Texas Appeals Court Dismisses Parex Resources Inc. from Ramshorn Litigation

NOT FOR DISTRIBUTION OR FOR DISSEMINATION IN THE UNITED STATES

Parex Resources Inc. ("Parex" or the "Company") (TSX:PXT) provides an update
respecting the lawsuit (the "Lawsuit") filed in the 61st Judicial District Court
of Harris County, Texas (the "Texas Trial Court") on March 20, 2012, by a Texas
based private company (the "Plaintiff") wherein Parex and its wholly owned
subsidiaries Parex Resources (Bermuda) Ltd. ("Parex Bermuda") and Ramshorn
International Limited ("Ramshorn") have been named as defendants.


As previously announced by Parex, the Lawsuit relates to a share purchase
agreement entered into by the Plaintiff and a third party seller (the "Seller")
respecting the proposed purchase by the Plaintiff of the Class A shares of
Ramshorn, which prior agreement the Plaintiff claims was improperly terminated
by the Seller. Each of Parex, Parex Bermuda and Ramshorn specially appeared in
the Lawsuit to challenge the jurisdiction of the Texas Court and to seek
dismissal of the claims against them.


Also as announced, a hearing on the jurisdictional aspects of the case took
place on November 19 and 20, 2012 wherein the Texas Trial Court found that it
does not have jurisdiction over Parex Bermuda and ordered that all of the
Plaintiff's claims against Parex Bermuda be dismissed. The Plaintiff's claims
against Parex and Ramshorn were not, however, dismissed by the Texas Trial
Court. Parex and Ramshorn filed a Notice of Appeal of the Texas Court's rulings
in this regard. Similarly, the Plaintiff filed a Notice of Appeal regarding the
dismissal of the claims against Parex Bermuda. All proceedings in the Lawsuit,
and most discovery, were stayed pending the outcome of the appeal on these
jurisdictional matters.


The appeal hearing on the jurisdictional aspects of the case took place on
September 18, 2013 in the Fourteenth Court of Appeals of the State of Texas (the
"Texas Appeal Court"). The decision of the Texas Appeal Court on these
jurisdictional matters has now been received. The Texas Appeal Court reversed
the decision of the Texas Trial Court respecting Parex and dismissed all of the
Plaintiff's claims against Parex for lack of jurisdiction. The Texas Appeal
Court also affirmed the decision of the Texas Trial Court dismissing all of the
Plaintiff's claims against Parex Bermuda for lack of jurisdiction. Lastly, the
Texas Appeal Court affirmed the decision of the Texas Trial Court respecting
Ramshorn such that Ramshorn remains subject to the Lawsuit. The causes of action
alleged against Ramshorn in the suit all relate to acts and conduct by Ramshorn
that the Plaintiff alleges took place prior to Parex Bermuda's acquisition of
Ramshorn.


Parex believes that the Lawsuit and the Plaintiff's claims are baseless and
without merit and the Company will continue to vigorously defend the Lawsuit.


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.


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

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