Parex Resources Inc. provides the results of its 2012 year-end independent crude oil reserves evaluation and provides an operations update. The financial and operational information contained below is based on the Company's unaudited expected results for the year ended December 31, 2012.

Highlights:

• Proved reserve growth of 103 percent, increasing from 4.9 million barrels of light oil to 10.1 million barrels of light oil (net company working interest); • Proved plus probable reserve growth of 50 percent, increasing from 10.7 million barrels of light oil to 16.1 million barrels of light oil (net company working interest); • Replaced 229 percent of production on a total proved plus probable basis; • Proved plus probable reserve growth per share of 29 percent on a debt adjusted basic share basis primarily funded from surplus working capital carried over from 2011; • Proved plus probable net present value of $576 million before tax discounted at 10 percent compared to $454 million at 2011; • Finding and developing and acquisition ("FD&A") costs (including changes in future development costs ("FDC")) of $39.64 per barrel for 2012 generating a recycle ratio of 1.7. Excluding Trinidad capital expenditures, 2012 FD&A was $35.37 per barrel and generated a recycle ratio of 1.9; and • Production for the month of January 2013 was approximately 14,000 barrels of oil per day ("bopd") compared to 13,500 bopd in the previous month.

Tags: Parex Resources Inc.