Parex Resources Inc. is pleased to announce the appointment of Mrs. Lynn Azar to the Board of Directors (the “Board”) effective immediately, and a production and return of capital update. Additionally, Parex has confirmed that it will release its second quarter 2022 financial and operating results on Wednesday, August 3, 2022, following the close of markets, with a conference call & webcast the following day.
Appointment to the Board of Directors
Parex is pleased to announce the appointment of Mrs. Lynn Azar to its Board as an independent director. Lynn is a finance executive who is currently Senior Vice President, Head of Finance at PlayStation Studios, a division of Sony Interactive Entertainment. Prior to this role, she spent 18 years in the energy industry at Shell, holding senior financial and commercial roles.
Mrs. Azar has a Bachelor’s and Master’s degree in Economics and Finance from the American University of Beirut, is a Certified Management Accountant (CMA), and a Chartered Financial Analyst (CFA) charterholder. She has experience sitting on subsidiary boards and has joined the Finance & Audit Committee of the Board.
“We are excited to welcome Lynn to our Board of Directors and look forward to her expertise as well as valuable insights that will contribute to the ongoing success of Parex,” commented Wayne Foo, Chair of Parex’ Board of Directors.
Production Update
- Q2 2022 Production: Average production is estimated to be approximately 51,143 boe/d (6,734 bbl/d of light crude oil and medium crude oil, 42,373 bbl/d of heavy crude oil and 12,216 mcf/d of conventional natural gas), up approximately 17% from second quarter 2021 and relatively consistent with first quarter 2022; average production varied from Management’s guidance of 52,000 to 53,000 boe/d primarily due to well timing as well as higher than expected downtime that has since normalized.
- Total Current Production: Average current production is approximately 54,000 boe/d.
- Reconfirmation of Full-Year 2022 Production Guidance: Parex expects 2022 full-year production to average 54,000 to 56,000 boe/d and by the fourth quarter of 2022 achieve record production with an expected exit rate in excess of 60,000 boe/d.
Return of Capital Update – Share Buyback Accelerated
As of June 23, 2022, Parex accelerated the pace of share buybacks under its current normal course issuer bid (“NCIB”). Year-to-date June 30, 2022, Parex has repurchased over 7.2 million shares and expects that the Company will purchase the maximum allowable shares of 11.8 million during the year. This would mark the fourth year in a row where Parex has purchased the maximum allowable shares under its NCIBs.
