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CALGARY, Alberta, Feb. 02, 2023 (GLOBE NEWSWIRE) — Parex Resources Inc. (“Parex” or the “Company”) (TSX: PXT) is pleased to announce the results of its annual independent reserves assessment as at December 31, 2022, as well as a corporate update. The financial and operational information contained below is based on the Company’s unaudited estimated results for year-end December 31, 2022. All currency amounts are in United States dollars unless otherwise stated. The following reserves categories are discussed in this news release: proved developed producing ("PDP"); proved ("1P"); proved plus probable ("2P"); and proved plus probable plus possible ("3P"). Key Highlights Twelve consecutive years of PDP, 1P and 2P reserves per share growth (on a boe basis), with double digit percentage increases from 2021. Achieved a strong 1P reserve replacement ratio of 128%. Strategically deployed $100 million of working capital to complete a voluntary, internal corporate entity restructuring that increases 2023 funds flow and free funds flow guidance by $65 million (midpoint) as well as provides the Company with an increased outlook through 2027. Declared a Q1 2023 regular dividend of C$0.375 per share or C$1.50 per share annualized, representing a 50% increase from the Company’s Q4 2022 regular dividend; […]
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