The Parex Advantage

Advisory A This presentation is provided for informational purposes only as of September 1, 2023, is not complete and may not contain certain material information about Parex Resources Inc. ("Parex" or the "Company"), including important disclosures and risk factors associated with an investment in Parex. This presentation does not take into account the particular investment objectives or financial circumstances of any specific person who may receive it and does not constitute an offer to sell or a solicitation of an offer to buy any security in Canada, the United States or any other jurisdiction. The contents of this presentation have not been approved or disapproved by any securities commission or regulatory authority in Canada, the United States or any other jurisdiction, and Parex expressly disclaims any duty on Parex to make disclosure or any filings with any securities commission or regulatory authority, beyond that imposed by applicable laws. Forward-Looking Statements and Financial Outlook Certain information regarding Parex set forth in this presentation 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), plans for and results of drilling activity, 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's 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 presentation include, but are not limited to, statements with respect to the performance characteristics of the Company's oil properties; the Company's vision, strategy, focus and values; the potential for outsized returns in Colombia; that Colombia has a favourable risk/reward profile; Parex's strategic investing plans for 2023, including timing of drilling and main growth drivers; Parex's forecast to minimize decline rate and improve capital efficiency; Parex's anticipated production growth; that Parex's campaign oriented drilling plan will increase efficiency; Parex's expectations that technological advancements will drive down drilling costs and increase production efficiency; Parex's three-year development plan and exploration strategy, including its anticipated production, costs and the financial results and the anticipated timing thereof; Parex's expectation that it will return 100% of its growth in FFF to its shareholders over the next three years; Parex's expectations that it will deliver one exploration prospect result roughly each quarter; that Parex will deliver top-tier ESG performance; Parex's 2023 guidance, including its anticipated total production, funds flow and capital expenditures; the anticipated impact that the Colombian tax reform will have on Parex in 2023; Parex's anticipated funds flow from operations netback sensitivity for 2023; Parex's expectations for certain of its blocks, including facility expansions, capital expenditures, production, payouts and water injection/waterflood and the anticipated timing thereof; anticipated growth in Parex's Arauca field and the anticipated timing thereof; Parex's expectations that the installation of its gas cycling project will become a template for future expansions at certain of its blocks; Parex's expectations that it will increase liquids recovery and build long-term infrastructure solution to monetize dry gas; Parex's long-term capital allocation framework and 2023 capital allocation guidance including the constituent components set out on slide 8 of the presentation; the anticipated amount of capital that Parex expects to return to its shareholders in 2023; Parex's forecasted production per share growth and PDP reserves per share growth; Parex's anticipated future returns of capital and the anticipated number of shares that will be outstanding at the end of fiscal 2022; the focus of Parex's MOU with Ecopetrol S.A. and the anticipated benefits to be derived therefrom; the anticipated amount of capital that the Company will return to its shareholders through dividends, including its regular quarterly dividend, and share repurchases; that Parex will continue to pay its regular quarterly dividend; the Company's production capability/potential; anticipated drilling locations, including the Company's delineation and drilling plans; and Parex's expectations that it will invest approximately two thirds of FFO into its business, return one third of its FFO to its shareholders and return 100% of its FFF to its shareholders. Statements relating to "reserves" or "resources" are forward-looking statements, as they involve the implied assessment, based on estimates and assumptions that the reserves and resources described exist in the quantities predicted or estimated and can be profitably produced in the future. Although the forward-looking statements contained in this presentation 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 presentation, Parex has made assumptions regarding, among other things: current commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future exchange rates; the price of oil, including the anticipated Brent oil price; the impact of increasing competition; conditions in general economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; receipt of partner, regulatory and community approvals; royalty rates; future operating costs; effects of regulation by governmental agencies; uninterrupted access to areas of Parex's operations and infrastructure; recoverability of reserves and future production rates; the status of litigation; timing of drilling and completion of wells; on-stream timing of production from successful exploration wells; operational performance of non-operated producing fields; pipeline capacity; that Parex 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 Parex's conduct and results of operations will be consistent with its expectations; that Parex will have the ability to develop its oil and gas properties in the manner currently contemplated; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; that the estimates of Parex's reserves volumes and the assumptions related thereto (including commodity prices and development costs) are accurate in all material respects; that Parex will be able to obtain contract extensions or fulfill the contractual obligations required to retain its rights to explore, develop and exploit any of its undeveloped properties; that Parex will have sufficient financial resources in the future to pay a dividend; that the Board will declare dividends in the future; that Parex will have sufficient financial resources to repurchase its shares; that Parex's MOU with Ecopetrol S.A. will lead to a completed project; and other matters. Included in this presentation are additional forward-looking statements which are estimates of Parex's 2023-2025 production, FFO, base plan capital, exploration capital, carry (A&D) capital, total capital, FFF and cumulative FFF; estimates of Parex's 2023-2025 production, capital expenditures and water injection rate at Cabrestero; and estimates of Parex's 2023-2025 production and capital expenditures at LLA-34. The foregoing 2023-2025 forecasts are based on various assumptions and are provided for illustration only and are based on budgets and forecasts that have not been finalized and are subject to a variety of contingencies including prior years' results. In addition, the foregoing 2023- 2025 forecasts and any capital budgets underlying such forecasts are management prepared only and have not been approved by the Board of Directors of Parex. These forecasts are made as of the date of this presentation and except as required by applicable securities laws, Parex undertakes no obligation to update such forecasts. These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to, the impact of general economic conditions in Canada and Colombia; industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced, in Canada and Colombia; competition; lack of availability of qualified personnel; the results of exploration and development drilling and related activities; risks related to obtaining required approvals of regulatory authorities, in Canada and Colombia and partner and community approvals in Colombia; risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities; volatility in market prices for oil; fluctuations in foreign exchange or interest rates; environmental risks; changes in income tax laws, tax rates and/or incentive programs relating to the oil industry; changes to pipeline capacity; ability to access sufficient capital from internal and external sources; failure of counterparties to perform under the terms of their contracts; risk that Parex's evaluation of its existing portfolio of assets and exploration and development opportunities is not consistent with its expectations; that production test results may not be indicative of long-term performance or ultimate recovery; the risk that Parex's campaign oriented drilling plan may not be successful or increase efficiency; the risk that Parex may not be successful in executing its three-year development plan and that the benefits derived therefrom may be less than anticipated; the risk that Parex may not deliver one exploration prospect result each quarter; the risk that Parex's 2023 financial and production results may be less favorable than anticipated; the risk that the impact that the Colombian tax reform has on Parex may be greater than anticipated; the risk that there may be less high-impact identified prospects in Parex's portfolio than anticipated; the risk that Parex's gas cycling project may not become a template for future expansions at certain of its blocks; the risk that that technological advancements may not drive down drilling costs or increase production efficiency; the risk that Parex may not deliver top-tier ESG performance; the risk that Parex may not increase liquids recovery or build long-term infrastructure solutions to monetize dry gas; the risk that Parex's MOU with Ecopetrol S.A. may not lead to a completed project; the risk that Parex may not have sufficient financial resources in the future to pay a dividend or repurchase its shares; the risk that the Board does not declare dividends in the future, that there is no base dividend growth and/or that Parex's dividend policy changes; risk that the amount of FFO and FFF to be returned to shareholders is less than anticipated; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect 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). Management has included the above summary of assumptions and risks related to forward-looking information provided in this presentation 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 presentation 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. The forward-looking statements contained in this presentation are expressly qualified by this cautionary statement. This presentation also contains a financial outlook, in particular: Parex's three-year development plan and exploration strategy, including its costs and financial results and the anticipated timing thereof; Parex's 2023 guidance, including its anticipated total production, funds flow and capital expenditures; Parex's expectations that it will invest approximately two thirds of FFO into its business, return one third of its FFO to its shareholders and return 100% of its FFF to its shareholders; Parex's long-term capital allocation framework and 2023 capital allocation guidance including the constituent components set out on slide 8 of the presentation; the anticipated impact that the Colombian tax reform will have on Parex in 2023; Parex's anticipated funds flow from operations netback sensitivity for 2023; and the anticipated amount of capital that the Company expects to return to its shareholders through dividends, including its regular quarterly dividend, and share repurchases. Such financial outlook has been prepared by Parex' management to provide an outlook of the Company's activities and results. The financial outlook has been prepared based on a number of assumptions including the assumptions discussed above and assumptions with respect to the costs and expenditures to be incurred by the Company, capital equipment and operating costs, foreign exchange rates, taxation rates for the Company, general and administrative expenses and the prices to be paid for the Company's production. 38