Parex Resources Provides Trinidad Update

NOT FOR DISTRIBUTION OR FOR DISSEMINATION IN THE UNITED STATES

Parex Resources Inc. ("Parex" or the "Company") (TSX:PXT), announces that its
subsidiary Parex Resources (Trinidad) Ltd. ("Parex Trinidad") has signed a
farm-out agreement on the Moruga Block and has given notice that it will
relinquish the Central Range Blocks.


Moruga Block 

Parex Trinidad entered into a farm-out agreement for the onshore Trinidad Moruga
Block. Under the terms of the farm-out agreement, the farmee earned a 20%
participating interest in the block after providing Parex Trinidad with a $2
million payment. The farmee, as contract operator will also earn an additional
31% participating interest in the block upon completion of:




--  Paying 100% of Parex Trinidad's costs to work-over Snowcap-1 well and
    place it on production; 
--  Paying 100% of Parex Trinidad's costs to drill, complete and test an
    exploration well within 9 months of the farm-out agreement effective
    date; and 
--  Paying 100% of Parex Trinidad's costs to drill, complete and test a
    second exploration well within 6 months of the rig release of the first
    exploration well.



If all the Moruga Block farm-out agreement terms are fulfilled by the farmee,
Parex Trinidad will transfer operatorship to the farmee and reduce its
participating interest from 83.8% to 32.8%.


Central Range Blocks 

Parex Trinidad, as operator of the onshore Central Range Shallow Block and
Central Range Deep Block has notified the Trinidad & Tobago Ministry of Energy
and Energy Affairs that it will relinquish both Central Range blocks. Parex
Trinidad has satisfied the contractual relinquishment obligations as per the
requirements of the Central Range Block production sharing contracts.  


Wayne Foo, President and CEO of Parex Resources, noted that, "Parex, as operator
of both Central Range Block contracts, has discussed opportunities for fiscal
reform of the contracts with the Ministry for more than a year and Parex also
participated in the Ministry's process to review opportunities for fiscal reform
that would encourage onshore exploration. That process led to the fiscal terms
that will govern new blocks to be awarded in the upcoming Trinidad Onshore Bid
Round 2013, but the parties have recognized that it is not feasible to alter and
enhance existing production sharing contracts."


It is expected that an impairment of exploration and evaluation assets in the
amount of approximately $40 million will be recognized in Parex' third quarter
financial statements, as a result of Parex Trinidad's relinquishment of the
blocks.  Parex had no oil and gas production or booked reserves attributed to
the blocks.


The strategic decision to reduce future exposure to Trinidad capital
expenditures enables Parex to focus capital on its large Colombian land
portfolio of 1.4 million gross acres and producing assets of approximately
16,200 bopd (third quarter 2013). 


This news release does not constitute an offer to sell securities, nor is it a
solicitation of an offer to buy securities, in any jurisdiction. 


Advisory on Forward Looking Statements

Certain information regarding Parex set forth in this document contains
forward-looking statements that involve substantial known and unknown risks and
uncertainties. The use of any of the words "plan", "expect", "prospective",
"project", "intend", "believe", "should", "anticipate", "estimate" or other
similar words, or statements that certain events or conditions "may" or "will"
occur are intended to identify forward-looking statements. Such statements
represent Parex's internal projections, estimates or beliefs concerning, among
other things, future growth, results of operations, production, future capital
and other expenditures (including the amount, nature and sources of funding
thereof), competitive advantages, plans for and results of drilling activity,
environmental matters, business prospects and opportunities. These statements
are only predictions and actual events or results may differ materially.
Although the Company's management believes that the expectations reflected in
the forward-looking statements are reasonable, it cannot guarantee future
results, levels of activity, performance or achievement since such expectations
are inherently subject to significant business, economic, competitive, political
and social uncertainties and contingencies. Many factors could cause Parex'
actual results to differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, Parex. 


In particular, forward-looking statements contained in this document include,
but are not limited to, statements with respect to the performance
characteristics of the Company's oil properties; supply and demand for oil;
financial and business prospects and financial outlook; results of drilling and
testing, results of operations; drilling plans; activities to be undertaken in
various areas; capital plans in Colombia and annual production rates; plans to
acquire and process 3D seismic; timing of drilling and completion; and planned
capital expenditures and the timing thereof. In addition, statements relating to
"reserves" or "resources" are by their nature forward-looking statements, as
they involve the implied assessment, based on certain estimates and assumptions
that the resources and reserves described can be profitably produced in the
future. The recovery and reserve estimates of Parex' reserves provided herein
are estimates only and there is no guarantee that the estimated reserves will be
recovered.


These forward-looking statements are subject to numerous risks and
uncertainties, including but not limited to, the impact of general economic
conditions in Canada, Colombia and Trinidad & Tobago; industry conditions
including changes in laws and regulations including adoption of new
environmental laws and regulations, and changes in how they are interpreted and
enforced, in Canada, Colombia and Trinidad & Tobago; competition; lack of
availability of qualified personnel; the results of exploration and development
drilling and related activities; obtaining required approvals of regulatory
authorities and partners, in Canada, Colombia and Trinidad & Tobago; risks
associated with negotiating with foreign governments as well as country risk
associated with conducting international activities; volatility in market prices
for oil; fluctuations in foreign exchange or interest rates; environmental
risks; changes in income tax laws or changes in tax laws and incentive programs
relating to the oil industry; ability to access sufficient capital from internal
and external sources; the risks that any estimate of potential net oil pay is
not based upon an estimate prepared or audited by an independent reserves
evaluator; that there is no certainty that any portion of the hydrocarbon
resources will be discovered, or if discovered that it will be commercially
viable to produce any portion thereof; and other factors, many of which are
beyond the control of the Company. Readers are cautioned that the foregoing list
of factors is not exhaustive. Additional information on these and other factors
that could effect Parex's operations and financial results are included in
reports on file with Canadian securities regulatory authorities and may be
accessed through the SEDAR website (www.sedar.com).


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. With respect to forward-looking statements contained
in this document, Parex has made assumptions regarding: current commodity prices
and royalty regimes; availability of skilled labour; timing and amount of
capital expenditures; future exchange rates; the price of oil; the impact of
increasing competition; conditions in general economic and financial markets;
availability of drilling and related equipment; effects of regulation by
governmental agencies; receipt of all required approvals for the Acquisition;
royalty rates, future operating costs, and other matters. Management has
included the above summary of assumptions and risks related to forward-looking
information provided in this document in order to provide shareholders with a
more complete perspective on Parex's current and future operations and such
information may not be appropriate for other purposes. Parex's actual results,
performance or achievement could differ materially from those expressed in, or
implied by, these forward-looking statements and, accordingly, no assurance can
be given that any of the events anticipated by the forward-looking statements
will transpire or occur, or if any of them do, what benefits Parex will derive.
These forward-looking statements are made as of the date of this document and
Parex disclaims any intent or obligation to update publicly any forward-looking
statements, whether as a result of new information, future events or results or
otherwise, other than as required by applicable securities laws. 


Any references in this press release to test production rates are useful in
confirming the presence of hydrocarbons, however, such rates are not
determinative of the rates at which such wells will commence production and
decline thereafter. These test results are not necessarily indicative of
long-term performance or ultimate recovery. Readers are cautioned not to place
reliance on such rates in calculating the aggregate production for the Company.


The TSX has not received and does not accept responsibility for the adequacy or
accuracy of this news release. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Parex Resources Inc.
Mike Kruchten
Vice President, Corporate Planning & Investor Relations
(403) 517-1733
Investor.relations@parexresources.com
Parex Resources (TSX:PXT)
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