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Parex Resources Inc. ("Parex" or the "Company") (TSX: PXT) has announced that it will release its first quarter 2022 financial and operating results after markets close on Wednesday, May 11, 2022.
On the following day (Thursday, May 12, 2022), Parex will hold its Annual General Meeting of Shareholders at 9:30AM MT (11:30AM ET) in a virtual-only format. The meeting will be conducted via webcast and provide all shareholders an opportunity to participate regardless of their geographic location.
Webcast registration: https://meetnow.global/M29ZXQF
In advance of the meeting, Parex would like to provide clarification regarding external auditor service fees as reported in its December 31, 2021, Annual Information Form ("AIF"). Additional disclosure as it specifically relates to Tax Fees related to Compliance and Consulting work performed by the Company's auditor can be found in the below table. Consulting Tax Fees and All Other Fees together represent less than 50% of total fees paid to the Company's auditor in 2021 at 47%.
| Fees Paid to Auditor in the Year Ended December 31, 2021 (US$) | ||||
| Nature of Services | Clarified | As Stated in AIF | ||
| Audit Fees (1) | $522,260 | $522,260 | ||
| Audit-Related Fees (2) | - | - | ||
| Tax Fees – Compliance (3) | $185,579 | $273,482 | ||
| Tax Fees – Consulting (4) | $87,903 | |||
| All Other Fees (5) | $540,378 | $540,378 | ||
| Total | $ 1,336,120 | $ 1,336,120 | ||
(1) "Audit Fees" include fees necessary to perform the annual audit and quarterly reviews of the Company's consolidated financial statements. Audit Fees also include audit or other attest services required by legislation or regulation, such as comfort letters, consents, reviews of securities filings and statutory audits.
(2) "Audit-Related Fees" include services that are traditionally performed by the auditor. These audit-related services include the review and assistance with the transition to IFRS.
(3) "Tax – Compliance" includes fees related to tax compliance work for statutory tax obligations in the international jurisdictions that the Company operates in.
(4) "Tax Fees – Consulting" include fees for all tax services other than those included in "Audit Fees" and "Audit-Related Fees." This category includes fees for tax planning and tax advice.
(5) "All Other Fees" include all other non-audit products and services. In 2021 the Company engaged PricewaterhouseCoopers to assist with a one-time human resources information system implementation. The fees for this specific project represent the majority of the non-audit, non-tax fees paid in 2021. In 2022, it is projected that Parex's non-audit fees will be reduced.
Further information regarding the Annual General Meeting, including meeting materials, can be found at www.parexresources.com under Investors.
About Parex Resources Inc.
Parex is the largest independent oil and gas company in Colombia, focusing on sustainable, conventional production. Parex's corporate headquarters are in Calgary, Canada, and the Company has 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 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
Illustration of a FSIU in the foreground, receiving cargo from a LCO2 carrier in the background (Source: Yinson Production AS)
