Parex Resources

Parex Resources is an independent oil and gas exploration and production company that holds and operates onshore acreage in Colombia. The company’s assets are primarily oil-weighted and concentrated in the Magdalena and Llanos basins.

The company’s operational strategy is to pursue lower-risk exploration opportunities with high potential production that can be brought on stream and commercialised rapidly. Parex Resources is headquartered in Calgary, Canada, and has operational offices in Bogotá. The company’s shares trade on the Toronto Stock Exchange under the symbol PXT.

Parex Resources holds a total of approximately 5.7 million gross acres in Colombia’s Llanos and Magdalena basins. The acreage comprises approximately 40 blocks, the majority of which are wholly owned and operated by the company. The company’s total 2P reserves are estimated at approximately 168.6 million boe.

The company became the largest independent owner of oil and gas acreage in Colombia following the acquisition of 18 blocks in the 2020 Colombia Bid Round and the entry into a strategic partnership with Ecopetrol in 2021. In 2024, Parex Resources extended its partnership with Ecopetrol, gaining access to four blocks in the Putumayo Basin and the Farallones Block in the Llanos Foothills with a 50% interest.

In 2024, Parex Resource’s average production was 45,297 boepd, distributed among its holdings as follows:

• Block LLA-34: 45%
• Southern Llanos Basin holdings: 40%
• Northern Llanos Basin holdings: 10%
• Other: 5%

Block LLA-34 is a property developed in partnership with Ecopetrol in which Parex Resources holds a 55% working interest following the acquisition of block participants Ramshorn International and Verano Energy.

Company website: www.parexresources.com