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Parex Resources Inc. ("Parex" or the "Company") (TSX: PXT,OTC:PARXF) is pleased to announce that the Toronto Stock Exchange ("TSX") has approved the Company commencing a normal course issuer bid ("Bid").
Pursuant to the Bid, Parex will purchase for cancellation, from time to time, as it considers advisable, up to a maximum of 9,407,490 common shares of the Company ("Common Shares"). The Bid will commence on January 22, 2026, and will terminate on January 21, 2027, 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 9, 2026. 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 146,890 Common Shares (which is equal to 25% of the average daily trading volume of 587,563 from July 1, 2025, to December 31, 2025). 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.
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 9, 2026, the Company had 95,974,136 Common Shares issued and outstanding and a public float of 94,074,906 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 8,621,348 Common Shares for the period from January 22, 2025, to January 21, 2026. From January 22, 2025, to January 9, 2026, the Company purchased 2,310,000 Common Shares on the open market at a weighted-average price of C$15.371 per Common Share.
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.
About Parex Resources Inc.
Parex is one of the largest independent oil and gas companies in Colombia, focusing on sustainable, conventional production. The Company's corporate headquarters are in Calgary, Canada, with an operating office in Bogotá, Colombia. Parex shares trade on the Toronto Stock Exchange 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
Senior Investor Relations & Communications Advisor
Parex Resources Inc.
587-293-3286
investor.relations@parexresources.com
NOT FOR DISTRIBUTION OR 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.
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