Parex Resources Announces Appointment to the Board of Directors

CALGARY, Alberta, June 02, 2025 (GLOBE NEWSWIRE) -- Parex Resources Inc. ("Parex” or the "Company”) (TSX: PXT) is pleased to announce the appointment of Alberto Consuegra to the Board of Directors (the "Board”).

Effective June 1, 2025, Alberto Consuegra has been appointed to the Board as an independent director. Alberto has more than 30 years of experience in the energy sector. Most recently, Mr. Consuegra served as the Chief Operating Officer of Ecopetrol, Colombia's national oil company, and for a period of time acted as the Company's interim Chief Executive Officer. He has also served as the President of Cenit Transporte y Logística de Hidrocarburos S.A.S., the Vice President of Supply and Services of Ecopetrol, and held several executive positions at Equion Energia Ltd. and BP Exploration.

Mr. Consuegra graduated from Universidad de Cartagena with a civil engineering degree and holds a master's degree in civil engineering from Texas A&M University.

"We are excited to welcome Alberto to our Board of Directors and believe his Colombia-focused energy expertise will contribute to the ongoing success of Parex,” commented Wayne Foo, Chair of Parex's Board of Directors.

About Parex Resources Inc.

Parex is one of the largest independent oil and gas companies in Colombia, focusing on sustainable conventional production. The Company's corporate headquarters are in Calgary, Canada, with an operating office in Bogotá, Colombia. Parex shares trade on the Toronto Stock Exchange under the symbol PXT.

For more information, please contact:

Mike Kruchten

Senior Vice President, Capital Markets & Corporate Planning

Parex Resources Inc.

403-517-1733

[email protected]

Steven Eirich

Senior Investor Relations & Communications Advisor

Parex Resources Inc.

587-293-3286

[email protected]

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