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SEPTEMBER 2012

Compelling Growth Opportunities in Colombia and Trinidad. SEPTEMBER 2012. PAREXRESOURCES.COM | TSX: PXT. Value Proposition.

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SEPTEMBER 2012

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  1. Compelling Growth Opportunities in Colombia and Trinidad SEPTEMBER 2012 PAREXRESOURCES.COM | TSX: PXT

  2. Value Proposition Parex Resources’ strategy is to deliver strongoperational performanceby combining strategic regional partnerships, technical know-how and experience operating in Latin America. • Diverse exploration and resource potential in Colombia and Trinidad • Compelling organic growth is achievable through cash flow • Short cycle time and low cost operations provides growth opportunities

  3. Parex Journey 2009 2010 First Oil Discovery at Kona Spin Out Parex • Exploration blocks inColombia and Trinidad • Initial (December 2010) production base provides foundation for growth 2012 2011 Deliver on Exploration & Sustainability Grow Production & Cash Flow • Acquire 50% working interest partner • Average 5,345 bpd • Company delivers Q2 production of 10,389 bpd and reserves upside on 16 exploration blocks

  4. Colombia • Concentrated land base • Numerous discoveries • Diverse opportunities

  5. Colombia: Llanos Oil Trends Kona 34 API Tocaria 13 mmbo 33 API Trinidad 41 mmbo 32 API Barquereña 7 mmbo 33 API Remache Sur 3 mmbo 37 API La Flora 9 mmbo Cubiro 40 API Cusiana 641 mmbo La Gloria Norte 16 mmbo Caño Duya 1 mmbo La Gloria 30 mmbo 16 API Rancho Hermoso 12 mmbo Mirador, Gacheta & Une plays Laurita 1 mmbo Parex’ strategy is to grow light oil production and expand its resources base with heavy oil Santiago 40 mmbo 20 API C7 play fairway C3/C5 play Light oil Source: Cumulative production, Colombia Ministry of Mines, 2011

  6. Colombia: Llanos Activity 2011 Kona Sulawesi LLA-40 LLA-17 Parex Blocks Select Oil Pools LLA-16 2012 Java Cumbre Malawi Samaria Tua Max Kitaro Maniceño Celeus Las Maracas La Casona Kona 3 11 Sulawesi LLA-57 Los Ocarros 5 4 Trinidad 13 Cubiro LLA-20 El Eden Rancho Hermoso Cusiana & Cupiagua LLA-29 Cravoviejo Meta River 9 7 10 LLA-30 12 Balay 6 Santiago 2 LLA-32 1 8 LLA-34 Corcel Drilling Cabrestero 10 km Testing/Completing Appraising/Producing- Added in 2012 Parex Oil Fields- at Year End 2011

  7. Development Drilling with Upside • Low-risk development drilling • Follow-up exploration upside

  8. LLA-16 & Los Ocarros LLA-16 (100% WI) • Focus on fault trends • Potential reservoirs: C7, Mirador, Gacheta & Une • Producing light oil 30-37o API • 2012 Activity: 8-10 wells • Kona, Java & Malawi • Exploration- Maragogi • 395 km2 of 3D seismic data define deep prospect inventory • Appraisal drilling on existing discoveries Los Ocarros (50% WI, operator) • Mirador - one producer; 2 additional wells planned • Gacheta - 2 wells producing LLA-17 & LLA-20 • Fulfilled commitments • Proceeding to phase 2; prospects being developed Discoveries LLA 40 Drilled/ Evaluating Maragogi Prospects LLA-16 LLA-17 Kona Celeus Java Trinidad Los Ocarros Sulawesi Malawi Cumbre Merida Supremo Las Maracas 10 km Fault Line

  9. Kona Field: Align and Optimize • Kona Field • Stacked reservoirs: C7, Mirador, Gacheta & Une • Producing light oil 30-37o API • Drilling delineation wells to test southern limit (Kona-Sur) • Infill development wells to access tighter reservoir; economic through our low cost structure • Recomplete wells to optimize production Mirador Structure Norte 14 3 9 6 Drilled Prospect Water Disposal Pad 7 1 2 10 5 12 4 11 8 13 New Pad Kona-Sur Gacheta Fault

  10. Emerging Opportunities • Southern Llanos provides opportunity to expand Colombian operations • Potential to add to existing reserves and production base

  11. LLA-29 & LLA-30 LLA-29 & LLA-30 (100% WI) • Parex assumed operatorship through partner acquisition (29/06/2011) • Start exploratory drilling program in 2012/2013 dry season • Untested at present; 3D seismic defined locations • Phase 1 term extended into 2013 • Target C3/C5 light oil at depth up to 5,000-8,000 ft LLA-20 LLA-29 LLA-30 10 km Discoveries Drilled/ Evaluating Prospects

  12. LLA-40 & 57 LLA-40 LLA-40 & LLA-57 (100% WI) • Prospects defined on 3D seismic • Start exploratory drilling program in 2012/2013 dry season • Untested at present; 3D seismic defined locations • Target C5/C7/Mirador/Gacheta light oil at depth up to 8,000-10,000 ft LLA-17 Celeus LLA-57 Cumbre LLA-20 LLA-29 10 km Discoveries Drilled/ Evaluating Prospects

  13. El Eden & Morpho El Eden (60% WI) (1) • Farm-in commitment for 1 well (~16,000 ft). La Casona was spud Sept 4, 2012 • Exploration – Chiriguaro Este • Interpret 685 km2 of 3D seismic for additional prospects Morpho (50% WI) and Guariquies (50% WI) • Non-operated • Light oil, low decline • Potential for large resource play Guariquies El Eden Cusiana & Cupiagua Ramiriqui La Gloria Norte Chiriguaro La Casona Chiriguaro Este La Gloria Morpho Discoveries Drilled/ Evaluating Prospects After fulfilling the terms of the Petroamerica farm-in agreement and closing the Talisman purchase, Parex will have a 60% working interest of the block and 50% of the non-producing Chiriguaro oil discovery.

  14. Southern Llanos Cabrestero (50% WI, Operator) • Mirador Formation – producing 1,000 bopd of 20o API • Akira- exploration prospect, preparing to test LLA-32 (30% WI) & LLA 34 (45% WI) • Non-operated • Maniceño producing 27o API • Max-1 on-stream August 1, 2012 at producing 14.5o API from the Guadalupe Formation • Tua-1 exploration well spud on May 6, 2012, and tested at 1,700 bopd of 18o API from the Mirador Formation- expected on-stream Sept 2012 • Testing Tua-2 • Planned further development drilling for Max & Tua discoveries in 2012/2013 Maniceño Santiago Samaria Tuaromenero Urraca LLA-32 Max Jilguero LLA-34 Tua Torre Torre Corcel Akira Kitaro Cabrestero Prospects Discoveries Drilled/ Evaluating

  15. High Netback Production • Marketing Strategy • Use light oil production as diluent • Minimize infrastructure capital • Sell into multiple off take points Operating Netback (per bbl) Q2-2012 Brent $108.04 Discount (0.50) Realized Sales Price $107.54 Royalties (8.43) Production (6.82) Transportation (19.01) Operating Netback $73.28

  16. Trinidad • Extension of Venezuela basin • Material exploration potential • Under-explored onshore

  17. HERRERA Trinidad Exploration CENTRAL RANGE BLOCK (CRB) Parex 50% W.I. (OPER) Niko 50% W.I. Caribbean Sea TRINIDAD ANGOSTURA VENEZUELA 0 40 El Furrial Kilometers Orinoco Delta MORUGA BLOCK Parex 83.8% W.I. (OPER) • Acquiring 2D seismic on CRB Deep • Plan to drill CRB Deep commitment well mid 2013 • Test and evaluate Moruga wells: Snowcap, Firecrown and Green Hermit

  18. Corporate Information

  19. Snapshot (As of June 30, 2012) Exit rate guidance (2012e) 13,000-14,000 bopd Production Q2 10,389 bopd Oil sales price Q2 $108/bbl Operating netback Q2 $73/bbl (1) Fully diluted shares does not include out of the money options and convertible debenture potential shares based on June 30, 2012 share price of $4.72. Fully diluted shares including the effects of out of the money options and convertible debenture potential shares is 125.1 million shares.

  20. The Team

  21. Growth Catalysts Colombia • Light oil, high netback production • Active 2012 exploration drilling program over 14 blocks • Producing from 9 fields over 6 blocks Trinidad • Access to large resource potential • Moruga appraisal & exploration drilling • Preparing for high impact CRB Deep exploration program

  22. Parex Resources Inc. 1900 - 250 Second Street S.W., Calgary, Alberta, Canada T2P 0C1 Tel: 403-265-4800 Fax: 403-265-8216 Email: investor.relations@parexresources.com www.parexresources.com Michael Kruchten Mgr. Investor Relations & Corporate Planning How to Reach Us

  23. Appendix • After fulfilling the terms of the CEPSA farm-in agreement, Parex will have a 50% WI in the block. Post farm-in earning, WI are subject to ANH approval. • Risk Sharing Contract  - gross acres is the drainage area of Guariquies-1 well.  Parex’ production rights are 45% WI • The joint operating agreements allow a third party to participate in the development phase that would reduce Parex’ WI in the Deep  and Shallow blocks to 40% and 32.5% respectively.

  24. 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 2012 exit rate production 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, 2011 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. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained herein are expressly qualified by this cautionary statement. 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. This is not an offer to sell or a solicitation of an offer to purchase securities by Parex. Any such offer or solicitation, if any, will only be made by means of Offering Documents of Parex (e.g., prospectus, private placement memorandum, subscription agreement and or similar documents) and only in jurisdictions where permitted by law. 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.

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