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Focus on Shareholder Value www.parexresources.com | TSX:PXT | Corporate Presentation | November 2018 1 Corporate Presentation | November 2018 Corporate Presentation | March 2017 1

CORPORATE SNAPSHOT 2019E (1) Operating results 2017 2018E Production (boe/d) FY Average 35,541 ~44,050 ~52,000 Capital Expenditures (2) - US$ million $212 ~$325 ~$275 Drilling Program (# wells) 38 55-60 TBC Reserves (year-end) 2P Reserves (Dec. 31) (3) - Mmboe 162 2P Reserve Life Index - years 11.4 Capital structure – September 30, 2018 Net Working Capital - US$ million $143 US$100 MM Undrawn Credit Facility No Debt Market Capitalization (4) ~C$3.1Bn Common Shares Basic Outstanding (TSX listed) (3) 155.4 MM (1) 2019 preliminary (mid-point) guidance (2) Brent oil price assumptions: US$73/bbl for 2018 and US$75/bbl for 2019 (3) Parex’ working interest, as per the independent reserve report prepared by GLJ Petroleum Consultants effective Dec. 31, 2017 (4) Assuming $20 share price See “Advisories” at the end of this presentation 2 Corporate Presentation | November 2018 Corporate Presentation | March 2017 2

EXPLORING REPOSITIONING STRATEGY (1) ❖ Why now? Block GLJ 3P GLJ 2P Production (Parex’ WI) Reserves Reserves (boe/d) ✓ Strength of Portfolio (MMBOE) (2) (MMBOE) (2) Dec 31, 2017 Jan. 1 – Sep. 30 2018 (3) ✓ Track Record of Value Creation LLA-32 4,492 3,590 1,846 LLA-34 202,205 134,657 32,107 Cabrestero 17,832 12,675 4,683 ❖ Timing rationale Total SoCa 224,529 150,922 38,636 Other Parex 16,405 11,314 4,125 Total Parex 240,934 162,236 42,761 ❖ Possible outcomes (1) Refer to July 17, 2018 news release “Parex to Explore Potential Strategic Repositioning” (2) Per the independent reserve reports prepared by GLJ Petroleum Consultants Ltd. effective Dec. 31, 2017 (3) Q3 2018 MD&A See advisories at the end of this presentation 3 Corporate Presentation | November 2018 Corporate Presentation | March 2017 3

WHY INVEST IN PAREX? 1. No debt and positive Q3’18 working capital exceeding US$143MM 2. High margins: Q3’18 Operating Netback  US$44/boe @ Brent $76/bbl 3. Ability to grow within cash flow: o 2017 Growth: production 19.6% yoy & RLI increased to 11 years from 10 o 2018 Production Growth Guidance: ~24% self-funded o 2019 Production Growth Preliminary Guidance: ~18% self-funded 4. Focused management - ability to grow within a single country  Colombia 5. Delivering shareholder value 4 Corporate Presentation | November 2018 Corporate Presentation | March 2017 4

DELIVERING CONSISTENT SHAREHOLDER VALUE 2P RESERVES (DE (DEBT ADJU JUSTED) PRODUCT CTION PER R SH SHARE (DE (DEBT ADJU JUSTED) 1,200 350 (MBOE/MM BASIC SHARES) DAPS (BOE/MM BASIC SHARES) 1,000 300 250 2P RESERVES 800 200 600 150 400 100 200 50 - - 2013 2014 2015 2016 2017 2018E 2013 2014 2015 2016 2017 FU FUNDS FL FLOW PER R SH SHARE (B (BASIC IC) PXT VS. . S&P/TSX ENERGY IND INDEX (T (TTEN) 75% 66% $3.00 $120.00 FUNDS FLOW PER SHARE 60% $2.50 $100.00 BRENT PRICE (USD/BBL) (USD/BASIC SHARE) 40% 45% 34% TOTAL RETURN $2.00 $80.00 30% 15% 15% 15% $1.50 $60.00 15% 7% $1.00 $40.00 0% $0.50 $20.00 -15% -11% -16% -25% -30% $- $- 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2018 E PXT S&P/TSX Energy Index FUNDS FLOW PER SHARE (USD/BASIC SHARE) BRENT (USD/BBL) See advisories at the end of this presentation 5 Corporate Presentation | November 2018 Corporate Presentation | March 2017 5

BUSINESS IS STRONG – PRODUCTION GROWTH AND FREE CASH FLOW 0.55 55,000 BOE PER THOUSAND SHARES Production Debt Adjusted Production Per Share 0.50 50,000 0.45 45,000 PRODUCTION (BOE/D) 0.40 40,000 0.35 35,000 0.30 30,000 0.25 25,000 0.20 20,000 0.15 15,000 0.10 10,000 0.05 5,000 - - E Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Base assets (LLA-34/Cabrestero) growing production & exploration adds new resource Q2 2018 adjusted to exclude a $137.5 million one-time voluntary tax restructuring during the three months ended June 30, 2018 6 Corporate Presentation | November 2018 Corporate Presentation | March 2017 6

GUIDANCE: CASH FLOW FUNDED GROWTH Assumptions 2018FY 2019FY (1) Oil (Brent) (US/bbl) $73 $75 FFO netback (2)(3)(4) (US/boe) $33 $33 Production (Boe/d) 44,050 52,000 Capital expenditure (midpoint) (US$ MM) $325 $275 Funds flow from operations(US$ MM) (4) ~$530 $610 YOY Production growth/share ~24% ~18% (1) Mid-point 2019 guidance (2) FFO netback is defined as Funds Flow From Operations per bopd. (3) Netback is a non-GAAP Measure. (4) Excluding decommissioning/environmental liabilities. 2018FY excludes a $137.5 million cost of the voluntary tax restructuring during Q2 2018 7 Corporate Presentation | November 2018 Corporate Presentation | March 2017 7

PAREX CASH NETBACK (1) 2018 H2 TARGET CASH NETBACKS (2) BRENT PRICE $80 $80 $75.84 $75 $74.97 $75 $70 $70 $67.27 Differential ($14.15) REALIZED PRICE (USD/BOE) $65 $65 $60 Royalties ($9.30) $55 Opex $50 ($5.40) Transportation ($2.58) $45 ($1.76) G&A, Finance & Misc. Costs (3) $40 ($5.97) Tax $35 $30 $25 $20 $15 (3) Cash Netback $10 $5 $28.10 $36.68 $29 $32 $35 $38 $31.62 $- 2018 H2 Guidance Q1 2018 Q2 2018 Q3 2018 (1) Cash netbacks are a non-GAAP measure defined as funds flow from operations per barrel of oil (2) 2018 H2 target cash netbacks are based on production guidance mid-point excluding hedges and decommissioning & environmental liabilities. (3) Q2 2018 tax and cash netback adjusted to exclude a $137.5 million one-time voluntary tax restructuring during the three months ended June 30, 2018 See advisories at the end of this presentation 8 Corporate Presentation | November 2018 Corporate Presentation | March 2017 8

SOLID FOUNDATION SUPPORTS GROWTH TRACK RECORD OF PROGRESSING RESERVES* FROM 3P TO CASH FLOW Dec. 31, Proved + Probable+ Proved + Proved Annual 2P Reserve Life Possible Probable Production Index Based on Annualized Millions of Barrels of Oil Equivalent Q4 Production 2013 50 32 17 6 5 years 2014 104 68 40 8 7 years 2015 125 82 46 10 8 years 2016 169 112 64 11 10 years 2017 241 162 96 13 11 years 241 Mmboe  ~ 60,000 boe/d & 11 yr RLI *Per the independent reserve reports prepared by GLJ Petroleum Consultants Ltd. effective December 31 of the reported year. Future development capital (FDC) included in the 2017 GLJ Report are: 1P US$302 mm, 2P US$432 mm & 3P US$537 mm See advisories at the end of this presentation 9 Corporate Presentation | November 2018 Corporate Presentation | March 2017 9

CONVENTIONAL OIL RESERVES GENERATE VALUE Proved+ Proved + Probable+ Total Company - 2017YE Proved Probable Possible (1) FD&A USD/boe (1) $6.00 $4.71 $3.87 Recycle Ratio (FD&A) (1) 4.4x 5.6x 6.8x After Tax NPV10% - CAD/sh (2) $12.81 $20.32 $28.92 Working Capital - CAD/Sh (3) $1.33 $1.33 $1.33 Total CAD/Sh (3) $14.14 $21.65 $30.25 (1) Per the independent reserve reports prepared by GLJ Petroleum Consultants Ltd. effective December 31 of the reported year, including Future Development Cost. Recycle Ratio is calculated using Q4 2017 Funds Flow From Operations per barrel divided by annual F&D or FD&A as applicable. (2) Based on GLJ Petroleum Consultants Ltd. price forecast, as at January 1, 2018, which assumes $65.40/bbl over 2018-2022 (3) Working Capital of US$163 million (CAD 205 million) and 154.7 million shares at December 31, 2017 See advisories at the end of this presentation 10 Corporate Presentation | November 2018 Corporate Presentation | March 2017 10

KEY EVENTS H2 2018 Capachos • Llanos wells Lower o Capachos: Andina Magdalena o CPO-11: Anacaona Middle o Cabrestero: 2 Bacano Magdalena o LLA-34: 14 Tigana-Jacana • Magdalena wells De Mares : 3 wells o AB: complete, test 7 wells LLA-34 o De Mares: Coyote – complete, Aguas Blancas : 7 wells test 2 wells CPO-11 Llanos Basin 11 Corporate Presentation | November 2018 Corporate Presentation | March 2017 11

SOCA: FOUNDATION FOR GROWTH Calona LLA-32 CABRESTERO (100% WI, operator) Kananaskis • Swing producer block LLA-34 Tilo o Currently producing ~8,000 bopd Chiricoca Chachalaca • Successful Bacano appraisal in 2017 Tarotaro • Drilled 10 wells in 2018 Tigana Tua LLA-34 (55% WI, Non-operated) Jacana Aruco • Producing ~65,000 boe/d gross (~35,750 boe/d net) Curucucu • Tested extent of Jacana-Tigana trend to SW in 2017 Jacamar • Drilled 20 of 29 wells planned in 2018 Akira Cabrestero Bacano Explore core position, appraise & develop discoveries, and leverage Parex’ costs & As per the independent reserve report prepared by GLJ Petroleum Consultants Ltd. effective Dec. 31/17 exploration strengths Faults GLJ 3P (2017YE) Exploration 2018 Drilled Well 2018 Planned Well 12 Corporate Presentation | November 2018 Corporate Presentation | March 2017 12