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

CORPORATE SNAPSHOT Operating results 2016 2017 2018E Production (boe/d) FY Average 29,715 35,541 ~43,800 Capital Expenditures (1) - US$ million $112 $212 ~$325 Drilling Program (# wells) 17 38 55-60 Reserves (year-end) 2P Reserves (Dec. 31) (2) - Mmboe 112 162 2P Reserve Life Index - years 9.9 11.4 Capital structure – June 30, 2018 Net Working Capital - US$ million $66 US$100 MM Undrawn Credit Facility No Debt Market Capitalization (3) ~C$2.9Bn Common Shares Basic Outstanding (TSX listed) (3) 155.4 MM (1) Assuming US$73 Brent Oil Price in H2 2018 (2) Parex’ working interest, as per the independent reserve report prepared by GLJ Petroleum Consultants effective Dec. 31, 2017 (3) August 31, 2018 closing share price & basic shares outstanding See “Advisories” at the end of this presentation 2 Corporate Presentation | September 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 – June 30 2018 ✓ Track Record of Value Creation LLA-32 4,492 3,590 1,710 LLA-34 202,205 134,657 31,287 Cabrestero 17,832 12,675 4,251 ❖ Timing rationale Total SoCa 224,529 150,922 37,248 Other Parex 16,405 11,314 4,364 Total Parex 240,934 162,236 41,612 ❖ 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 See advisories at the end of this presentation 3 Corporate Presentation | September 2018 Corporate Presentation | March 2017 3

WHY INVEST IN PAREX? 1. No debt and positive Q2’18 working capital exceeding US$66MM 2. High margins: Q2’18 Operating Netback  US$45/boe @ Brent $75/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: ~23% self-funded 4. Focused management - ability to grow within a single country  Colombia 5. Delivering shareholder value 4 Corporate Presentation | September 2018 Corporate Presentation | March 2017 4

WHY COLOMBIA: IMPROVING LANDSCAPE • OECD accession process underway • Peace Negotiations o Peace reduces above-ground risks o Opens up more accessible acreage • Congressional Elections (March 11, 2018) o Generally strong pro-business mandate • New Federal Administration  President Iván Duque was sworn in August 7, 2018  Oil industry support from key ministries Pro-industry candidate elected 5 Corporate Presentation | September 2018 Corporate Presentation | March 2017 5

DELIVERING CONSISTENT SHAREHOLDER VALUE 2P RESERVES (DE (DEBT ADJU JUSTED) PRODUCTION PER SHA HARE (DE (DEBT ADJU JUSTED) 300 1,200 DAPS (BOE/MM BASIC SHARES) (MBOE/MM BASIC SHARES) 250 1,000 2P RESERVES 200 800 150 600 100 400 50 200 - - 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 FUNDS FL FU 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% BRENT PRICE (USD/BBL) $2.50 $100.00 (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 PXT S&P/TSX Energy Index FUNDS FLOW PER SHARE (USD/BASIC SHARE) BRENT (USD/BBL) See advisories at the end of this presentation 6 Corporate Presentation | September 2018 Corporate Presentation | March 2017 6

BUSINESS IS STRONG – PRODUCTION GROWTH AND FREE CASH FLOW 0.45 50,000 BOE PER THOUSAND SHARES Production Debt Adjusted Production Per Share 45,000 0.40 40,000 PRODUCTION (BOE/D) 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 - - 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 2018F Base assets (LLA-34/Cabrestero) growing production & exploration adds new resource 7 Corporate Presentation | September 2018 Corporate Presentation | March 2017 7

UPDATED 2018 GUIDANCE: CASH FLOW FUNDED GROWTH Maintenance Capex Assumptions 14 wells 38,000 boe/d H2 2018 Full Year ~ $90MM Oil (Brent) (US/bbl) $73 $72 FFO netback (1)(2)(3) (US/boe) $33 $32 CAPEX Production - period average (Boe/d) 46,000 43,800 ALLOCATION Capital expenditure (midpoint) (US$ MM) $165 $325 $280 (3) $510 (3) Funds flow from operations (US$ MM) YOY Production growth/share ~22% ~23% Growth Capex (1) FFO netback is defined as Funds Flow From Operations per bopd. 41-46 wells (2) Netback is a non-GAAP Measure. (3) Excluding $137.5 million one-time voluntary tax restructuring cost & decommissioning/environmental liabilities ~5,000-6,000 boe/d ~$235MM 8 Corporate Presentation | September 2018 Corporate Presentation | March 2017 8

PAREX CASH NETBACK (1) 2018 H2 TARGET CASH NETBACKS (2) $90 BRENT PRICE $80 $75 $80 $74.97 $70 REALIZED PRICE (USD/BOE) $67.27 $65 $70 ($13.01) Differential $60 $60 Royalties ($8.10) Opex ($5.76) $50 Transportation ($3.13) ($4.10) G&A, Finance & Misc. Costs $40 (3) ($9.25) Tax $30 $20 $10 (3) Cash Netback $31.62 $28.10 $26 $29 $32 $35 $38 $- 2018 H2 Guidance Q1 2018 Q2 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) 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 9 Corporate Presentation | September 2018 Corporate Presentation | March 2017 9

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 10 Corporate Presentation | September 2018 Corporate Presentation | March 2017 10

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 11 Corporate Presentation | September 2018 Corporate Presentation | March 2017 11

KEY EVENTS H2 2018 Capachos Lower • Llanos wells Magdalena o Capachos: Andina o CPO-11: Anacaona o Cabrestero: 2 Bacano o LLA-34: 14 Tigana-Jacana Middle Magdalena LLA-32 • Magdalena wells LLA-34 Cabrestero De Mares : 3 wells o AB: complete, test 7 wells CPO-11 o De Mares: Coyote – complete, test 3 wells Aguas Blancas : 7 wells Llanos Basin 12 Corporate Presentation | September 2018 Corporate Presentation | March 2017 12

2018 GUIDANCE: Q4 INCREASED FROM 46,000 TO 48,000 BOE/D • Production Increase. New Guidance Q4 2018 of 48,000 boe/d o Q4 2018: +2,000 bopd LLA-34 o Q1 2019: +1,000 bopd LLA-34 plus +1,000 bopd Cabrestero (Q4 2018 capex, on-stream in Q1 2019)  2019 corporate production target > 50,000 bopd • Capital Expenditure increase $45MM. New Guidance FY $325MM o LLA-34: 10 wells o Cabrestero: 2 injectors + 4 producing wells o Business Development: farm-in CPO-11 block in Llanos Basin See advisories at the end of this presentation 13 Corporate Presentation | September 2018 Corporate Presentation | March 2017 13