Parex Resources Inc. announces its 2015 full year guidance.
2015 average production range of 28,500-30,000 barrels of oil per day (bopd) as compared to the 2014 average of approximately 22,300 bopd and the 2013 average of 15,854 bopd;
Top quartile production growth of 30% year-over-year and 17% per basic share using mid-point guidance from 2014 and 2015;
2015 capital budget utilizes a Brent oil price of $85/barrel (bbl) that generates high operating netback production which provides for a capital program fully funded from cash flow;
Lower risk development and appraisal program plus facilities on existing discoveries of 16 gross wells (9.4 net) costing approximately $145 million. We expect this maintenance capital will allow us to sustain our Q4 2014 guidance mid-point production base of approximately 26,000 bopd;