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Leading Shareholder Growth www.parexresources.com | TSX:PXT | Corporate Presentation | January 2018 1 Corporate Presentation | January 2018 Corporate Presentation | March 2017 1

CORPORATE SNAPSHOT Operating results 2016 2017E 2018E Production (boe/d) FY Average 29,715 35,540 ~42,000 Capital Expenditures (1) (million) US $112 US $225 US $275 Drilling Program (# wells) 17 38 44-50 Reserves (2016 year end) 2P Reserves (Dec. 31) (2) 112 Mmboe 2P Reserve Life Index (RLI) 10 years Capital structure Net Working Capital (3) US $140 MM US $100 MM Credit Facility (3) Undrawn – No Debt Market Capitalization (4)(5) ~ CAD $2.8 Billion Common Shares Basic Outstanding (TSX listed) (4) 154.7MM (1) Brent oil price assumptions: US$50/bbl in 2017 & US$55 in 2018 (2) Parex’ working interest, as per the independent reserve report prepared by GLJ Petroleum Consultants effective Dec. 31, 2016 (3) As at September 30, 2017 (4) As at December 31, 2017 (5) Assuming CAD $18 share price See “Advisories” at the end of this presentation 2 Corporate Presentation | January 2018 Corporate Presentation | March 2017 2

DELIVERING CONSISTENT SHAREHOLDER VALUE PRODUCTION PER SHARE PRODUCT CTION PER R SH SHARE 2P RE RESE SERVES PER R SH SHARE 300 600 RESERVES (MBOE/MM BASIC SHARES) (BOE/MM BASIC SHARES) 250 500 200 400 150 300 100 200 50 100 - Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 - 2012 2013 2014 2015 2016 FUNDS FL FU FLOW PER R SH SHARE PXT T VS. S. S& S&P/T /TSX ENERGY IN INDE DEX (T (TTE TEN) FUNDS FLOW PER SHARE $0.90 120 80% ($/BASIC SHARE) $0.80 BRENT PRICE (US/BBL) 100 60% $0.70 $0.60 80 TOTAL RETURN 40% $0.50 60 $0.40 20% $0.30 40 $0.20 0% 20 $0.10 $0.00 0 -20% Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 -40% 2013 2014 2015 2016 2017 Funds Flow Per Share Brent (USD/BBL) PXT S&P/TSX Energy Index 3 Corporate Presentation | January 2018 Corporate Presentation | March 2017 3

REASONS TO OWN PAREX 1. No debt and positive WC of US$140MM (3Q17) 2. High margins: 3Q17 Operating Netback  US$28/boe @ Brent $52/bbl 3. Ability to grow within cash flow: o 2016 Growth: production 8.4% y-y & RLI increases to 10 years from 8 years o 2017 Growth guidance of ~20% self-funded 4. Exploration Upside: o In 2017, drilled 15 exploration wells with 12 oil discoveries Focused management: ability to growth within a single country  Colombia 5. 4 Corporate Presentation | January 2018 Corporate Presentation | March 2017 4

2018 GUIDANCE: CASH FLOW FUNDED GROWTH Maintenance Capex 14 wells 38,000 boe/d Assumptions ~ $90MM Oil (Brent) US $55/bbl FFO netback (1)(2) US $21/boe CAPEX Production (mid-point) 42,000 boe/d ALLOCATION Capital Expenditure (mid-point) US $275 MM Funds Flow From Operations US $322MM YOY Production growth/share ~15-20% Growth Capex Annualized CF/Basic Share ~US $2.10(C$2.63) 30-36 wells (1) FFO netback is defined as Funds Flow From Operations per bopd. 3,000-5,000 boe/d (2) Netback is a non-GAAP Measure. $170-200MM 5 Corporate Presentation | January 2018 Corporate Presentation | March 2017 5

2018 DRILLING PROGRAM BASIN BLOCK Well TYPE (#) Wells (#) Exploration App/Dev LLANOS Cabrestero - 3-4 3-4 LLA-34 5 14 19 LLA-10, LLA-30 & LLA-32 3 - 3 MAGADALENA Aguas Blancas - 10-12 10-12 VMM-11 - 4 4 DeMares - 1-2 1-2 LLANOS & MAGDALENA Capachos, DeMares, VMM-9 & VIM-1 4-6 - 4-6 2018 Exploration & Dev. Wells (#) 12-14 32-36 44-50 6 Corporate Presentation | January 2018 Corporate Presentation | March 2017 6

PAREX CASH NETBACK* 2018 TARGET CASH NETBACKS** $70 $65 BRENT PRICE $60 $60 $55 REALIZED PRICE (USD/BOE) $54.61 $50.87 $52.17 $50 $50 ($3.94) Royalties ($4.10) Differential $40 ($10.72) Transportation Opex ($5.51) $30 ($3.2) G&A/Finance & Other Costs ($4.89) Legal Tax $20 Cash Cash Cash $27 $24 $10 Netback Netback Netback $21 $18 $16.81 $19.98 $22.47 $- Q1 2017 Q2 2017 Q3 2017 2018 Guidance Brent ~$30/bbl generates sufficient cash flow to maintain production *Cash netbacks are non-GAAP measure defined as Funds Flow From Operations per barrel of oil per day. ** 2018 Target Cash Netbacks are based on production guidance mid-point excluding hedges. 7 Corporate Presentation | January 2018 Corporate Presentation | March 2017 7

Trucking MARKETING COSTS TRENDING Parex Blocks DOWNWARD Pipeline River BARRANQUILLA $21 CARTAGENA Brent $56/bbl $18 Brent $45/bbl $15 TERMINAL COVENAS Brent ≥$50/bbl $12 $/BOE $9 $6 BARRANCABERMEJA $3 $0 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 VASCONIA HIDROCASANARE Transportation Brent Differential (Vasconia) CUSIANA MONTERREY 8 Corporate Presentation | January 2018 Corporate Presentation | March 2017 8

CONSISTENT & SUSTAINABLE GROWTH: PATH TO 50,000* BOPD YOY Growth 113% 39% 42% 22% 8% 20% ~18% RLI (yr) 4 5 7 8 10 0.45 45,000 BOE PER THOUSAND SHARES Production Debt Adjusted Production Per Share 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 - - Sep-12 Dec-12 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 2018F In a $50/bbl environment, our portfolio supports reaching 50,000 bopd during 2019 *Refer to February 6, 2017 Press Release “ Parex announces executive and board of directors appointments” 9 Corporate Presentation | January 2018 Corporate Presentation | March 2017 9

SOLID FOUNDATION SUPPORTS GROWTH TRACK RECORD OF PROGRESSING RESERVES* FROM 3P TO CASH FLOW 2P Reserve Life Proved + Probable Annual Proved + Probable Proved Index + Possible Production (mmboe) (mmboe) based on annualized (mmboe) (mmboe) Q4 Production 31-Dec-11 18 11 5 2 3 years 31-Dec-12 23 16 10 4 4 years 31-Dec-13 50 32 17 6 5 years 31-Dec-14 104 68 40 8 7 years 31-Dec-15 125 82 46 10 8 years 31-Dec-16 169 112 64 11 10 years 169 mmboe  ~46,500 boe/d & 10 yr RLI *Per the independent reserve reports prepared by GLJ Petroleum Consultants Ltd. effective December 31 of the reported year. 10 Corporate Presentation | January 2018 Corporate Presentation | March 2017 10

CONVENTIONAL OIL RESERVES: INDUSTRY LEADING RESULTS $18 Total Company (1) 2016 PDP 1P 2P $15 FD&A $/boe $6.47 $6.99 $3.40 Recycle Ratio (FD&A) 2.9x 2.7x 5.5x $12 2P FD&A (USD/BOE) Company (3) 2P Reserves 3 Yr 2P 3 Yr PDP 3 Yr 2P Total per share FD&A FD&A Recycle FDC/2017E $9 Growth YoY Incl. FDC Ratio Cash Flow Incl. FDC $6 Parex (4) 35% $7.90 $13.48 1.9 1.5 Median Cdn Oil E&P 3% $14.02 $23.76 1.2 3.8 (1) Per the independent reserve reports prepared by GLJ Petroleum Consultants Ltd. effective December 31 of the $3 reported year, including Future Development Cost. Recycle Ratio is calculated using Q4 2016 Funds Flow From Operations per barrel divided by annual F&D or FD&A as applicable, except for 3 Year which uses 3 year average Funds Flow From Operations. (2) Finding, development and acquisition costs per barrel of oil equivalent are calculated by dividing capital $0 expenditures, acquisition costs and disposition proceeds by reserve additions for the reported period. (3) Source: Peters & Co. March 30, 2017. Reserves Comparison – E&P Producers Peer Companies: RRX, BNE, WCP, CPG, 2014 2015 2016 SGY, CJ, TOG, SPE, GXE, GTE, BTE (4) All values are in US$ based on 3 year average CAD/USD rates. 1 Year $/boe 3 Year $/boe 11 Corporate Presentation | January 2018 Corporate Presentation | March 2017 11

SOUTHERN LLANOS: FOUNDATION FOR GROWTH CABRESTERO (100% WI, operator) Calona LLA-32 Kananaskis • Swing producer block Herradura • Successful Bacano appraisal in 2017 Chiricoca LLA-34 Tilo o 4 wells drilled to date Chachalaca • 2018 Plan: 3-4 development wells Tigana Tarotaro LLA-34 (55% WI, Non-operated) Tua • Currently producing ~55,000 boe/d gross (~30,000 bopd net) Jacana Aruco • Objective in 2017: testing extent of Jacana-Tigana trend to SW o Drilled successfully 9 exploration wells & 13 development wells • 2018 Plan: 5 exploration wells and 14 development wells Akira Cabrestero Bacano Explore core position, appraise & develop discoveries, As per the independent reserve report prepared by GLJ Petroleum Consultants Ltd. effective Dec. 31/16 and leverage Parex’ costs and exploration strengths. Faults GLJ 3P (2016YE) 2017 Drilled 12 Corporate Presentation | January 2018 Corporate Presentation | March 2017 12