Parex Resources Inc. Annual General Meeting May 12, 2015

Parex Resources Inc. Annual General Meeting May 12, 2015

2014 Achievements 1. Expanded Core Llanos Position Verano acquisition: increased working interest on LLA-32 & LLA-34 2. Added 2 nd Core Area: Magdalena Basin VMM-9 & VIM-1 3. Strengthened Balance Sheet Redeemed convertible debentures $85 mm 4. Built Sustainable Resource Base Doubled 2P reserves from 32 to 68 mmbbls Expanded RLI to 7 years Achieved 2P FD&A $13.79/bbl 5. Converted resources into cash Produced 22,526 bopd and generated $294mm in cash flow 2015 Annual General Meeting 2

Re-visit: Are we adding value? 2012 2013 2014 Notes Production bopd 11,407 15,854 22,526 Q1 15 26,729 bopd 2P Reserves mmboe 16 32 68 3P =104 mmboe FD&A (2P Incl. FDC) (USD) $39.64 $15.75 $13.79 Recycle Ratio >1.5x RLI (years) 3.5 5.1 7.1 Grow in low prices? 2P NPV10 AT/share (GLJ) (CAD) $4.11 $8.12 $9.46 Using December 31 FX rate* Liquidity PXT annual volume & turnover 68,656,434 (0.63x) 79,062,221 (0.73x) 218,995,260 (1.8x) Providing Liquidity *FX of USD to CAD: 0.9949 at Dec. 31/12; 1.0636 at Dec 31/13 & 1.1601 at Dec 31/14. 2015 Annual General Meeting 3

Monthly Rate of Return PXT vs. TSX Composite/Energy Index (Total Returns) 400% 350% PXT 300% 250% 200% 150% 100% 50% S&P TSX 0% S&P Energy Index -50% Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 *Initial PXT Share Price : C$3.00 2015 Annual General Meeting 4

Annual Themes Year Theme Delivery 2010 Find Oil Kona 2011 Build Cash Flow & Production Q4: Production 11,342 bopd & operating netback $71.24/bbl 2012 Exploration Success Discover Las Maracas + Akira 2013 Achieve Sustainability 2P RLI > 5 years 2014 Building The Runway 3P 104 mmbbls & RLI 10.7 years 2015 Leveraging Portfolio Flexibility Financial Strength & Growth Options 2015 Annual General Meeting 5

Leveraging Portfolio Flexibility 1. Large Conventional, Early Stage of Development Oil Fields Minimal maintenance capital Significant development drilling inventory 2P 62 locations 3P 86 locations 2P FDC of $5.28/bbl 2. Significant 2015 Exploration Program Material prospects over 22 blocks 3. Financial Strength Business Development targets opportunities for the 3-5 year horizon 2015 Annual General Meeting 6

5 year Plan: Strategic Intents 1. Provide Consistent Growth of: Reserves, Production and Cash flow Absolute and per share 2. Maintain or Improve Sustainability RLI target 6-9 years Maintain development inventory 2 + years Sustain exploration prospect inventory 2-3 years 3. Develop New Concepts, Acquire New Core Areas 3-5 new plays in hopper Apply developed concepts to Colombia Each has multi-year development potential 2015 Annual General Meeting 7

Portfolio Supports the Path to Growth Track record of progressing reserves* from 3P to cash flow Proved +Probable + Possible (mmboe) Proved + Probable (mmboe) Proved (mmboe) Annual Production (mmbbls) 2P Reserves Life Index 31-Dec -09 - - - - - 31-Dec -10 10.4 5.8 1.1 0.3-31-Dec-11 17.6 10.7 4.9 2.0 2.6 years 31-Dec-12 23.1 16.1 10.1 4.2 3.5 years 31-Dec-13 49.9 32.0 17.4 5.8 5.1 years 31-Dec-14 104.0 68.4 40.4 8.2 7.1 years 104 mmboe & 7 year RLI 40,000 bopd *Source: GLJ at December 31, 2014 2015 Annual General Meeting 8

Parex Model Foundation Assets Shareholder Value Capabilities Balance Sheet 2015 Annual General Meeting 9

Parex Model Core Strategy Assets Reserve Report Exploration Portfolio Business Development Shareholder Value Capabilities Balance Sheet 2015 Annual General Meeting 10

Parex Model Core Strategy Balance Sheet $80 MM Net WC >$200 MM FFO $200 MM Bank Facility Shareholder Value Assets Capabilities 2015 Annual General Meeting 11

Parex Model Core Strategy Capabilities Executive Commitment Bench Strength Rigorous Process Core Competencies Shareholder Value Balance Sheet Assets 2015 Annual General Meeting 12

Parex Exploration Life Cycle Develop Concept Acquire Land Test Concept Initial Development Expand Land Exploitation Traditional 3-Ways LLA-26, Cebucan Low Side Closures Cabrestero, LLA-34, LLA-10 Stratigraphic Traps LLA-30, LLA-32, Akira, Tigana New Plays Magdalena Basin, Llanos Deep, Capachos Fully demonstrated in the Llanos Basin; Apply same process in Magdalena Basin 2015 Annual General Meeting 13 2012 AGM

Exploration Life Cycle is Repeatable CARTAGENA BARRANQUILA VIM-1 SANTA MARTA LOWER MAGDALENA (2) No. Fields: 43 EUR: 547 mmboe Prod.: 15 mboe/d LEGEND Apply same portfolio approach in Colombia s Magdalena Basin COVENAS MIDDLE MAGDALENA (2) No. Fields: 102 EUR: 3,919 mmboe Prod.: 168 mboe/d PXT Land/Block Pipeline Ports Refineries Off-loading station Selected oil fields MEDELLIN Morpho VMM-9 VMM-11 Ocensa LLANOS (2)(3) No. Fields: 297 EUR: 9,720 mmboe Prod.: 832 mboe/d Capachos LLA-10 LLA-16 LLA-40 LLA -17 Los LLA-57 Ocarros LLA-20 El Eden LLA-24 BOGOTA Cebucan LLA-26 LLA-32 Cerrero LLA-34 LLA-29 LLA-30 Cabrestero NOTES (1) Certain lands are subject to farm-in-agreement earnings terms and/or regulatory approval (2) Source 2014 IHS Data (3) Colombia data only, excludes Venezuela s Llanos 2015 Annual General Meeting 14

Leveraging Portfolio Flexibility What s New for Parex? 1. Cash cost reductions & improved netbacks 2. $80 mm net WC 3. $200 mm bank facility 4. Rumba oil discovery Going forward plan? 1. Expand Rumba 2. Leverage LLA-32/34 success 3. Repeat Exploration Life Cycle in Magdalena Basin 2015 Annual General Meeting 15

2015 Exploration Drilling Program # Prospect/Well Block Timing / Status 1 Rumba-1 LLA-26 Tested 2,158 bopd from Mirador 2 Bazar-1 LLA-26 Drilling (exploration satellite to Rumba) 3 Rumba-2 LLA-26 Rumba / Bazar follow-up 4 Taringa-1 Cebucan Following LLA-26 5 Tautaco-1 LLA-10 Following Cebucan 6 Capachos Capachos Q4 Spud 7 Zorro Rojo LLA-20 Mobilizing rig. Spud May 8 Guepardo-1 LLA-32 Following LLA-20 9 Carcayu-1 LLA-32 Following LLA-32 10 Appraisal Well LLA-32 Q3 Spud (contingent) 11 Exploration Prospect Cabrestero Q4 Spud 12 Jacana-1 LLA-34 Q2 Spud** (South of Tigana field) 13 Tilo-2 LLA-34 Q3 Spud (new) 14 Exploration Prospect LLA-34 Q3 Spud (new) 15 Appraisal Well LLA-34 Q4 Spud (new) 16 Appraisal Well LLA-34 Q4 Spud (new) 17 Exploration Prospect VMM-11 Q4 Spud (new) Targeting 12 exploration prospects Note: Subject to partner and regulatory approval; **Parex has applied for regulatory approval to transfer its existing exploratory drilling commitment from Block LLA-17 to Block LLA-34. 2015 Annual General Meeting 16

Rumba Key Take-aways Core Competencies 1. Identify large potential resources 2. Social engagement boots on the ground 3. Be a low cost operator Rumba oil sales 2015 Annual General Meeting 17

Rumba Case Study 1. Background 2008 Bid Round Suspended operations 2. Community Engagement Development plan 3. Rumba-1 Drilling Operational plan 4. Lessons Learned Identify large resources Social engagement Be a low cost operator 2015 Annual General Meeting 18

Rumba Background (1) Background 1. Block LLA-26 had the highest commitment value in 2008 Bid Round at $40.2 mm 2. Original Operations Drilling exploration well Chirinola-1 Community halted drilling March 2012 Farm-out to Parex in Q3 2013 2015 Annual General Meeting 19

Rumba Community (2) Key Steps to Community Support 1. Explain the project plan and its local benefits 2. Educate and overcoming communities negative biases towards drilling impacts and environment oil activities 3. Engage local politicians, community leaders and land owners 4. Provide clear and timely information through multiple meetings 5. Two-way communication: providing access to Parex decision makers 6. Earn trust with stakeholders delivering on promises Critical success factor: engaged & accessible Parex Management 2015 Annual General Meeting 20

Rumba Engaging Stakeholders Meetings with local stakeholders: Topics environmental impact and paved road Meetings: environment, local employment and services Civil Works Dec-Jan Drill Mar 25-Apr 21 2015 Annual General Meeting 21

Rumba Operations Plan (3) 1. Rumba-1 Spud Mar. 25, 2015 Tested oil 2 zones Mirador 19 API Final rates 2,158 bopd Natural flow 2. Bazar-1 Drilling Une target 3. Build LTT 4. Appraisal Well 2015 Annual General Meeting 22

2015 Exploration: Building on Success 1. Explore where we have a track record of finding oil LLA32 Carcayú CARMENTEA CALONA 2. LLA-32: 2 exploration wells LLA34 Chenchena Guepardo TILO KANANASKIS Xorop MAX 3. LLA-34 Jacana: Tigana trend? Tilo-2: connected to Tigana? Chenchena: new fault 2 appraisal wells Jacana AKIRA TIGANA TAROTARO TUA ARUCO CABRESTERO Exploration Pads Built 2015 Appraisal/Development GLJ 3P Mirador Incised Valley Fault 2015 Annual General Meeting 23

Magdalena Basin: Opportunity to Accelerate Growth Options: 1. VIM-1 Acquire 3D seismic Drill in 2016 2. VMM-9 EIA underway 3. VMM-11 Leverage 3D seismic acquired in 2014 Accelerate drilling into 2015 4. Morpho Light oil, tight sand Warehouse for higher oil prices VIM-1 Lower Magdalena VMM-9 VMM-11 Morpho Cesar Rancheria Middle Magdalena Catatumbo 2015 Annual General Meeting 24

Lower Magdalena: VIM-1 1. Take advantage of the lower cost environment to acquire 3D seismic in VIM-1 2. Block provides exposure to: Light oil play (e.g. El Dificil field 44-47API) The Porquero Turbidite Gas/Condensate play 3. Anticipate 2016 Drill Targets at 12,000 14,000 2015 Proposed 3D Prospective Area 4. Low Transportation costs 105 km to Covenas export terminal 2015 Annual General Meeting 25

Middle Magdalena Basin: New Play Concepts VMM-9 & VMM-11 (100% WI, Operator) 1. Testing of new play concepts: Cold heavy oil production (CHOPS) Conventional structure/sub-thrust La Luna unconventional play 2. Build on management s success with Petro Andina in Argentina s Neuquén Basin 3. VMM-11 3D acquired and being assessed. 1. Tertiary Structure Fairway (CHOPS) 2. Subcrop Plays VMM 11 3D OPON 4. La Luna Resource Play Play Types 1. Tertiary Structure (CHOPS/Hztl Drills) 2. Subcrop Plays (CHOPS/Hztl Drills) 3. Foothills/Subthrust (Light Oil) 4. La Luna Unconventional (Hztl Multi-Fracs) 2. Foothills/Subthrust Plays New Play Concepts: applying proven technology in Colombia 2015 Annual General Meeting 26

Capachos Farm-in Cano Limon 1. Ecopetrol partnership 2. ANH royalty contract 3. Large structure, light oil 4. Leverage our strengths: low cost drilling strong operator working with communities 2015 Annual General Meeting 27

Wrap-Up: What We Do Core Competencies 1. Identify and acquire large prospective resources 2. Engage stakeholder 3. Focus on being a low cost operator Rumba-1 Location 2015 Annual General Meeting 28

Thank you for your support 2015 Annual General Meeting 29

Legal Advisory Certain statements in this document are forward-looking statements. Forward-looking statements are frequently characterized by words such as prospective, plan, expect, project, intend, believe, anticipate, estimate, forecast, or other similar words, or statements that certain events or conditions may or will occur. Forward-looking statements are not based on historical facts but rather on the expectations of management of the Company ("Management") regarding the Company's future growth, results of operations, production, plans for and results of drilling activity, business prospects and opportunities. Such forward-looking statements reflect Management's current beliefs and assumptions and are based on information currently available to Management. In particular, this document contains forward-looking statements regarding, but not limited to, the Company's expected production rates and Parex' drilling plans. Forward-looking statements involve significant known and unknown risks and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including the risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities, competition, the ability to generate revenue and exploit operating margins, capital resources, the use of certain technologies and materials, annual impairment tests, labour relations, insurance, damage from weather and other disasters, operating and maintenance risks and environmental risks, new information regarding reserves, changes in demand for and volatility of commodity prices of oil and natural gas, failure to receive all required regulatory approvals for acquisition, the risk that the acquisition may not be completed as contemplated or at all, legislative, regulatory and political changes, the risks discussed under "Risk Factors" in Parex' annual information form for the year ended December 31, 2013 and other factors, many of which are beyond the control of the Company. The risks outlined should not be construed as exhaustive. Although the forward-looking statements contained in this document are based upon assumptions which Management believes to be reasonable, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date hereof, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law. Statements relating to reserves are by their nature forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the reserves described can be profitably produced in the future. With respect to forward-looking statements contained in this presentation, the Company has made assumptions regarding: future exchange rates; the price of oil and natural gas; the impact of increasing competition; conditions in general economic and financial markets; availability of equipment; availability of skilled labour; current technology; cash flow; commodity prices; production rates; timing and amount of capital expenditures; royalty rates; effects of regulation by governmental agencies; future operating costs; receipt of all required regulatory approvals for the acquisition; successful completion of the acquisition; and the Company's ability to obtain financing on acceptable terms. Management has included the above summary of assumptions and risks related to forward-looking information provided in this presentation in order to provide shareholders with a more complete perspective on the Company's future operations and such information may not be appropriate for other purposes. Parex Resources Inc. 2700 Eighth Avenue Place, West Tower 585 8 th Av SW Calgary AB T2P 1G1 Canada Tel: 403-265-4800 Fax: 403-265-8216 Email: investor.relations@parexresources.com www.parexresources.com Mike Kruchten Vice President, Investor Relations & Corporate Planning This is not an offer to sell or a solicitation of an offer to purchase securities by Parex. Before making an investment, investors should refer to the Offering Documents for more complete information, including investment risks, fees and expenses and should also thoroughly and carefully review Parex' public disclosure documents available on SEDAR at www.sedar.com with their financial, legal and tax advisors to determine whether an investment is suitable for them. 2015 Annual General Meeting 30