Mr. Mike Kruchten reports

PAREX RESOURCES ANNOUNCES PRODUCTION UPDATE, AND TIMING OF Q1 2026 RESULTS AND ANNUAL GENERAL MEETING

Parex Resources Inc. has provided a production update. The company plans to release its Q1 (first quarter) 2026 financial and operating results, and hold its annual general and special meeting of shareholders on Tuesday, May 12, 2026. Additionally, the company is withdrawing its six director nominees from GeoPark Ltd.'s upcoming 2026 annual meeting of shareholders.

Q1 2026 production update:

• Q1 2026 average production was 44,735 barrels of oil equivalent per day (boe/d).
• Production was stable at core blocks aside from some weather-related downtime, with lower volumes in February and March mainly attributed to declines and drilling results at LLA-32.
• With near-term production below the low end of the annual guidance range, the company expects output to increase in the second half of Q2 (second quarter) 2026, driven by remediations at LLA-32, continued scaling of Putumayo operations and the advancement of recent near-field exploration successes at LLA-111, supporting the company's FY (fiscal year) 2026 average production guidance of 45,000 to 49,000 boe/d.

Q1 2026 results -- conference call and webcast

Parex expects to release its Q1 2026 financial and operating results before markets open on Tuesday, May 12, 2026, with the company planning to host a conference call and webcast beginning at 9:30 a.m. MT (11:30 a.m. ET). To participate in the conference call or webcast, please see the access information below.

Conference ID:  409805475

Participant dial-in number:  1-365-657-4084

Participant toll-free dial-in number:  1-833-461-5787

Webcast:  A webcast will be available.

Annual general and special meeting of shareholders

On Tuesday, May 12, 2026, Parex will hold its annual general and special meeting of shareholders at 11 .m. MT (1 p.m. ET), both in person and virtually. Participants may gather at the 4th Floor Conference Center, Eight Avenue Place, East Tower, 525 8th Ave. SW, Calgary, Alta., and virtual participants can join on-line.

Additional information regarding the annual general and special meeting of shareholders, including meeting materials, can be found on Parex's website under investors.

Withdrawing GeoPark board nominations

Previously, on Feb. 20, 2026, Parex announced that it had nominated six director candidates for election to GeoPark's board of directors at its upcoming 2026 annual meeting of shareholders.

Following GeoPark's March 5, 2026, announcement of a common share issuance that resulted in the dilution of Parex's ownership interest, Parex has elected to withdraw its nomination of the six director candidates.

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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