Investor Presentaiton

Advisories This presentation is provided for informational purposes only as of May 11, 2022, 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 Sates 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 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' 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' 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, statements with respect to the performance characteristics of the Company's oil properties; the Company's vision, strategy and values; Parex's expectations that it will return approximately one third of FFO to shareholders through dividends and share buybacks; the Company's (and its peer's) estimated 2022 cash flow netbacks; the Company's expectations of the amount of capital it will return to its shareholders through dividends, including its regular quarterly dividend, and share repurchases; the Company's plans to repurchase 10% of its public float pursuant to its NCIB in 2022; that Parex will continue to pay its regular quarterly dividend and the anticipated amount of such dividend for the remainder of 2022; Parex's target board representation of women and the anticipated timing thereof; Parex's GHG emissions intensity reduction targets and the anticipated timing thereof; Parex's 2022 production guidance; Parex' anticipated shares outstanding at the end of 2022; Parex's 2022 corporate guidance and in particular the information contained on slide 10; Parex's anticipated 2022 capital allocation as disclosed on slide 11 and its plans to return over US$300MM to shareholders while growing production and inventory; the anticipated activities to be taken in certain areas in 2022 including Parex's anticipated capex allocation and well program; Parex's anticipated growth in production and the anticipated timing thereof, in particular the long-term illustrative production growth information on slide 14; anticipated drilling locations; Parex' ability to unlock large original oil in place and grow production and become a multi-field operator; Parex's expectations that it will invest approximately two thirds of FFO into its business and the anticipated benefits to be derived therefrom; Parex's expected investments in development, exploitation and exploration work in 2022; Parex's expectations that its quarterly dividend will be robust in lower commodity price environments; and Parex's plans to become one of the least GHG-intensive O&G E&P companies. 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. PAREX RESOURCES INC. 2700 Eighth Avenue Place, West Tower 585 8th Avenue SW Calgary, AB T2P 1G1 Canada Tel: 403-265-4800 Fax: 403-265-8216 Email: [email protected] Website: www.parexresources.com Mike Kruchten Sr. Vice President, Capital Markets & Corporate Planning Steven Eirich Investor Relations & Communications Advisor PAREX RESOURCES INC. 16

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