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Parex Resources Announces Approval of Normal Course Issuer Bid and Automatic Share Purchase Plan

Pursuant to the Bid, Parex will purchase for cancellation, from time to time, as it considers advisable, up to a maximum of 10,198,838 common shares of the Company ("Common Shares"). The Bid will commence on January 22, 2024 and will terminate on January 21, 2025 or such earlier time as the Bid is completed or terminated at the option of Parex.

The maximum number of Common Shares to be purchased pursuant to the Bid represents 10% of the public float, as of January 8, 2024. Purchases pursuant to the Bid will be made on the open market through the facilities of the TSX and/or Canadian alternative trading systems. The number of Common Shares that can be purchased pursuant to the Bid is subject to a daily maximum of 113,253 Common Shares (which is equal to 25% of the average daily trading volume of 453,015 from July 1, 2023 to December 31, 2023). The price that Parex will pay for any Common Shares under the Bid will be the prevailing market price on the TSX at the time of such purchase. Common Shares acquired under the Bid will be cancelled.

Eight Capital has agreed to act on the Company's behalf to make purchases of Common Shares pursuant to the Bid.

A copy of the Form 12 Notice of Intention to Make a Normal Course Issuer Bid filed by the Company with the TSX can be obtained from the Company upon request without charge.

Parex believes that the Common Shares have been trading in a price range which does not adequately reflect their value in relation to the Company's current operations and its growth prospects, and that, at such times, the purchase of Common Shares for cancellation will increase the proportionate interest of, and be advantageous to, all remaining shareholders. As of the close of business on January 8, 2024, the Company had 103,811,718 Common Shares issued and outstanding and a public float of 101,988,380 Common Shares.

Under a previous notice of intention to conduct a normal course issuer bid, the Company sought and received approval of the TSX to purchase 10,675,555 Common Shares for the period from January 4, 2023 to January 3, 2024. From January 4, 2023 to January 3, 2024, the Company purchased 5,628,100 Common Shares on the open market at a weighted-average price of $25.1587 per Common Share.

Further, the Company has entered into an automatic share purchase plan with Eight Capital in order to facilitate repurchases of its Common Shares. Under the Company's automatic share purchase plan, Eight Capital may repurchase Common Shares under the Bid during the Company's self-imposed blackout periods. Purchases will be made by Eight Capital based upon the parameters prescribed by the TSX and applicable securities laws and the terms of the plan and the parties' written agreement. The automatic share purchase plan has been approved by the Toronto Stock Exchange and will be implemented effective January 22, 2024.

This news release does not constitute an offer to sell securities, nor is it a solicitation of an offer to buy securities, in any jurisdiction.

Parex is the largest independent oil and gas company in Colombia, focusing on sustainable, conventional production. The Company's corporate headquarters are in Calgary, Canada, with an operating office in Bogotá, Colombia. Parex is a member of the S&P/TSX Composite ESG Index and its shares trade on the TSX under the symbol PXT.

For more information, please contact:

Mike Kruchten
Senior Vice President, Capital Markets & Corporate Planning
Parex Resources Inc.
403-517-1733
investor.relations@parexresources.com

Steven Eirich
Investor Relations & Communications Advisor
Parex Resources Inc.
587-293-3286
investor.relations@parexresources.com

NOT FOR DISTRIBUTION FOR DISSEMINATION IN THE UNITED STATES

Advisory on Forward-Looking Statements

Certain information regarding Parex set forth in this document contains forward-looking statements that involve substantial known and unknown risks and uncertainties. The use of any of the words "plan", "expect", "intend", "believe", "should", "anticipate" or other similar words, or statements that certain events or conditions "may" or "will" occur are intended to identify forward-looking statements. These statements are only predictions and actual events or results may differ materially. Many factors could cause Parex's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Parex. In particular, forward-looking statements contained in this document include, but are not limited to, statements with respect to the anticipated advantages to shareholders of the Bid and the commencement date of the automatic share purchase plan and the anticipated benefits to be derived therefrom. These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to, the risk that the anticipated benefits of the Bid and the automatic share repurchase plan may not be achieved. Readers are cautioned that the foregoing list of factors is not exhaustive. Although the forward-looking statements contained in this document are based upon assumptions which Management believes to be reasonable, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. With respect to forward-looking statements contained in this document, Parex has made assumptions regarding, among other things, the ability of the Company to achieve the benefits of the Bid. These forward-looking statements are made as of the date of this document and Parex disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.