Parex Resources Completes Acquisition of Frontera E&P, Becoming Colombia’s Largest Independent Oil & Gas Producer

CALGARY, Alberta, June 01, 2026 (GLOBE NEWSWIRE) -- Parex Resources Inc. (“Parex” or the “Company”) (TSX:PXT.TO) is pleased to announce the successful closing of its previously announced acquisition of all the Colombian exploration and production assets of Frontera Energy Corporation. Pursuant to the transaction, Parex acquired 100% of Frontera Petroleum International Holdings B.V. (“Frontera E&P”) for cash consideration of US$500 million, funded with the proceeds from Parex’s recent issuance of senior unsecured notes, and the assumption of net debt (the “Transaction”). An additional contingent payment of US$25 million is payable upon the execution of a certain contract extension within 12 months.