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Solid Foundation. Building New Platforms. www.parexresources.com | TSX:PXT | Corporate Presentation | September 2017 1 Corporate Presentation | September 2017 Corporate Presentation | March 2017 1 CORPORATE SNAPSHOT Operating


  1. Solid Foundation. Building New Platforms. www.parexresources.com | TSX:PXT | Corporate Presentation | September 2017 1 Corporate Presentation | September 2017 Corporate Presentation | March 2017 1

  2. CORPORATE SNAPSHOT Operating results 2016 2017E Production (boe/d) FY Average 29,715 >35,000 Capital Expenditures (1) (million) US $112 US $225 Exploration Drilling (# prospects) 7 12 Appraisal Drilling (# wells) 4 13-18 Development Drilling (# wells) 6 12 Total (# wells) 17 37-42 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 $128 MM US $100 MM Credit Facility (3) Undrawn – No Debt (1) Assuming US $50/bbl Brent oil price in 2017 (2) Parex’ working interest, as per the independent reserve report prepared by GLJ Petroleum Consultants effective Dec. 31, 2016 Market Capitalization (3)(4) ~ CAD $2.1 Billion (3) As at June 30, 2017 (4) Assuming CAD $13.50 share price Common Shares Basic Outstanding (TSX listed) (3) 154MM See “Advisories” at the end of this presentation 2 Corporate Presentation | September 2017 Corporate Presentation | March 2017 2

  3. REASONS TO OWN PAREX 1. No debt and positive WC of US$128MM 2. High margins: Q2’17 Operating Netback  ~US$27/boe @ Brent $51/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 15%-21% self-funded 4. Exploration Upside: o Drilled YTD 6 exploration wells with 5 oil discoveries o Scheduled to drill additional 6 exploration prospects in 2017 ▪ Llanos ▪ Middle Magdalena & Lower Magdalena Focused management: ability to growth within single country  Colombia 5. 3 Corporate Presentation | September 2017 Corporate Presentation | March 2017 3

  4. 2017 GUIDANCE: CASH FLOW FUNDED GROWTH Exploration Capex Maintenance Capex 12 wells 12 wells ~2,500 boe/d 30,000 boe/d $85-90MM Assumptions $45-55MM Oil (Brent) US $50/bbl FFO netback (1)(2) US $20/boe CAPEX Production >35,000 boe/d ALLOCATION Capital Expenditure US $225MM Funds Flow From Operations US $250MM YOY Production growth/share ~18% Annualized CF/Basic Share US $1.61 (C$2.00) (1) FFO netback is defined as Funds Flow From Operations per bopd. Appraisal Capex (2) Netback is a non-GAAP Measure. 13-18 wells ~2,500 boe/d $70-80MM 4 Corporate Presentation | September 2017 Corporate Presentation | March 2017 4

  5. PAREX CASH NETBACK* 2017 TARGET CASH NETBACKS** $60 Brent $54.61 Brent $51.13 Brent $50.87 $50 REALIZED PRICE (USD/BOE) ($4.03) Royalties ($4.03) Differential $40 ($10.91) Transportation $30 ($5.31) Opex ($2.47) G&A/Finance & Other Costs ($4.87) Legal $20 ($2.44) Tax Cash Cash Cash $10 Netback Netback Netback $18.74 $14 $17 $16.81 $21 $22.47 $- Q4 2016 Q1 2017 Q2 2017 2017 Guidance Axis Title 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. ** 2017 Target Cash Netbacks are based on production guidance mid-point excluding hedges. 5 Corporate Presentation | September 2017 Corporate Presentation | March 2017 5

  6. Trucking MARKETING COSTS TRENDING Parex Blocks DOWNWARD Pipeline River BARRANQUILLA Brent $56/bbl $16 CARTAGENA $14 Brent Brent $45/bbl TERMINAL COVENAS $12 ≥$50/bbl $10 $/BOE $8 BARRANCABERMEJA $6 $4 VASCONIA $2 HIDROCASANARE Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 CUSIANA MONTERREY Transportation Brent Differential (Vasconia) 6 Corporate Presentation | September 2017 Corporate Presentation | March 2017 6

  7. CONSISTENT & SUSTAINABLE GROWTH: PATH TO 50,000 BOPD 55,000 AVERAGE DAILY PRODUCTION 50,000 45,000 40,000 35,000 RLI 10 yr (BOE/D) RLI 8 yr 30,000 29,715 RLI 7 yr 25,000 27,434 RLI 5 yr 22,526 20,000 RLI 3 yr 15,000 15,854 10,000 11,407 5,000 - 2012 2013 2014 2015 2016 2017E 2018E 2019E 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” 7 Corporate Presentation | September 2017 Corporate Presentation | March 2017 7

  8. 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. 8 Corporate Presentation | September 2017 Corporate Presentation | March 2017 8

  9. 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 9 Corporate Presentation | September 2017 Corporate Presentation | March 2017 9

  10. SOUTHERN LLANOS: FOUNDATION FOR GROWTH Calona CABRESTERO (100% WI, operator) LLA-32 Kananaskis Herradura • Akira: swing producer Chiricoca LLA-34 Tilo • Successful Bacano appraisal in 2017 (4 wells to date) Chachalaca Tigana LLA-34 (55% WI, Non-operated) Tarotaro • Current production ~47,000 bopd gross (~25,800 bopd net) Tua Jacana • Drill 10 exploration wells and 11 development wells in 2017 Aruco • Objective in 2017 to test extent of Jacana-Tigana trend to SW Explore core position, appraise & develop discoveries, Akira Cabrestero Bacano and leverage Parex’ costs and exploration strengths. As per the independent reserve report prepared by GLJ Petroleum Consultants Ltd. effective Dec. 31/16 Faults GLJ 3P (YE 2016) Drilled well 10 Corporate Presentation | September 2017 Corporate Presentation | March 2017 10

  11. Cabrestero & LLA-34: 2017 FOCUS - TEST EXTENT 2015 GLJ 3P Outline Field GLJ 3P Reserves GLJ 2P Reserves 2016 GLJ 3P Outline Tigana Sur Oeste-1 (Parex ’ WI) (MMBO) (MMBO) 2017 Prospective Area YTD YEAR END 2015 2016 2015 2016 Tigana 41 51 28 34 10 Guadalupe 9 Jacana Jacana 7 5 14 45 5 30 Guadalupe 6 JS-2 2 Other LLA 34 41 33 27 23 3 Curucucu 1 4 LLA 34 TOTAL 96 129 60 87 Jacamar 13 8 JS-1 Jacana-11 Cabrestero 8 18 6 11 LLA-34 17 12 2017 YTD: Expanding prospective area Bacano-3 Bacano Akira Cabrestero Bacano-5 with results from Jacana, Curucucu, Tigana Norte & Bacano Bacano-2 Bacano-4 2017 Exploration 2017 Appraisal Potential Stratigraphic Edge As per the independent reserve report prepared by GLJ Petroleum Consultants Ltd. effective December 31, 2016 11 Corporate Presentation | September 2017 Corporate Presentation | March 2017 11

  12. CAPACHOS DEVELOPMENT AND GUADALUPE DEPTH STRUCTURE EXPLORATION POTENTIAL 2017 PLAN • Drill 2 firm development wells (Capachos – 2 and NORESTE-1 EXPLORATION Capachos Sur – 2) to earn 50% in the block. • Development wells are targeting proven structural NORESTE compartments that have produced ~2 mmbbls. NORTE-1 EXPLORATION • Targeting ~34 API Oil in the Guadalupe Formation. NORTE CENTRO CAPACHOS-2 Future exploration targets at Capachos Norte and Capachos Noreste targeting the Guadalupe and Une CAPACHOS SUR-2 formations. SUR Legacy Wells 2017 Development Future Exploration 12 Corporate Presentation | September 2017 Corporate Presentation | March 2017 12

  13. Pipeline VIM-1 Oil fields Gas fields MAGDALENA BASIN: NEXT GROWTH PLATFORM AGUAS BLANCAS (1) PLAYON (1) • Light oil opportunity • Drill follow-up to Boranda-1 • Drill appraisal wells PLAYON VIM-1 VMM-9 • Interpreting 525 km 2 of 3D • Acquire 290 km 2 of 3D Seismic SOGAMOSO seismic DE MARES De MARES (1) VMM-11 AGUAS BLANCAS • 3 exploration wells • Re-enter and test Coyote-1 VMM-9 VMM-11 MORPHO (1) Farm-in on Ecopetrol 13 Corporate Presentation | September 2017 Corporate Presentation | March 2017 13

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