Investor Presentaiton

Advisories Non-GAAP and Other Financial Measures Advisory This presentation uses various "non-GAAP financial measures", "non-GAAP ratios", "supplementary financial measures" and "capital management measures" (as such terms are defined in National Instrument 52-112 - Non-GAAP and Other Financial Measures Disclosure ("NI 52-112")). Such measures are not standardized financial measures under generally accepted accounting principles ("GAAP") for publicly accountable enterprises in Canada, and might not be comparable to similar financial measures disclosed by other issuers. Such financial measures should not be considered as alternatives to, or more meaningful than measures determined in accordance with GAAP. These measures facilitate management's comparisons to the Company's historical operating results in assessing its results and strategic and operational decision-making and may be used by financial analysts and others in the oil and natural gas industry to evaluate the Company's performance. Further, management believes that such financial measures are useful supplemental information to analyze operating performance and provide an indication of the results generated by the Company's principal business activities. Please refer to the Company's Management's Discussion and Analysis of the financial condition and results of operations for the three months and year ended December 31, 2021 and 2020 dated March 1, 2022 and for the three months ended March 31, 2022 and 2021 (collectively, the "MD&A"), which are available at the Company's website at www.parexresources.com and on the Company's profile on SEDAR at www.sedar.com for additional information about such financial measures, including reconciliations to the nearest GAAP measures, as applicable, which reconciliations (where applicable) are incorporated by reference herein. Supplementary financial measures • Dividend yield, is a supplementary financial measure and defined as annualized dividends per share divided by Parex' share price. Dividends per share, is a supplementary financial measure comprised of dividends declared, dividends by the number of shares outstanding. Capital Management Measures • • Working capital, is a capital management measure that the Company uses to describe its liquidity position and ability to meet its short-term liabilities. Working capital is defined as current assets less current liabilities. See the MD&A. Funds flow provided by operations, is a capital management measure that includes all cash generated from operating activities and is calculated before changes in non-cash working capital. See the MD&A. Non-GAAP Ratios • Funds flow provided by operations per share, is a non-GAAP ratio that is calculated by dividing funds flow provided by operations (a capital management measure) by the weighted average number of basic shares outstanding. See the MD&A. Non-GAAP Financial Measures Capital expenditures, is a non-GAAP financial measure which the Company uses to describe its capital costs associated with Oil and Gas expenditures. The measure considers both Property, Plant and Equipment expenditures and Exploration and Evaluation asset expenditures which are items in the Company's statement of Cash Flows for the period. See the MD&A. Free funds flow, is a non-GAAP financial measure that is defined as funds flow provided by operations less capital expenditures. The Company considers free funds flow or free cash flow to be a key measure as it demonstrates Parex's ability to fund return of capital, such as the NCIB, without accessing outside funds. See the MD&A. Dividend Advisory Future dividend payments, if any, and the level thereof is uncertain. The Company's dividend policy and any decision to pay further dividends on the common shares, including any special dividends, will be subject to the discretion of the Board and may depend on a variety of factors, including, without limitation the Company's business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including, without limitation, contractual restrictions and satisfaction of the solvency tests imposed on the Company under applicable corporate law. The actual amount, the declaration date, the record date and the payment date of any dividend are subject to the discretion of the Board. There can be no assurance that dividends will be paid at the intended rate or at any rate in the future. Oil & Gas Information and Reserve Advisory "BOES" may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 mcf:1 bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. "Proved Developed Producing Reserves" are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut-in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty. The estimates of Parex's reserves set forth in this presentation have been prepared by GLJ Ltd. ("GLJ") Each GLJ Report was prepared in accordance with definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook") and National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101") as at December 31 of the applicable year. Additional reserve information as required under NI 51-101 has been included in the Company's Annual Information Form for the applicable fiscal year which is available on SEDAR. The recovery and reserve estimates provided in this presentation are estimates only, and there is no guarantee that the estimated reserves will be recovered. Actual reserves may eventually prove to be greater than, or less than, the estimates provided herein. PAREX RESOURCES INC. 18

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