Last C$8.12 CAD
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parex resources inc (PXT) Snapshot

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07/25/14 - C$15.49
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01/13/15 - C$5.97
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parex resources inc (PXT) Details

Parex Resources Inc., together with its subsidiaries, engages in the exploration, development, and production of oil and natural gas in South America. It holds interests in land base of 2.6 million gross acres in Colombia. As of December 31, 2014, the company had proved plus probable reserves of 68.4 million barrels of oil equivalent. Parex Resources Inc. was incorporated in 2009 and is headquartered in Calgary, Canada.

261 Employees
Last Reported Date: 11/4/14
Founded in 2009

parex resources inc (PXT) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: C$345.0K
Chief Financial Officer and Corporate Secreta...
Total Annual Compensation: C$270.0K
Chief Operating Officer
Total Annual Compensation: C$310.0K
President of Parex Colombia
Total Annual Compensation: C$266.5K
Executive Vice President of Exploration & Bus...
Total Annual Compensation: C$275.0K
Compensation as of Fiscal Year 2013.

parex resources inc (PXT) Key Developments

Parex Resources Inc. Announces the Results of Its Annual Independent Reserves Assessment for the Year Ended December 31, 2014

Parex Resources Inc. announced the results of its annual independent reserves assessment for the year ended December 31, 2014. Proved plus probable reserves growth of 114% from December 31, 2013, increasing from 32.0 million barrels of oil equivalent ("MMboe") (net company working interest) at December 31, 2013 to 68.4 MMboe (net company working interest) at December 31, 2014. Achieved 2P reserve replacement of 540%, with total 2014 reserve additions of 44.7 MMboe (97% oil). Proved plus probable after tax net present value discounted at 10% of approximately $1.1 billion (CAD 1.4 billion at current spot exchange rate) at December 31, 2014 compared to $832 million at December 31, 2013. Gross undeveloped drilling locations of 43, 62 and 86 wells in the proved ("1P"), proved plus probable ("2P") and proved plus probable plus possible ("3P") cases respectively; 2P reserve life index ("RLI") increased from 5.1 years to 7.1 years and requires $361 million of future development capital. Underpinned by strong reserves growth and superior capital efficiencies, Parex achieved 2P F&D of $10.94/boe and 2P FD&A of $13.82/boe. The 2014 2P FD&A cash netback recycle ratio was 2.6 times using the 2014 average cash netback.

Parex Resources Inc. Provides Capital Budget and Production Guidance for the Fourth Quarter of 2014

Parex Resources Inc. provided capital budget and production guidance for the fourth quarter of 2014. The company provides a fourth quarter 2014 operational update and a revision to its 2015 base capital budget from $300 million to $145-$155 million to reflect Brent oil prices of $50-$60 per barrel. With a revised base capital budget of $145-$155 million for 2015 Parex expects to be able to provide year over year annual production growth of 18% fully funded from cash flow from operations and maintain its strong balance sheet in a low Brent oil price environment. Oil production for fourth quarter 2014 averaged approximately 26,580 barrels of oil per day (bopd), exceeding the top end production guidance of 25,500-26,500 bopd. Block LLA-34 Tua-8 appraisal well was successfully drilled and has been producing approximately 900 bopd from the Guadalupe Formation. Block LLA-34 Tua-9 appraisal well was successful drilled and expect it to begin producing in first quarter 2015. Block LLA-34 Tua-10 appraisal well was successful drilled and is expected to be tested in first quarter 2015. Block LLA-34 Tilo-1 exploration well was drilled to its target depth of 11,258 feet and rig released on December 27, 2014. The company expects to test this well in the Mirador and Guadalupe formations in first quarter 2015.

Parex Resources Inc. Presents at Peters & Co. Limited Energy Conference, Jan-21-2015 02:00 PM

Parex Resources Inc. Presents at Peters & Co. Limited Energy Conference, Jan-21-2015 02:00 PM. Venue: Chateau Lake Louise, Canada.


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