Parex Resources

1. September 2014
Corporate Presentation
PAREXRESOURCES.COM | TSX:PXT
Building
The
Runway

2. Snapshot
Financial
Q2 2014 Operating Netback US $61.65/bbl
July/Aug 2014 Production ~25,250 bopd
Q2 Funds Flow (Sales 18,502 bopd) US $77 MM
Reserves 2P (June 30, 2014) 58 MMboe(1)
 2P Reserve Life Index (RLI) of 6.7 years
Capital Structure
S&P/TSX Composite Index June 23, 2014
Market capitalization at $14/share ~Cdn$1,756 MM
Convertible debenture (Early redemption Sept. 25/14)(2) Cdn$85 MM
Net Bank Debt(3) (Credit Facility $175 MM) US$25MM
Common shares outstanding (TSX listed)
Basic 125.4 MM
Fully Diluted 141.2 FD(4) MM
(1) Parex net working interest, as per the independent reserve report prepared by GLJ Petroleum Consultants Ltd. effective June 30, 2014.
(2) Convertible at $10.15 per share.
(3) Defined as bank debt minus working capital
(4) Fully diluted shares does not include out of the money options based on a share price of $14, but includes the diluted effect associated with PXT.DB.
2014: Building The Runway
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3. Colombia Focused
2014: Building The Runway
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Legend
3
VIM-1
VMM-9
VMM-11
Morpho
Capachos
LLA-10
LLA-40
LLA-57
LLA-24
LLA-30
LLA-29
LLA-16
LLA
-17
Los
Ocarros
El Porton
El Eden
LLA-26
LLA-32
LLA-34
Cerrero
Cabrestero
LLA-20
Cebucan
Santa Marta
Barranquilla
Cartagena
Covenas
Medellin
BOGOTA
100km 200km
VENEZUELA
COLOMBIA
PANAMA
Land / Blocks
Off-loading stations
Refineries
Ports
Pipeline
OBC
Significant land base

2.75 mm gross acres

Working interest in 23 blocks
Diversified production base
Experienced operator

~120 wells drilled
58 mmbbls in 2P Reserves

4. Track Record of Consistent Growth
0.80
0.60
0.40
0.20
$3.50
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
$0.00
4
200
160
120
80
40
0
25,000
20,000
15,000
10,000
5,000
0
2009 2010 2011 2012 2013 June 2014
Production per share
Production (bopd)
Production Growth Debt Adjusted
Production (bopd)
LHS
Production per share
RHS
($0.50)
100
$500
$400
$300
$200
$100
$0
80
60
40
20
($100)
2009 2010 2011 2012 2013 2014E
Funds Flow ($/share)
Funds Flow ($MM)
Funds Flow Growth Debt Adjusted
Funds Flow
LHS
Funds Flow per share
RHS
$16.00
$12.00
$8.00
$4.00
$0.00
$2,000
$1,600
$1,200
$800
$400
$0
2009 2010 2011 2012 2013 June 2014
3P NPV10AT per share
3P NPV10AT ($MM)
NPV Growth Debt Adjusted
3P NPV10AT (USD) - LHS
3P NPV10AT per share (USD) - RHS
3P NPV10AT per share (CAD) - RHS
0.00
0
2009 2010 2011 2012 2013 June 2014
Reserves per share
Reserves (MMboe)
Reserve Growth Debt Adjusted
Possible - LHS
2P - LHS
3P Reserve per share - RHS
2P Reserve per share - RHS
H2 2014E
Analyst Consensus

5. 2014 Guidance (updated July 10)
2014 Full Year Average Production 22,100-22,500 bopd
Revised 2014 Production Guidance
Three months ended Q4’13 Q1’14 Q2’14 Q3’14 Q4’14 FY’14
Average daily production (bopd)
Increase from prior quarter 7% 7% 8% 23%-26% 4%-6%
2014 Drilling
17,287 18,427 19,870 24,500 -
25,000
25,500 -
26,500
2014 Capital expenditure program to be fully funded through cash flow
2014: Building The Runway
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22,100 -
22,500
Gross Wells H1’14 H2’14 FY’14
Development/Appraisal 10 15 25
Exploration 13 7 20
Total 2014 Wells Drilled 23 22 45

6. Grow & Diversify Production
LLA-16 LLA-20 Los Ocarros Cabrestero LLA-32 LLA-34 LLA-30 Other
July/August production averaged 25,250 bopd
2014: Building The Runway
27
24
21
18
15
12
9
6
3
0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
est.
Q4
est.
Bopd (000) by block
2010 2011 2012 2013 2014
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7. Building A Sustainable Business
Track record of progressing reserves from 3P to cash flow
Focus on increasing reserve life index (RLI) & sustainability
Proved + Probable
+ Possible
Proved + Probable Proved
2P Reserves Life
Index (1) (2)
After Tax PV10
(USD MM)
Reserves* MMboe
31-Dec -09 - - - - -
31-Dec -10 10.4 5.8 1.1 - $149
31-Dec-11 17.6 10.7 4.9 2.6x $344
31-Dec-12 23.1 16.1 10.1 3.5x $450
30-Jun-13 36.4 23.7 14.1 4.2x $614
31-Dec-13 49.9 32.0 17.4 5.1x $832
30-Jun-14 90.6 57.6 31.9 6.7x $1,326
(1) Year-end RLI calculated using 2P year-end reserves divided by Q4 production annualized
(2) Mid-year RLI calculated using 2P year-end reserves divided by annualized Q2 production at June 30, 2013 and estimated second quarter (Q2) exit rate production of 23,500 bopd annualized at June 30, 2014.
*Reserves are independently evaluated by GLJ Petroleum Consultants Ltd.
2014: Building The Runway
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8. Progressively Larger Discoveries
Median Llanos
100 acres
Kona
300 acres
Akira / Tigana
500 +1000 acres
Las Maracas
300 acres
Bottom water drive Edge water drive Edge water drive
Oil Water Sandstone Shale
2014: Building The Runway 8
1. Size
2. Drive

9. Parex Exploration Life Cycle
Cabrestero, LLA-34,
Verano Acquisition
Continue to deliver on our strategy to expand the asset base and added
meaningful positions for future sustainable growth
2014: Building The Runway
Develop
Concept
Acquire
Land
Test
Concept
Initial
Development
Expand
Land
Exploitation
Traditional
3-Ways
Low Side
Closures
Stratigraphic
Traps
New Plays
LLA-26, Cebucan
LLA-24, LLA-30, Akira, Tigana
VMM-9, VMM-11, Morpho, Llanos Deep, Capachos
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10. Traditional Llanos Structures
Characterized by:
Parex’ deep basin knowledge & operational
experience
Producing light oil 30-37º API from 5 fields
Productive reservoirs: C7, Mirador,
Gacheta & Une
Ability to use fields as swing producers to
manage quarterly growth.
2014 Activity
Explore on blocks untested by Parex
exploration wells on LLA-26/40/Cebucan
Manage existing production
2 development wells
Ongoing recompletion program
LLA-40
Sulawesi
2014 Drilling Discoveries
Continue to exploit and manage producing fields
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La Casona Rumi
Las Maracas
Kona
Celeus
Cumbre
LLA-16
LLA-17 LLA-57
LLA-20
Los Ocarros
El Porton
LLA -26
Cebucan
El Eden

11. Southern Llanos: Play Trends
Cabrestero (100% WI, Operator)
Akira – development drilling; swing producer
LLA 34 (55% WI, Non-operated)
Large discoveries at Tua & Tigana
Significant development focus for 2014+
Drillable exploration prospects for 2015
LLA-32 (70% WI, Operator)
Kananaskis, Carmentea & Calona discoveries
Follow-up appraisal drilling and exploration
LLA-32
Carmentea
Tigana
Tua
Maniceño -Bandola
Explore core position, appraise & develop discoveries, and leverage Parex’ costs and exploration know-how
2014: Building The Runway
Discoveries 2013 3D Seismic 2010/11 Seismic
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Cabrestero
Santiago
Max
Tarotaro
LLA-34
Tigana Sur
Akira
Balay
El Palmar
Los Trompillos
Kitaro
Kananaskis
Planned 3D seismic acquisition on eastern side of Cabrestero and LLA-34

12. Verano Acquisition: Property Summary
Balay
LLA-34
Discoveries
Block Parex
WI
Verano
WI
PXT WI
LLA-17 40% 23% 63%
LLA-32 30% 40% 70%
LLA-34 45% 10% 55%
LLA-32
Carmentea
Kananaskis
Max
Maniceño -Bandola
Tarotaro
Tigana
Tigana Sur Tua
Kitaro
Cabrestero
Akira
Los Trompillos
Strategic acquisition to increase WI in
LLA-32 and LLA-34
Current production from acquired working interest is ~5,000 bopd
Santiago
El Palmar
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13. Capachos Farm-in: Ecopetrol Partnership
Capachos (50% WI, Operator)
Development & exploration opportunities
ANH royalty contract
Large structure, light oil, 2 mmbbls produced from 2 wells
Leverages our strengths:
low cost drilling
strong operator
working with communities
Capachos
LLA-16
LLA-40
LLA-17
LLA-57
2014: Building The Runway 13
Prospect/Extension
Capachos-1
Capachos Sur-1

14. Deep Llanos: New Play Concepts
Foothills: large oil & gas structures, US $75MM wells
Plains: small oil structures, US $5 –$10MM wells
Transition Zone “Deep Basin” – 14,000-17,000 feet
Underexplored due to well depths and historic drilling costs
Apply low cost operator advantage to explore the Llanos Transition Zone
2014: Building The Runway
Transition
Zone
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15. Middle Magdalena Basin: New Play Concepts
VMM-9 & VMM-11 (100% WI, Operator)
Testing of new play concepts:
Cold heavy oil production (CHOPS)
Conventional structure/sub-thrust
La Luna unconventional sand
Builds on management’s success with Petro
Andina in Argentina’s Neuquén Basin
Morpho (100% WI, Operator)
Over 2000’ of gross sands pay in each of the
Colorado (Oligocene) and Eocene
Morpho-1 well completed in 3 of 6 Oligocene
sands, > 100 bopd
Next, new well & optimized frac program
Acquiring new 2D seismic allows us to evaluate a
resource concept over approximately 10,000 acres
New Play Concepts: applying proven technology in Colombia
2014: Building The Runway
Discoveries
15
Middle Magdalena Basin
VMM-11
Morpho
VMM-9
40 km

16. New Play Type: Stratigraphic/Channels
LLA-30 (100% WI, Operator)
New Discoveries 2013:
Adalia-1 38° API at 1,000 bopd
Adalia-2 waiting on completion
Adalia-3 initial test of 38° API at 1,000 bopd
Exploration well in 2014
LLA-24 (100% WI, Operator)
New block for Parex:
Exploration well in 2014 & test concepts
First drilled in 2013 and analyzing stratigraphic concepts. Drilling off structure prospect to prove-up concept.
2014: Building The Runway
LLA-20
LLA-24
LLA-29
LLA-30
Discoveries
Adalia
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17. Operating Netback: Colombia Premium
$63
Operating
Netback
$71 $67 $71
Opex & Royalties
Transportation
$82
$73 $71 $69 $67
Brent Price
US $/BBL
$58 $64 $61 $62 $62
$26
$22
$22
$23
$26
$26 $29 $29
$27
$28
$29
$29 $28 $28
$7
$12
$8
$8
$9
$8 $8 $8 $15
$14
$14
$12 $14 $15
140
120
100
80
60
40
20
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Realized Price (US $/bbl)
2014: Building The Runway
Price
Royalties
Costs
Parex’ Take
2011 2012 2013 2014
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18. Parex’ Value Proposition
Proven Management’s track record
Self-funded growth
Exposure to Brent Oil Pricing LATAM exposure
2014: Building The Runway 18

19. Expanding Capacity
Source: Ecopetrol, Feb 2013
New take-away capacity exceeds basin production growth
2500
2000
1500
1000
500
0
2014: Building The Runway
Colombian Throughput vs. Pipeline Capacity* (mbd)
988
1,133
1,287
1,377 1,446 1,472
2010 2011 2012 2013 2014 2015 2016
Fuel Oil
Third Parties production
Partners
Pipeline Capacity
Diluent
Royalties
Ecopetrol’s Production
Total Capacity
*includes trucks
Growth
Opportunity
2012 – 2014:
Crude Oil Pipeline – Key Projects
1. San Fernando - Monterrey System: +390 mbod
2. Bicentenario Phase 1: +120 mbod
3. Magdalena Medio System: +75 mbod
4. Caño Limón - Coveñas: +55 mbod
2,020
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20. Appendix – Block Summary
1) Working interests are subject to regulatory approval.
2) Farm-in agreement for 50% participating interest in the block, excluding Curiara Area, subsequent to fulfilling certain obligations.
3) Morpho is subject to a 4% Net Profit Interest.
4) Farm-out agreement awarding 51% participating interest subsequent to fulfilling certain obligations.
Block
Operated/
Non-Operated
Working Interest Partners Gross Acres Basin
LLA-10 Operated 45% Petro America & Petromont 189,544 Llanos
LLA-16 Operated 100% N/A 157,611 Llanos
LLA-17 Operated 63% Geopark 108,726 Llanos
LLA-20 Operated 100% N/A 144,292 Llanos
LLA-24 Operated 100% N/A 147,100 Llanos
LLA-26 Operated 100% N/A 184,061 Llanos
LLA-29 Operated 100% N/A 69,914 Llanos
LLA-30 Operated 100% N/A 117,321 Llanos
LLA-32 Operated 70% Apco & Geopark 100,325 Llanos
LLA-34 Non-Operated 55% Geopark 82,286 Llanos
LLA-40 Operated 50% Apco 163,090 Llanos
LLA-57 Operated 100% N/A 104,532 Llanos
Cabrestero Operated 100% N/A 29,562 Llanos
Capachos(1) Operated 50% Ecopetrol 64,175 Llanos
Cebucan Operated 100% N/A 109,150 Llanos
Cerrero(1) Operated 65% Perenco 108,973 Llanos
El Eden Operated 60% Petro America 109,249 Llanos
El Porton(2) Operated 50% Petro America 109,476 Llanos
Los Ocarros Operated 50% Petro America 110,436 Llanos
VIM-1 Operated 100% N/A 223,651 Lower Magdalena
Morpho(3) Operated 100% N/A 51,398 Middle Magdalena
VMM-9 Operated 100% N/A 152,314 Middle Magdalena
VMM-11 Operated 100% N/A 116,826 Middle Magdalena
Moruga(4) - (Trinidad) Operated 32.8%
Caribbean Rex &
Touchstone
7,443 -
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21. Appendix – Summary of Quarterly Results
(Unaudited)
(millions of US dollars, except per share amounts) 2014 2013 2012
Q2 Q1 FY Q4 Q3 Q2 Q1 FY Q4 Q3 Q2 Q1
OPERATING
Average realized prices, prior to hedging 105 103 104 102 106 99 110 109 106 108 108 117
Brent Price ($/bbl) 110 108 109 109 110 103 112 112 110 110 108 119
Vasconia ($/bbl) 104 101 104 102 106 99 108 106 103 103 104 115
Production (thousands of bopd) 19.9 18.4 15.9 17.3 16.2 15.5 14.4 11.4 12.7 10.9 10.4 11.7
FINANCIAL
Sales of crude oil 183 180 637 167 157 148 165 524 150 131 113 130
Funds flow from operations 77 77 270 76 68 66 60 242 54 42 61 84
Per share – basic 0.70 0.70 2.49 0.70 0.63 0.61 0.56 2.23 0.50 0.39 0.57 0.77
Net income (loss) 11 10 13 22 (28) 8 11 40 (16) 8 21 27
Per share – basic 0.10 0.09 0.20 0.20 (0.26) 0.07 0.10 0.37 (0.15) 0.07 0.19 0.25
Per share – diluted 0.10 0.09 0.18 0.18 (0.26) 0.04 0.05 0.31 (0.15) 0.07 0.09 0.25
EBITDA 84 97 325 92 82 80 72 258 46 62 68 83
Cash and cash equivalents 63 40 57 57 26 45 27 32 32 27 51 121
Working Capital 31 37 24 24 19 9 17 (13) (13) (9) (0.6) 116
Net Debt (1) 110 29 70 70 85 104 88 107 107 94 86 (31)
Capital Expenditures 95 62 234 59 50 78 47 268 65 51 93 59
Weighed average shares outstanding 111 109 108 108 108 108 109 108 108 108 108 108
Weighed average shares outstanding, diluted 122 111 124 124 108 130 129 126 110 109 117 118
TRADING STATISTICS
($, based on intra-day trading)
High 13.25 9.50 6.8 6.80 6.30 4.89 6.50 8.67 6.03 5.18 7.15 8.67
Low 9.33 6.59 4.05 5.60 4.10 4.05 4.39 4.07 4.27 3.85 4.29 6.49
Close (end of period) 12.55 9.50 6.58 6.58 5.83 4.12 4.63 5.80 5.80 4.83 4.72 7.04
Average daily volume (thousands) 556 360 216 258 193 203 210 236 235 148 335 264
2014: Building The Runway
(1) Defined as Bank Debt + CD Face Value C$85 million – Working Capital
Bank credit facility currently has a borrowing base of $125 million & Face value of debenture is Cdn $85 million with conversion price of Cdn $10.50/share.
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22. Legal Advisory
Certain statements in this document are “forward-looking statements”. Forward-looking statements are frequently
characterized by words such as “prospective”, “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “forecast”,
or other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are not
based on historical facts but rather on the expectations of management of the Company ("Management") regarding the
Company's future growth, results of operations, production, plans for and results of drilling activity, business prospects and
opportunities. Such forward-looking statements reflect Management's current beliefs and assumptions and are based on
information currently available to Management. In particular, this document contains forward-looking statements regarding, but
not limited to, the Company's expected 2013 production rates and Parex' drilling plans. Forward-looking statements involve
significant known and unknown risks and uncertainties. A number of factors could cause actual results to differ materially from
the results discussed in the forward-looking statements including the risks associated with negotiating with foreign
governments as well as country risk associated with conducting international activities, competition, the ability to generate
revenue and exploit operating margins, capital resources, the use of certain technologies and materials, annual impairment
tests, labour relations, insurance, damage from weather and other disasters, operating and maintenance risks and
environmental risks, new information regarding reserves, changes in demand for and volatility of commodity prices of oil and
natural gas, failure to receive all required regulatory approvals for acquisition, the risk that the acquisition may not be
completed as contemplated or at all, legislative, regulatory and political changes, the risks discussed under "Risk Factors" in
Parex' annual information form for the year ended December 31, 2012 and other factors, many of which are beyond the control
of the Company. The risks outlined should not be construed as exhaustive. Although the forward-looking statements contained
in this document 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. These forward-looking statements are
made as of the date hereof, and the Company assumes no obligation to update or revise them to reflect new events or
circumstances, except as required by law.
Statements relating to “reserves” are by their nature forward-looking statements, as they involve the implied assessment,
based on certain estimates and assumptions that the reserves described can be profitably produced in the future.
With respect to forward-looking statements contained in this presentation, the Company has made assumptions regarding:
future exchange rates; the price of oil and natural gas; the impact of increasing competition; conditions in general economic
and financial markets; availability of equipment; availability of skilled labour; current technology; cash flow; commodity prices;
production rates; timing and amount of capital expenditures; royalty rates; effects of regulation by governmental agencies;
future operating costs; receipt of all required regulatory approvals for the acquisition; successful completion of the acquisition;
and the Company's ability to obtain financing on acceptable terms. 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 the Company's future operations and such information may not be appropriate for other
purposes.
This is not an offer to sell or a solicitation of an offer to purchase securities by Parex. Before making an investment,
investors should refer to the Offering Documents for more complete information, including investment risks, fees and expenses
and should also thoroughly and carefully review Parex' public disclosure documents available on SEDAR at www.sedar.com
with their financial, legal and tax advisors to determine whether an investment is suitable for them.
How to Reach Us
Parex Resources Inc.
1900 - 250 Second Street S.W.,
Calgary, Alberta, Canada T2P 0C1
Tel: 403-265-4800
Fax: 403-265-8216
Email: investor.relations@parexresources.com
www.parexresources.com
Michael Kruchten
Vice President, Investor Relations & Corporate Planning
2014: Building The Runway
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