Parex Resources Inc. is pleased to announce three new Colombian oil discoveries on blocks LLA-26 and LLA-34, and increased oil production guidance for 2015. All amounts herein are in United States dollars unless otherwise stated.

Operational Update

Rumba/Bazar (Operated, Block LLA-26, WI 100%):

Parex spud the Bazar-2 exploration well on July 28, 2015 to test the Mirador and Une formations on a separate structural closure along the same fault trend as the recent Rumba discovery. The bottom hole coordinates of the well are approximately 2.2 kilometers northeast of the Rumba-1 discovery well and 1.1 kilometers northeast of the Rumba-2 appraisal well.

Bazar-2 reached the Mirador Formation target depth on August 23, 2015 and encountered potential oil bearing zones with electric log characteristics and hydrocarbon shows suggesting oil pay.

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