Parex Resources Inc. · TSX:PXT
Parex Resources — Shareholder Meeting (May 2026)
22 slides from Parex Resources's shareholder meeting presentation, May 12, 2026
Slide 1: Annual General & Special Meeting of Shareholders
Parex Resources Annual General & Special Meeting of Shareholders May 12, 2026
Slide 2: Positioned to be the Largest, Independent, Colombian-Focused Oil & Gas Company
Positioned to be the Largest, Independent, Colombian-Focused Oil & Gas Company ✓ Value Creation in Colombia since 2009 ✓ Sustainable Portfolio with Growth Runway ✓ Best-in-Class Exploration Prospects ✓ Strong Return of Capital Track Record ✓ Top-Quartile ESG Performance See “Forward-Looking Statemen
Slide 3: Total Return Proposition
TOTAL RETURN PROPOSITION 1 Base Delivery: Targeting >15% annual shareholder return ✓ Foundation delivering 3-5% growth through proven technology application ✓ Stable dividend with excess free cash flow allocated primarily to debt repayment 2 Transformational Upside: Foothills exploration catalysts ✓
Slide 4: Colombia-Focused Strategy
Colombia-Focused Strategy Parex Resources is 100% focused on Colombia Unlocking extensive Exploitation land base using & Technology proven technology Pursuing onshore, Capturing exploration upside world-class gas plays . while actively managing that are underexplored . Gas Exploration shareholder ri
Slide 5: Exploitation & Technology: Cabrestero Example
Exploitation & Technology: Cabrestero Example Unlocking extensive land base using proven technology CABRESTERO PERFORMANCE VS. RESERVES PROFILE(1) 20 Infills, Waterflooding + Exploration Initial Polymer Injection Water & Polymer Flood Maintenance 15 Investment Complete: Minimal Capital Planned Going
Slide 6: Exploration Potential: Near-Field Exploration Portfolio Example
Exploration Potential: Near-Field Exploration Portfolio Example Capturing exploration upside while actively managing shareholder risk & reward Increased Land Position by ~4x Today: 7.9 Million Acres Premium Prospect Funnel Material, Net Acreage Expansion Largest Independent Land Portfolio in Colombi
Slide 7: Gas Opportunities: Llanos Foothills Example
Gas Opportunities: Llanos Foothills Example Pursuing onshore, world-class gas plays that are underexplored PXT/ECP Aligned Area(1) Sirirí PXT Proven Operatorship Resource Capachos Operatorship highlights track Cumulative production from area record of technical expertise & >1.4B bbls oil & 4 TCF gas
Slide 8: Portfolio Building Blocks
Portfolio Building Blocks Frontera and the addition of producing assets in the Magdalena add to the base & development building blocks 4 Robust base business anchors the portfolio, 3 supported by significant running room, follow-on inventory, and 2 transformational exploration upside 1 See “Forward-
Slide 9: Near-Term Catalysts
Near-Term Catalysts Upcoming Parex & Colombia potential tailwinds Successful Integration & Close of Frontera 1 (E&P assets & people) Progressing Discoveries in Eastern Llanos 2 (LLA-111) Completing Initial Work in Magdelena Basin 3 (Drilling first wells at Casabe & Llanito) Spudding the Piedemonte F
Slide 10: Frontera Acquisition: Creates the Largest Independent Colombian E&P
Frontera Acquisition: Creates the Largest Independent Colombian E&P Transaction builds a stronger growth platform by combining two of Colombia’s leading energy portfolios Leverages Technology Track Record Across Larger Portfolio Enhances Size, Scale & Running Room Optimization of Capital Allocation
Slide 11: Addition of Producing Assets in the Magdalena
Addition of Producing Assets in the Magdalena 50% share in the Casabe & Llanito blocks for a commitment to invest a $250 million (gross) capital program over five years ~15,000 bbl/d(1) Average Production Stable, Cash-Generating Production No upfront acquisition cost with infrastructure already in p
Slide 12: Strategic Partnership with Ecopetrol S.A.
Strategic Partnership with Ecopetrol S.A. Longstanding partnership and alignment with state-owned, integrated energy company Magdalena Casabe & Llanito Northern Llanos • Low upfront capital for Capachos near-term production • Onstream since 2018 • Enhance recovery • Base & development asset using op
Slide 13: Building Scale and Unlocking Value
Building Scale and Unlocking Value Adding accretive barrels for scale and realizing value through optimized capital allocation to the best opportunities Disciplined Acquisition Increased Size & Scale Optimized Capital Allocation Beyond Base Assets $33,150 82,000-91,000 boe/d(4) Magdalena World-class
Slide 14: Building on Long-Term Track Record
Building on Long-Term Track record New step-change guidance shows a production increase nearly double from prior levels CORPORATE AVERAGE PRODUCTION(1) (kbbl/d) 90 3 80 82,000-91,000 boe/d Step-Change 70 H2 2026 Guidance(3) 60 50 40 2 30 Post-COVID, built operational capability & compensated for dec
Slide 15: Scalable Platform
Scalable Platform Recent strategic transactions have transformed Parex and enhanced its market position CORPORATE AVERAGE PRODUCTION(1) (kboe/d) 125 100 Largest independent E&P in Colombia One of the largest oil-weighted, mid-cap producers on the TSX 75 50 25 0 PXT (2) GTE SierraCol Hocol GPRK SCR P
Slide 16: Executing the Next Chapter
Executing the Next Chapter Transformed Parex positioned to deliver an unparalleled portfolio of development & exploration opportunities Optimize the Base Business Leverage proven technologies to increase recovery factor on large OOIP base Deliver Integration Value Capture synergies and strengthen po
Slide 17: Total Return Proposition
TOTAL RETURN PROPOSITION 1 Base Delivery: Targeting >15% annual shareholder return ✓ Foundation delivering 3-5% growth through proven technology application ✓ Stable dividend with excess free cash flow allocated primarily to debt repayment 2 Transformational Upside: Foothills exploration catalysts ✓
Slide 18: Contact Information
Contact Information Mike Kruchten Senior Vice President, Capital Markets & Corporate Planning 403-517-1733 investor.relations@parexresources.com Steven Eirich Senior Investor Relations & Communications Advisor 587-293-3286 investor.relations@parexresources.com Parex Resources Inc. 2700 Eighth Avenue
Slide 19: Advisory
Advisory This presentation is provided for informational purposes only as of May 12, 2026, is not complete and may not contain certain material information about Parex Resources Inc. ("Parex" or the "Company"), including important disclosures and risk factors associated with an investment in Parex.
Slide 20: Non-GAAP and Other Financial Measures Advisory
Advisory Non-GAAP and Other Financial Measures Advisory This presentation uses various "non-GAAP financial measures", "non-GAAP ratios", "supplementary financial measures" and "capital management measures" (as such terms are defined in National Instrument 52-112 – Non-GAAP and Other Financial Measur
Slide 21: Oil & Gas Matters
Advisory Oil & Gas Matters This presentation contains a number of oil and gas metrics, including funds flow provided by operations netback. These oil and gas metrics have been prepared by management and do not have standardized meanings or standard methods of calculation and therefore such measures
Slide 22: Advisory: Historical Production
Advisory Historical Production(1) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Light & Medium Crude Oil (bbl/d) - - - - - - - - 4,668 7,214 6,021 6,831 7,471 8,417 8,850 11,635 Heavy Crude Oil (bbl/d) - - - - - - - - 39,120 44,494 39,197 38,449 43,008 45,163 40,336