Parex Assets Broadcasts Llanos Foothills Strategic Alliance, Operational Power, and Timing of 2026 Steerage

Parex Assets Inc. (“Parex” or the “Firm”) (TSX: PXT,OTC:PARXF) and its strategic accomplice Ecopetrol S.A. (“Ecopetrol”), are happy to announce an replace on their Llanos Foothills exploration program, the place a full strategic alliance has successfully been achieved. Moreover, the Firm supplies an replace on its company manufacturing and proclaims plans to launch its 2026 steering on January 19, 2026.

Key Highlights

• Finalized Niscota settlement, strengthening Llanos Foothills place and securing the Floreña Huron exploration prospect.
• Superior the Farallones exploration prospect within the Llanos Foothills, with regulatory approvals secured and preliminary work underway.
• Continued to maintain robust manufacturing ranges in November 2025, with QTD This autumn 2025 common manufacturing at present 49,700 boe/d ^{( 1 )} .

“Parex has lengthy maintained a Colombia-focused fuel technique, and in the present day’s announcement underscores our dedication to increasing significant fuel improvement within the nation. With successfully all Foothills agreements and regulatory approvals full, Parex and Ecopetrol have laid the inspiration for a 50/50 strategic partnership throughout the Foothills basin – stretching from Gibraltar within the north, to Farallones within the south – with Parex as operator,” commented Imad Mohsen, President & Chief Government Officer.

“By means of this partnership, we’ll leverage our shared Colombian experience, apply fashionable know-how, and entice further international funding for years to return, with the collective purpose of discovering assets and delivering new volumes of pure fuel to the home market. After greater than three years of public-private collaboration, I’m excited to see the ultimate piece of the puzzle come collectively, and assured that our joint efforts will enormously profit Colombia and all our stakeholders.”

“Moreover, I’m happy to share that Parex continues to see robust operational efficiency throughout our portfolio. Our fourth-quarter execution is on observe, and I’m trying ahead to 2026 with established exploration and manufacturing momentum.”

Llanos Foothills – Excessive-Impression Exploration

In step with ongoing plans to discover the Llanos Foothills pattern for brand spanking new sources of Colombian assets, Parex and Ecopetrol have additional bolstered their joint place in a basin acknowledged for its world-class exploration potential, collaborating to strengthen Colombia’s future power place and sustainability.

Niscota Block

• Ecopetrol has confirmed that they’ve acquired approval from the regulator for the extension of the Piedemonte Convenio right into a portion of the Niscota block, with all vital regulatory approvals to drill the Floreña Huron exploration effectively.
• Per beforehand introduced agreements ^{( 2 )} , Parex has acquired a 50% participation share on the long run manufacturing of the prolonged space of the Piedemonte Convenio, in alternate for agreeing to drill on a 100% capital foundation the Floreña Huron exploration effectively, which might be drilled to the north of the manufacturing Floreña discipline.
• In its 2026 program, Parex plans to start preliminary and civil works to spud the Floreña Huron exploration effectively.

Farallones Block

• The Farallones exploration prospect is progressing, with all regulatory approvals acquired and preliminary works underway.
• As beforehand introduced ^{( 3 )} , Parex agreed with Ecopetrol to drill the Farallones exploration effectively on a 100% capital foundation.
• In its 2026 program, Parex plans to start civil works to spud the Farallones exploration effectively.

Manufacturing Replace

Common manufacturing was 49,300 boe/d ⁽⁴⁾ in October 2025 and was sustained in November 2025 at 50,300 boe/d ^{( 5 )} . Manufacturing was pushed primarily by robust new wells at LLA-32 and LLA-74, which got here on-line with excessive preliminary charges and at the moment are stabilizing.

With minimal anticipated manufacturing provides over the rest of the 12 months, and YTD 2025 common manufacturing of 44,550 boe/d ^{( 6 )} , Parex expects to attain roughly the midpoint of its FY 2025 annual common manufacturing steering of 45,000 boe/d (vary: 43,000 to 47,000 boe/d).

2026 Steerage

Parex plans to launch its 2026 steering after markets shut on January 19, 2026.

Footnotes

(1) Estimated common manufacturing for October 1, 2025 to December 3, 2025; gentle & medium crude oil: ~11,901 bbl/d, heavy crude oil: ~36,214 bbl/d, typical pure fuel: ~9,512 mcf/d; rounded for presentation functions.
(2) See April 11, 2024 information launch.
(3) See December 11, 2024 information launch.
(4) Estimated common manufacturing for October 1, 2025 to October 31, 2025; gentle & medium crude oil: ~11,805 bbl/d, heavy crude oil: ~35,922 bbl/d, typical pure fuel: ~9,435 mcf/d; rounded for presentation functions.
(5) Estimated common manufacturing for November 1, 2025 to November 31, 2025; gentle & medium crude oil: ~12,045 bbl/d, heavy crude oil: ~36,651 bbl/d, typical pure fuel: ~9,627 mcf/d; rounded for presentation functions.
(6) Estimated common manufacturing for January 1, 2025 to December 3, 2025; gentle & medium crude oil: ~10,668 bbl/d, heavy crude oil: ~32,461 bbl/d, typical pure fuel: ~8,526 mcf/d; rounded for presentation functions.

About Parex Assets Inc.

Parex is among the largest impartial oil and fuel corporations in Colombia, specializing in sustainable, typical manufacturing. The Firm’s company headquarters are in Calgary, Canada, with an working workplace in Bogotá, Colombia. Parex shares commerce on the Toronto Inventory Alternate below the image PXT.

For extra data, please contact:

Mike Kruchten
Senior Vice President, Capital Markets & Company Planning
Parex Assets Inc.
403-517-1733
investor.relations@parexresources.com

Steven Eirich
Senior Investor Relations & Communications Advisor
Parex Assets Inc.
587-293-3286
investor.relations@parexresources.com

NOT FOR DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES

Advisory on Ahead-Wanting Statements

Sure data relating to Parex set forth on this press launch accommodates forward-looking statements that contain substantial identified and unknown dangers and uncertainties. The usage of any of the phrases “plan”, “count on”, “potential”, “progressing”, “venture”, “intend”, “imagine”, “ought to”, “anticipate”, “estimate”, “forecast”, “steering”, “finances” or different comparable phrases, or statements that sure occasions or circumstances “could” or “will” happen are meant to determine forward-looking statements. Such statements signify Parex’s inside projections, estimates or beliefs regarding, amongst different issues, future progress, outcomes of operations, manufacturing, future capital and different expenditures (together with the quantity, nature and sources of funding thereof), aggressive benefits, plans for and outcomes of drilling exercise, environmental issues, enterprise prospects and alternatives. These statements are solely predictions and precise occasions or outcomes could differ materially. Though the Firm’s administration believes that the expectations mirrored within the forward-looking statements are cheap, it can’t assure future outcomes, ranges of exercise, efficiency or achievement since such expectations are inherently topic to important enterprise, financial, aggressive, political and social uncertainties and contingencies. Many components might trigger Parex’s precise outcomes to vary materially from these expressed or implied in any forward-looking statements made by, or on behalf of, Parex.

Particularly, forward-looking statements contained on this press launch embrace, however usually are not restricted to, statements with respect to the Firm’s focus, plans, priorities and techniques and the advantages to be derived from such plans, priorities and techniques; the anticipated advantages of the complete strategic alliance with Ecopetrol; that Parex and Ecopetrol will collaborate to strengthen Colombia’s future power place and sustainability; that joint efforts by Parex and Ecopetrol will profit Colombia and their stakeholders; expectations on fourth-quarter execution and exploration and manufacturing momentum for 2026; expectations relating to regulatory approvals to drill the Floreña Huron exploration effectively; plans to start preliminary and civil works to spud the Floreña Huron exploration effectively; expectations relating to regulatory approvals associated to the Farallones exploration prospect; plans to start civil works to spud the Farallones exploration effectively; expectations on reaching annual common manufacturing steering and estimates of such common manufacturing over the rest of the 12 months; and plans to launch its 2026 steering in January, 2026. These statements are solely predictions and precise occasions or outcomes could differ materially. Though the Firm’s administration believes that the expectations mirrored within the forward-looking statements are cheap, it can’t assure future outcomes, ranges of exercise, efficiency or achievement since such expectations are inherently topic to important enterprise, financial, aggressive, political and social uncertainties and contingencies. Many components might trigger Parex’s precise outcomes to vary materially from these expressed or implied in any forward-looking statements made by, or on behalf of, Parex.

These forward-looking statements are topic to quite a few dangers and uncertainties, together with however not restricted to, the affect of normal financial circumstances in Canada and Colombia; extended volatility in commodity costs; business circumstances together with adjustments in legal guidelines and laws together with adoption of latest environmental legal guidelines and laws, and adjustments in how they’re interpreted and enforced in Canada and Colombia; determinations by the Group of Petroleum Exporting Nations (OPEC) and different international locations as to manufacturing ranges; competitors; lack of availability of certified personnel; the outcomes of exploration and improvement drilling and associated actions; acquiring required approvals of regulatory authorities in Canada and Colombia; the dangers related to negotiating with international governments in addition to nation threat related to conducting worldwide actions; volatility in market costs for oil; fluctuations in international alternate or rates of interest; environmental dangers; adjustments in revenue tax legal guidelines or adjustments in tax legal guidelines and incentive applications referring to the oil business; adjustments to pipeline capability; capability to entry adequate capital from inside and exterior sources; failure of counterparties to carry out below contracts; the chance that Brent oil costs could also be decrease than anticipated; the chance that Parex’s analysis of its present portfolio of improvement and exploration alternatives is probably not in line with its expectations; the chance that Parex could not notice the anticipated advantages from the strategic alliance with Ecopetrol; operational dangers associated to fourth-quarter execution and plans to start civil works for exploration wells; the chance that vital governmental, regulatory and/or different approvals, as required, is probably not granted in reference to the exploration wells; and threat that Parex’s FY 2025 annual common manufacturing steering is decrease than anticipated. Readers are cautioned that the foregoing listing of things isn’t exhaustive. Further data on these and different components that would have an effect on Parex’s operations and monetary outcomes are included in reviews on file with Canadian securities regulatory authorities and could also be accessed via the SEDAR+ web site (www.sedarplus.ca).

Though the forward-looking statements contained on this doc are based mostly upon assumptions which Parex administration believes to be cheap, the Firm can’t guarantee traders that precise outcomes might be in line with these forward-looking statements. With respect to forward-looking statements contained on this doc, Parex has made assumptions relating to, amongst different issues: present and anticipated commodity costs and royalty regimes; availability of expert labour; timing and quantity of capital expenditures; future alternate charges; the worth of oil, together with the anticipated Brent oil worth; the affect of accelerating competitors; circumstances normally financial and monetary markets; availability of drilling and associated gear; results of regulation by governmental companies; receipt of accomplice, regulatory and group approvals; royalty charges; future working prices; uninterrupted entry to areas of Parex’s operations and infrastructure; recoverability of reserves and future manufacturing charges; the standing of litigation; timing of drilling and completion of wells; on-stream timing of manufacturing from profitable exploration wells; operational efficiency of non-operated producing fields; pipeline capability; that Parex may have adequate money movement, debt or fairness sources or different monetary assets required to fund its capital and working expenditures and necessities as wanted; that Parex’s conduct and outcomes of operations might be in line with its expectations; that Parex may have the flexibility to develop its oil and fuel properties within the method at present contemplated; that Parex’s analysis of its present portfolio of improvement and exploration alternatives is in line with its expectations; present or, the place relevant, proposed business circumstances, legal guidelines, laws and regulatory approvals will proceed in impact or as anticipated as described herein; that the estimates of Parex’s manufacturing and reserves volumes and the assumptions associated thereto (together with commodity costs and improvement prices) are correct in all materials respects; that Parex will be capable to receive contract extensions or fulfill the contractual obligations required to retain its rights to discover, develop and exploit any of its undeveloped properties; that Parex’s inside safety protocols and engagements with its stakeholders and the Colombian nationwide authorities might be profitable; that Parex will obtain the anticipated advantages from the strategic alliance with Ecopetrol; receipt of all required regulatory approvals in respect of the exploration wells; that Parex’s anticipated FY 2025 annual common manufacturing is in line with expectations; and different issues.

Administration has included the above abstract of assumptions and dangers associated to forward-looking statements offered on this doc so as to present shareholders with a extra full perspective on Parex’s present and future operations and such data is probably not applicable for different functions. Parex’s precise outcomes, efficiency or achievement might differ materially from these expressed in, or implied by, these forward-looking statements and, accordingly, no assurance will be on condition that any of the occasions anticipated by the forward-looking statements will transpire or happen, or if any of them do, what advantages Parex will derive. These forward-looking statements are made as of the date of this doc and Parex disclaims any intent or obligation to replace publicly any forward-looking statements, whether or not because of new data, future occasions or outcomes or in any other case, aside from as required by relevant securities legal guidelines.

Oil & Gasoline Issues Advisory

The time period “boe” means a barrel of oil equal on the idea of 6 thousand cubic toes (“Mcf”) of pure fuel to 1 bbl. Boe could also be deceptive, significantly if utilized in isolation. A boe conversion ratio of 6 Mcf: 1 bbl relies on an power equivalency conversion methodology primarily relevant on the burner tip and doesn’t signify a worth equivalency on the wellhead. Given the worth ratio based mostly on the present worth of crude oil as in comparison with pure fuel is considerably completely different from the power equivalency of 6 Mcf: 1 bbl, using a conversion ratio at 6 Mcf: 1 bbl could also be deceptive as a sign of worth.

Abbreviations

The next abbreviations used on this press launch have the meanings set forth under:

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