Parex Resources Inc.

11:56 AM EST - Parex Resources Inc. : Announced the results of its annual independent reserves assessment as at December 31, 2017. The company increased proved plus probable reserves by 45 percent year-over-year; 2P reserves grew from 112 million barrels of oil equivalent at December 31, 2016 to 162 MMboe at December 31, 2017. 99% of 2P reserves are crude oil. It also achieved 2P finding & development costs and 2P finding, development & acquisition costs of $4.73U.S./ boe. The 2017 2P FD&A cash netback recycle ratio was 5.5 times using the unaudited fourth quarter 2017 funds flow from operations on a per barrel of oil equivalent basis of $26.25 U.S./boe. The company also realized 2P reserve replacement of 488% with total 2017 gross reserve additions of 63.3 MMboe. Parex Resources Inc.
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