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Parex Resources announces La Casona light oil discovery, third quarter results and October production of 12,400 bopd

Wednesday, Nov 14, 2012

Parex Resources Inc. ("Parex", the "Company" or "we") (TSX:PXT), a company focused on oil exploration and production in Colombia and Trinidad is pleased to announce a light oil discovery, La Casona-1 on the El Eden Block. We are also providing financial and operating results for the three months ended September 30, 2012 ("third quarter"), including an oil discovery in the Las Maracas Gacheta Formation. Furthermore, with October production of 12,400 bopd, Parex has made significant progress towards its 2012 exit rate guidance of 13,000-14,000 barrels of oil per day ("bopd"). An update of the Company's operations is also provided below. All amounts herein are in United States dollars unless otherwise stated.

For the fourth quarter of 2012, Parex currently plans a self-funding capital investment program of approximately $45-$50 million and a 2012 exit rate of 13,000-14,000 bopd.

In early 2013, after evaluating the results of ongoing exploration and appraisal activity, and finalizing partner budgets, Parex expects to be in a position to update shareholders on 2013 capital expenditure plans and production guidance.

Capital Expenditure Activity

Parex expects that for the remainder of 2012, it will fund Colombian capital activity based on (gross) three drilling rigs and two service rigs (approximately 60 percent working interest). In Trinidad, the Company's capital program will be based on one service rig (83.8 percent working interest) and the commencement of a 2D seismic program (50 percent working interest).

Source: Marketwire

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