PXT Parex Resources Inc

NOT FOR DISTRIBUTION OR FOR DISSEMINATION IN THE UNITED STATES

Parex Resources Inc. ("Parex" or the "Company") (TSX:PXT), provides an
operational update on its exploration and production activities in Colombia. 


Production - Q4 Forecast 16,800 bopd

Production for the third quarter of 2013 was approximately 16,200 barrels of oil
per day (bopd). We expect production for the fourth quarter of 2013 to be 16,800
bopd and full year 2013 production to be approximately 15,700 bopd, which would
exceed the company's previous full year production guidance of 15,000-15,500
bopd. 


LLA-24 Block Farm-in

Parex signed a farm-in agreement for the LLA-24 Block in the Llanos Basin of
Colombia. Pursuant to the terms of the farm-in agreement, Parex receives 70%
working interest, operatorship and has a commitment to pay 100% of the drilling
of one exploration well to a depth of approximately 8,000 feet, subject to
regulatory approval. The block is located immediately south of Parex' LLA-20
block and is 147,100 gross acres with approximately 35% covered by recently
acquired 3-D seismic. This farm-in demonstrates Parex' continued ability to
expand our portfolio and leverage our leading financial and operational
capabilities. To view a regional map of Parex' current focused Colombian land
holdings, click on the link:
http://parexresources.com/sites/default/files/PXTLand.pdf 


Drilling Operations

La Casona (Operated, El Eden Block WI 60%) La Casona-2 appraisal well has been
drilled and is being rig released. After the well was side-tracked due to
mechanical issues in the original hole, Parex was able to reach its target depth
of 16,700 feet and evaluate the prospective formations. La Casona-2 was drilled
600 meters away from La Casona-1.  Following the demobilization of the drilling
rig, we will engage a work-over rig to test the Mirador Formation, which was
untested in the La Casona-1 well.


The long-term test production facility for the La Casona-1 well, which includes
gas compression and sales, is expected to be commissioned following the
demobilization of the La Casona-2 drilling rig. La Casona-1 production from the
Une Formation is expected to start during November 2013. The drilling rig is
being moved to the Rumi-1 exploration prospect which is also located on the El
Eden block.


Las Maracas (Operated, Los Ocarros Block WI 50%)  The Las Maracas-14 well has
delineated the southern extent of the Las Maracas Field. The well was cased and
will be tested  in the future using a work-over rig.


La Guira (Operated, Los Ocarros Block WI 50%) The La Guira-1 exploration well
was spud on October 9, 2013, drilled to a total depth of 12,500 feet and the
drilling rig was released to completion operations on October 22, 2013. The well
was cased and we expect to test the Mirador and Gacheta formations. The La Guira
prospect is located approximately 7 kilometers to the south of the Las Maracas
Field.


Cabrestero Block (Operated, WI 100%) Parex is currently working with several
communities located in the Cabrestero Block to implement a stakeholder
engagement plan. The Akira production facility is expected to be commissioned in
Q1 2014 which would enable shut-in production to be brought on-line. Following
testing at La Guira-1, Parex expects to move the drilling rig to Akira and drill
additional appraisal and development wells. 


Tigana (Non-Operated, WI 45%) The Tigana-1 exploration well on Block LLA-34 was
spud on September 9, 2013. The well was cased and we expect to test the Mirador
and Guadalupe formations. The Tigana Sur-1 exploratory well was spud on October
1, 2013 and will evaluate the adjacent structural prospect. 


Third Quarter Results

Parex expects to release its Q3 2013 results following the close of markets on
November 13, 2013. Parex will host a conference call to discuss these results on
Thursday November 14, 2013 beginning at 9:30 am MT. To participate in the call,
dial 1-866-696-5910, pass code: 8740503.


This news release does not constitute an offer to sell securities, nor is it a
solicitation of an offer to buy securities, in any jurisdiction. 


Advisory on Forward Looking Statements

Certain information regarding Parex set forth in this document contains
forward-looking statements that involve substantial known and unknown risks and
uncertainties. The use of any of the words "plan", "expect", "prospective",
"project", "intend", "believe", "should", "anticipate", "estimate" or other
similar words, or statements that certain events or conditions "may" or "will"
occur are intended to identify forward-looking statements. Such statements
represent Parex's internal projections, estimates or beliefs concerning, among
other things, future growth, results of operations, production, future capital
and other expenditures (including the amount, nature and sources of funding
thereof), competitive advantages, plans for and results of drilling activity,
environmental matters, business prospects and opportunities. These statements
are only predictions and actual events or results may differ materially.
Although the Company's management believes that the expectations reflected in
the forward-looking statements are reasonable, it cannot guarantee future
results, levels of activity, performance or achievement since such expectations
are inherently subject to significant business, economic, competitive, political
and social uncertainties and contingencies. Many factors could cause Parex'
actual results to differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, Parex. 


In particular, forward-looking statements contained in this document include,
but are not limited to, expected impairment of exploration and evaluation assets
to be recognized in Parex' third quarter financial statements; the focus of the
Company's operations in Colombia; financial and business prospects; and
activities and capital expenditures to be undertaken in various areas. 


Additional information on these and other factors that could effect Parex's
operations and financial results are included in reports on file with Canadian
securities regulatory authorities and may be accessed through the SEDAR website
(www.sedar.com).


Although the forward-looking statements contained in this document are based
upon assumptions which Management believes to be reasonable, the Company cannot
assure investors that actual results will be consistent with these
forward-looking statements. With respect to forward-looking statements contained
in this document, Parex has made assumptions regarding: current commodity prices
and royalty regimes; availability of skilled labour; timing and amount of
capital expenditures; future exchange rates; the price of oil; the impact of
increasing competition; conditions in general economic and financial markets;
availability of drilling and related equipment; effects of regulation by
governmental agencies; royalty rates, future operating costs; that the Company
will have sufficient cash flow, debt or equity sources or other financial
resources required to fund its capital and operating expenditures and
requirements as needed; that the Company's conduct and results of operations
will be consistent with its expectations; that the Company will have the ability
to develop the Company's oil properties in the manner currently contemplated;
that the estimates of the Company's reserves volumes and the assumptions related
thereto (including commodity prices and development costs) are accurate in all
material respects; and other matters.


Management has included the above summary of assumptions and risks related to
forward-looking information provided in this document in order to provide
shareholders with a more complete perspective on Parex's current and future
operations and such information may not be appropriate for other purposes.
Parex's actual results, performance or achievement could differ materially from
those expressed in, or implied by, these forward-looking statements and,
accordingly, no assurance can be given that any of the events anticipated by the
forward-looking statements will transpire or occur, or if any of them do, what
benefits Parex will derive. These forward-looking statements are made as of the
date of this document and Parex disclaims any intent or obligation to update
publicly any forward-looking statements, whether as a result of new information,
future events or results or otherwise, other than as required by applicable
securities laws.


Any references in this press release to test production rates are useful in
confirming the presence of hydrocarbons, however, such rates are not
determinative of the rates at which such wells will commence production and
decline thereafter. These test results are not necessarily indicative of
long-term performance or ultimate recovery. Readers are cautioned not to place
reliance on such rates in calculating the aggregate production for the Company.


The TSX has not received and does not accept responsibility for the adequacy or
accuracy of this news release. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Parex Resources Inc.
Mike Kruchten
Vice President, Corporate Planning & Investor Relations
(403) 517-1733
Investor.relations@parexresources.com

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