Parex Resources Inc. announce the results of its updated reserves assessment as at June 30, 2014, increased production guidance and an operational update.
Mid-Year Corporate Reserves Report Highlights:
Material increase in all reserve categories driven by a balanced capital program and a strategic acquisition:
Appraisal drilling: LLA-34:Tigana;
Exploration drilling discoveries: LLA-34:Aruco, LLA-40:Begonia, LLA-32:Kananaskis, Calona and Carmentea;
Strategic acquisition: Increased working interest in blocks LLA-32 and LLA-34;
Proved plus probable ("2P") reserves growth of 80 percent in six months, increasing from 32.0 million barrels of oil equivalent ("MMboe") (net company working interest) at December 31, 2013 to 57.6 MMboe (net company working interest) at June 30, 2014;