Parex Resources Inc. announces closing of the Cabrestero Block acquisition and recent drilling success. The company also expects that its second quarter 2013 production to be 15,000-15,500 bopd.

"This year we've consistently stated that our key goal is to demonstrate the sustainability of our business. So far in 2013 we've had two significant discoveries, two material field extensions and continued strong performance on our Kona field. Over the next 2 months we will conduct extended production tests on the new wells to help us evaluate the potential reserves impact and based on that we'll set out our remaining year 2013 production strategy and our first pass at the 2014 capex and production budgets", commented Wayne Foo, President and CEO.

■ Q2 2013 Production: We expect that production for the period April 1, 2013 to June 30, 2013 to average 15,000-15,500 bopd, compared to Q1 2013 average of 14,440 bopd and 2012 full year average of 11,407 bopd.

Tags: Parex Resources Inc.