CALGARY, Alberta, Feb. 04, 2021 (GLOBE NEWSWIRE) -- Parex Resources Inc. ("Parex" or the "Company") (TSX:PXT) is pleased to announce the results of its annual independent reserves assessment as at December 31, 2020 and to provide an operational update.
The financial and operational information contained below is based on the Company's unaudited expected results for the year ended December 31, 2020. All currency amounts are in United States dollars, unless otherwise stated.
2020 Year-End Corporate Reserves Report
On a debt adjusted basis, proved developed producing ("PDP") reserves per share increased by 18% and proved plus probable ("2P") reserves per share increased by 14%. We exited 2020 with working capital of approximately $320 million and no debt. In 2021, we have multiple opportunities for continued profitable growth and are expecting to generate significant free cash flow, in excess of capital expenditures and sufficient to support the Company's share buyback program.