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Parex Increases Drilling Program for 2015

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Parex Increases Drilling Program for 2015

Parex Resources Inc. has provided an operational update that confirms Q1 2015 production of 26,700 bopd and announces the start of its 2015 exploration program. All amounts herein are in United States dollars (USD).

Exploration & Production Update:

Oil production for Q1 2015 averaged approximately 26,700 barrels of oil per day (bopd), exceeding our original 2015 fully year production guidance of 26,500 bopd. Block LLA-34 Tilo-1: On March 28, 2015 Tilo-1 commenced a long-term test and current production is approximately 850 bopd. Commencement of 2015 Exploration Program: Block LLA-26 Rumba-1 exploration well was spud on March 25, 2015. The well is targeted to drill to a total depth of approximately 13,800 feet to test the Mirador and Une formations. Plan to increase the 2015 exploration…
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