to a daily maximum of 146,890 common shares (which is equal to 25 per cent of the average daily trading volume of 587,563 from July 1, 2025, to Dec. 31, 2025). The price that Parex will pay for any common shares under the bid will be the prevailing market price on the TSX at the time of such purchase. Common shares acquired under the bid will be cancelled.

A copy of the Form 12 (Notice of Intention to Make a Normal Course Issuer Bid) filed by the company with the TSX can be obtained from the company upon request without charge.

Parex believes that the common shares have been trading in a price range which does not adequately reflect their value in relation to the company's current operations and its growth prospects, and that, at such times, the purchase of common shares for cancellation will increase the proportionate interest of, and be advantageous to, all remaining shareholders. As of the close of business on Jan. 9, 2026, the company had 95,974,136 common shares issued and outstanding and a public float of 94,074,906 common shares.

Under a previous notice of intention to conduct a normal course issuer bid, the company sought and received approval of the TSX to purchase 8,621,348 common shares for the period from Jan. 22, 2025, to Jan. 21, 2026. From Jan. 22, 2025, to Jan. 9, 2026, the company purchased 2.31 million common shares on the open market at a weighted-average price of $15.371 per common share.

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 is 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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