.png)
CALGARY, Alberta, Oct. 13, 2022 (GLOBE NEWSWIRE) — Parex Resources Inc. (“Parex” or the “Company”) (TSX: PXT) announced an operational update inclusive of crude oil discoveries. Also announced is the completion of purchases under its current normal course issuer bid (“NCIB”) and an update on its balance sheet. All amounts herein are in United States Dollars unless otherwise stated. Key Highlights Q3 2022 average production is estimated to be 51,100 boe/d ( 1 ) , up approximately 8% from Q3 2021. Current production is approximately 55,000 boe/d ( 2 ) , demonstrating strong production growth to start Q4 2022. Expect FY 2022 production to average 52,000 to 53,000 boe/d ( 3) , with a 2022 exit rate in excess of 60,000 boe/d. Successful drilling efforts in the Llanos Basin year to date have resulted in crude oil discoveries on the Cabrestero, Capachos and LLA-40 blocks. Encouraging well results in the Magdalena Basin at the VIM-1 Block where Parex plans to begin reinjecting gas for enhanced oil recovery (“EOR”) starting in Q4 2022. Completed the current NCIB at the end of Q3 2022, marking the fourth consecutive year where Parex has purchased the maximum allowable shares under its NCIB programs, […]
CamTrader offers a preview only. View original article. www.globenewswire.com
