Parex Resources Inc. provided an operational update for the month and full year ended of December 2012 and announces its 2013 production guidance. 2012 was a successful year for Parex. In 2012 the Company participated in drilling 33 gross wells in Colombia and 2 in Trinidad, resulting in 25 oil wells, 6 disposal wells and 4 dry and abandoned, for a success rate of 87 percent. Furthermore, the Company began 2012 with interests in 6 blocks in Colombia and production primarily from the Kona field, and exited 2012 with interests in 14 blocks in Colombia and a diversified production base of ten fields.

December 2012 average production was 13,550 barrels of oil per day ("bopd") and fourth quarter of 2012 average production was approximately 12,800 bopd. Production growth in December was primarily a result of additional volumes being added at the Las Maracas and Tua fields.

Building on its 2012 operational and exploration success, Parex plans a self funding 2013 capital investment program of approximately $210 million balanced between exploration and development in Colombia and Trinidad. The Company is forecasting a 2013 average production range of approximately 14,000-14,500 bopd as compared to the 2012 average production of approximately 11,400 bopd and the 2011 average production of 5,345 bopd.