The Globe and Mail reports in its Tuesday, Oct. 27, edition that ATB Cormark Capital Markets analyst Kalvin Baim, in a client report titled The Barrels Don't Lie, And Parex Is Ready To Prove It Right, commenced coverage of Parex Resources with an "outperform" recommendation, which is an upgrade from the firm's previous "sector perform" call, and an unchanged share target of $35. The Globe's David Leeder writes in the Eye On Equities column that analysts on average target the shares at $30.42. Mr. Baim says in a note: "The market still prices Parex as a single-field producer that needs exploration success to offset decline, but the 2026 Frontera acquisition and Ecopetrol partnerships have made it Colombia's largest independent producer, with a pro forma 2P reserve base of 305.5 mmboe across three basins and production more than doubling to 92,000 boe/d in 2027. The cost is acquisition debt, and we forecast $540-million (U.S.) of free cash flow after dividends across 2027E and 2028, enough to retire the 2028 notes and cut net debt to $144-million (U.S.) while preserving a 5.3-per-cent yield. We believe deleveraging and delivery, not a discovery, will close the valuation gap."