Parex Announces the Retirement of Dave Taylor and the Appointment of Imad Mohsen as President and CEO

Parex Resources Inc. ("Parex" or the "Company") (TSX:PXT), a company headquartered in Calgary, Alberta and focused on Colombian oil exploration and production, herein announces that Mr. Dave Taylor has elected to retire from the Company under its normal course retirement policy, coincident with his 65 th birthday, as of the Annual General Meeting of the Company's shareholders in May 2021.

Mr. Taylor joined Petro Andina, the precursor company to Parex in 2007 as VP Exploration and Business Development and continued in that role following the spinout of Parex in 2009. In that capacity he led the effort to assemble the asset base that has supported the growth of the Company from its inception to its current status as the 2 ^{n d} largest oil company in Colombia. In 2015, Mr. Taylor was appointed President of Parex and in 2017, he was promoted to President and CEO. On behalf of shareholders, the Board of Directors and staff of Parex we extend our thanks to Dave for his leadership and his many individual contributions through his long and successful tenure with the Company.

"Dave has been a key member of the Parex team throughout the history of the Company. We are especially grateful for his steadfast leadership through 2020, managing through the unprecedented operating challenges of the COVID pandemic and its related economic stresses. Parex is in excellent financial health and with a strong capital program planned for 2021 that is already underway. We extend our sincere best wishes to Dave and his family as he moves toward closing out his long and successful career," stated Wayne Foo, Parex Board Chair.

In connection with Mr. Taylor's retirement the Board carried out a thorough executive search process that considered the nature of the assets, operations and financial strength of the Company, the challenges and opportunities facing the oil and gas industry in the coming decade, and the significant strengths of the existing leadership team. Based on those considerations, Parex is pleased to announce that Mr. Imad Mohsen will be joining the Company as President and CEO with an anticipated start date of February 1, 2021.

Mr. Mohsen, 47, is an engineering graduate of the Paris School of Mines (ENSMP). He joined Royal Dutch Shell in 1997 and rose through technical assignments of increasing responsibility and an assignment as Sustainable Development Advisor before being appointed Private Advisor to the CEO in 2005. Following that assignment, in 2007 he moved to New Orleans, Louisiana as Development Manager, Subsea GOM from 2007 to 2011 and then to Cairo, Egypt as General Manager, Operations for Shell Egypt JV (Bapetco) from 2011 to 2013.

In 2013, Mr. Mohsen joined Tulip Oil Holding B.V., a private equity backed upstream company founded in 2010 to explore for and develop oil and gas opportunities in Western Europe. After initially serving as COO, he was appointed CEO in 2015. Under his leadership Tulip had success with near field, short cycle time exploration and development of gas in the challenging environment of the Dutch North Sea. This included a significant exploratory discovery developed by installation of an innovative, low cost, remotely operated, unmanned production platform powered solely by renewable energy. Tulip is now the 4 ^th largest producer in the Netherlands offshore. In Germany, Imad oversaw a successful exploration program in the Rhine Graben area in a challenging regulatory regime with complex environmental and social issues.

Imad's successes during his prior work experience demonstrate his strength in strategic planning and in leading teams to execute growth through exploration, project management excellence, stakeholder relations and financial discipline. From both a personal standpoint and within the teams that he's led, the ESG values he has developed and carries forward are closely aligned with those that have defined Parex through its history.

"We believe that Imad is a leader who can engage the current Parex organization to maintain and build upon the strong performance and future potential of the existing operating base and deliver our 2021 budget. In addition, we have confidence that his experience in successfully applying best in class ESG approaches can be leveraged to steer the Company as it considers the many significant opportunities that are emerging during this transformational period for our industry," said Wayne Foo.

Subject to completion of notice, immigration and other requirements it is anticipated that Mr. Mohsen will commence relocating to Calgary with his family to assume his duties with Parex in the first quarter of 2021 and will work through a transition period with Mr. Taylor that will extend to the AGM.

Conference Call – Monday December 7, 2020 @ 10:00 am MT

Parex will host a conference call on Monday, December 7, 2020 beginning at 10:00 am Mountain Time. To participate in the call, please use the dial-in instructions below:

For more information, please contact:

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

NOT FOR DISTRIBUTION OR FOR DISSEMINATION IN THE UNITED STATES

Advisory on Forward Looking Statements

Certain information regarding Parex set forth in this press release contains forward-looking statements that involve substantial known and unknown risks and uncertainties. The use of any of the words "plan", "expect", "prospective", "project", "intend", "believe", "should", "anticipate", "estimate", "forecast", "budget" or other similar words, or statements that certain events or conditions "may" or "will" occur are intended to identify forward-looking statements. Such statements represent Parex' internal projections, estimates or beliefs concerning, among other things, future growth, results of operations, production, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, plans for and results of drilling activity, business prospects and opportunities. These statements are only predictions and actual events or results may differ materially. Although the Company's management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Parex' 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 timing of Mr. Taylor's retirement; timing of Parex' 2021 annual general meeting of shareholders; strength of the 2021 capital program; anticipated start date of Mr. Mohsen as President and CEO of the Company; the ability of the new President and CEO to maintain and build upon the strong performance and future potential of Parex; and leveraging Mr. Mohsen's experience in successfully applying best in class ESG approaches.

These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to, the impact of general economic conditions in Canada and Colombia; prolonged volatility in commodity prices; industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced in Canada and Colombia; impact of the COVID-19 pandemic and the ability of the Company to carry on its operations as currently contemplated in light of the COVID-19 pandemic; competition; the results of exploration and development drilling and related activities; risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities; fluctuations in foreign exchange or interest rates; environmental risks; changes in income tax laws or changes in tax laws and incentive programs relating to the oil industry; changes to pipeline capacity; ability to access sufficient capital from internal and external sources; failure of counterparties to perform under contracts; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Parex' operations are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website ( www.sedar.com ).

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: that the proposed changes to the Management occur as stated herein; current and anticipated commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future exchange rates; the price of oil; the impact of increasing competition; conditions in general economic and financial markets; the impact (and the duration thereof) that COVID-19 pandemic will have on the demand for crude oil and natural gas, Parex' supply chain and Parex' ability to produce, transport and sell Parex' crude oil and natural; availability of drilling and related equipment; effects of regulation by governmental agencies; receipt of partner, regulatory and community approvals; royalty rates; future operating costs; effects of regulation by governmental agencies; uninterrupted access to areas of Parex' operations and infrastructure; recoverability of reserves and future production rates; the status of litigation; timing of drilling and completion of wells; operational performance of non-operated producing fields; pipeline capacity; that Parex will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures and requirements as needed; that Parex' conduct and results of operations will be consistent with its expectations; that Parex will have the ability to develop its oil and gas properties in the manner currently contemplated; that Parex' evaluation of its existing portfolio of development and exploration opportunities is not consistent with its expectations; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; that the estimates of Parex' reserves volumes and the assumptions related thereto (including commodity prices and development costs) are accurate in all material respects; that Parex will be able to obtain contract extensions or fulfill the contractual obligations required to retain its rights to explore, develop and exploit any of its undeveloped properties; and other matters.

Management has included the above summary of assumptions and risks related to forward-looking information provided in this document in order to provide shareholders with a more complete perspective on Parex' current and future operations and such information may not be appropriate for other purposes. Parex' actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits Parex will derive. 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.

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