Parex Resources Announces Production Update and Timing of Q2 2025 Results

About this update from Parex Resources Inc.

CALGARY, Alberta, July 03, 2025 (GLOBE NEWSWIRE) -- Parex Resources Inc. (“Parex” or the “Company”) (TSX: PXT) announces a production update and plan to release its Q2 2025 financial and operating results on July 30, 2025. Q2 2025 Production Update (1) (2) Estimated Q2 2025 average production was 42,550 boe/d. June 2025 average production was approximately 43,950 boe/d; production growth was supported by previously disclosed positive exploration results and the successful startup of the first follow-up horizontal well at LLA-74 in the Southern Llanos. In July 2025, the Company expects to ramp up production from its second follow-up horizontal well at LLA-74 and bring onstream the first well of the LLA-32 development campaign. boe/d For the three months ended June 30, 2025 Block LLA-34 21,500 Southern Llanos 13,800 Northern Llanos 4,000 Magdalena Basin 2,250 Natural Gas Production 1,000 Average Production 42,550 Monthly Production Breakdown (1) (2) boe/d April 2025 May 2025 June 2025 Average Production 41,350 42,300 43,950 (1) See “Product Type Disclosure.” (2) Average production numbers are preliminary, subject to final reconciliation, and rounded for presentation purposes. Q2 2025 Conference Call & Webcast Parex will host a conference call and webcast to discuss its Q2 2025 results on Wednesday, July 30, 2025, beginning at 9:30 am MT (11:30 am ET). To participate in the conference call or webcast, please see the access information below: Conference ID: Participant Toll-Free Dial-In Number: Participant Dial-In Number: Webcast: 5403995 1-646-307-1963 1-647-932-3411 https://events.q4inc.com/attendee/228530270 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 Bogotá, Colombia. Parex shares trade on the Toronto Stock Exchange under the symbol PXT. For more information, please contact: Mike Kruchten Senior Vice President, Capital Markets & Corporate Planning Parex Resources Inc. 403-517-1733 [email protected] Steven Eirich Senior Investor Relations & Communications Advisor Parex Resources Inc. 587-293-3286 [email protected] NOT FOR DISTRIBUTION OR FOR DISSEMINATION IN THE UNITED STATES Product Type Disclosure Product Type April 2025 May 2025 June 2025 Light & Medium Crude Oil (bbl/d) 10,803 10,193 10,976 Heavy Crude Oil (bbl/d) 29,761 31,089 31,811 Conventional Natural Gas (mcf/d) 4,721 6,115 6,978 Oil Equivalent (boe/d) 41,350 (1) 42,300 (1) 43,950 (1) Product Type For the three months ended June 30, 2025 Light & Medium Crude Oil (bbl/d) 10,662 Heavy Crude Oil (bbl/d) 30,899 Conventional Natural Gas (mcf/d) 5,941 Oil Equivalent (boe/d) 42,550 (1) (1) Average production numbers are preliminary, subject to final reconciliation, and rounded for presentation purposes. Oil & Gas Matters Advisory The term "Boe" means a barrel of oil equivalent on the basis of 6 thousand cubic feet ("mcf") of natural gas to 1 barrel (“bbl”). Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 mcf: 1 bbl, utilizing a conversion ratio at 6 mcf: 1 bbl may be misleading as an indication of value. Abbreviations The following abbreviations used in this press release have the meanings set forth below: bbl/d barrels per day boe/d barrels of oil equivalent of natural gas per day mcf/d thousand cubic feet per day PDF available: http://ml.globenewswire.com/Resource/Download/5c0587f6-47f0-4420-bfc6-31a2e9c7cdf2

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