Parex Resources Inc (TSX:PXT)

Oil & Gas

Parex Resources Inc is engaged in the production, development and exploration of crude oil and gas.

It is a Canada-based company with significant operations in Latin America. The company holds interests in nearly 24 onshore facilities in Colombia.

Parex Resources Inc claims to undertake exploration and development projects with geologists and geophysicists.

As a result of the spin-off from Petro Andina Resources in 2009, the company was formed as Parex Resources Inc. In 2009, it had four exploration blocks in Columbia and two in Trinidad.

The exploration company made its first oil discovery at Kona in 2010, reportedly. It acquired 50 per cent working interest in Remora Energy Limited in 2011. This was followed by listing the company's shares on the Toronto Stock Exchange (TSX).

In 2012, the company acquired Ramshorn International Ltd for US$72 million. The company claimed to have discovered reserves at Akira and Las Marcas block during the same period.

In 2013, the company purchased 50 per cent of the remaining working interest in Cabrestero block and expanded its footprint to other basins in Colombia, including Llanos Blocks. This was followed by the discovery at Tigana oil field, Parex Resources claims.

Parex Resources Inc completed the acquisition of Verano Energy, a private oil company, and paid C$81 million in cash. With this acquisition, the company acquired additional working interests in blocks located in the Southern Llanos area.

In the next few years, the company claims to have made significant discoveries at Jacana, Rumba, Bacano and Boranda oil discoveries. The exploration company reportedly follows principles of diversity and inclusion to promote workforce equality.

In 2018, the company discovered Andina-1 oil at Capachos, located in onshore Columbian basins.

The company claims to focus on ESG practices and sustainable principles. Parex Resources Inc claims it gradually resumed production at the shut-in fields in June 2020.

The oil and gas company was reportedly in the Gender Equality Index, released by Bloomberg.

Financial reports, stock information and related investors resources are updated on the official website.

Contact Information

company address Parex Resources Inc. 2700 Eighth Avenue Place, West Tower 585 8 Avenue SW, Calgary AB T2P 1G1 Canada

company phone(403) 265-4800

company email[email protected]

company website

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