PXT Parex Resources Inc

Parex Resources Inc. (“Parex” or the “Company”) (TSX: PXT) is pleased to announce the appointment of Sanjay Bishnoi to Chief Financial Officer, effective October 2, 2023.

“We are excited to welcome Sanjay to the Parex team,” said Imad Mohsen, President & Chief Executive Officer. “Bringing an extensive international background in strategy, corporate finance and executive leadership, he has demonstrated a track record of enhancing shareholder value through an entrepreneurial and commercial mindset.”

Mr. Bishnoi is a proven Chief Financial Officer with over 25 years of financial and leadership experience, primarily in the energy sector. Most recently, he held the position of Chief Financial Officer at TotalEnergies EP Canada. Prior to that role, he served as the Chief Financial Officer and Senior Vice President of Enerflex from 2019 to 2023, where he led all financial and reporting aspects of the global natural gas infrastructure company. From 2015 to 2019, he was a co-founder and served as the Chief Financial Officer of Caprock Midstream, a privately held midstream operator in the Delaware basin. His career has also encompassed financial and operational roles with organizations such as GE, The Dow Chemical Company, El Paso Global LNG, The Boston Consulting Group, and Imperial Oil.

Mr. Bishnoi holds an MBA from the University of Chicago, a Ph.D. in Chemical Engineering from the University of Texas at Austin, and a B.Sc. in Chemical Engineering from the University of Calgary.

"I am very enthusiastic about becoming a member of the Parex team," said Sanjay Bishnoi. "The world-class portfolio of assets, combined with the promising opportunity set in Colombia, has positioned the Company to continue delivering significant shareholder value in the years to come.”

Mr. Bishnoi will succeed Ken Pinsky, who, as previously announced, is electing to retire. Mr. Pinsky joined Petro Andina, Parex’s predecessor, in 2008 as Vice President, Finance, and Chief Financial Officer, and has been the Chief Financial Officer of Parex since its inception. Following Mr. Bishnoi’s appointment, Mr. Pinsky will remain with the Company until November 30, 2023, to ensure a smooth transition.

About Parex Resources Inc.

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 Toronto Stock Exchange under the symbol PXT.

For more information, please contact:

Mike KruchtenSenior Vice President, Capital Markets & Corporate Planning403-517-1733investor.relations@parexresources.com

Steven EirichInvestor Relations & Communications Advisor587-293-3286investor.relations@parexresources.com

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