2022 Budget Guidance and Provides Update CALGARY, Alberta, Nov. 03, 2021 (GLOBE NEWSWIRE) -- Parex Resources Inc. (“Parex” or the “Company”) (TSX:PXT), is a company headquartered in Calgary, Alberta that focuses on sustainable, conventional oil and gas production. All amounts herein are in United States Dollars (“USD”) unless otherwise stated.
Parex is pleased to announce its 2022 budget guidance and provide an update to its framework for returning capital to shareholders. Imad Mohsen, President and CEO of Parex commented: "One of the elements that attracted me most to join Parex in early 2021 was the depth and quality of the Company’s development, appraisal, and exploration portfolio in Colombia. We are excited to move forward with a plan that materially expands the boundaries of our current development properties while also unlocking substantial new opportunities within our production portfolio. Underpinning the plans is a portfolio with substantial exploitation potential that we believe can be unlocked using techniques which are unfamiliar in Colombia but long proven elsewhere. The returns of the organic 2022 development program are very compelling at $70/bbl Brent oil prices. Combined with our industry-leading balance sheet, our upgraded development program further strengthens Parex’ ability to generate sustainable long-term growth in free funds flow(1) and return meaningful capital to shareholders. I am very proud of our team and confident in our ability to execute and deliver significant value for our shareholders."
https://www.globenewswire.com/en/news-release/2021/11/03/2326969/0/en/Parex-Announces-2022-Budget-Guidance-and-Provides-Update-to-its-Return-of-Capital-Strategy.html