Parex Resources Inc.'s proved reserves for 2019 were 138.8 million barrels of oil equivalent, up 14% from 121.7 million boe in 2018, according to a Feb. 6 news release.
The company reported proved and probable reserves of 198.4 million boe for 2019, up 7% from 184.7 million boe in 2018. Proved, probable and possible reserves totaled 261.1 million boe, relatively flat year over year.
Parex produced an average of 52,687 barrels of oil equivalent per day in 2019, up 19% from 2018. Production consisted of 51,708 barrels of oil per day and 5,874 Mcf/d of natural gas.
The company expected its production for the 2019 fourth quarter to be 54,221 boe/d, composed of 53,086 bbl/d of oil and 6,810 Mcf/d of gas.
In addition, as of Jan. 31, the company had purchased for cancellation 1,345,000 of its common shares,at an average cost of C$23.59 per share. A total of 142,299,231 of its basic shares were outstanding as of Jan. 31. The company approved the start of the normal course issuer bid in December 2019.
Parex Resources is headquartered in Canada and focuses on exploring, developing, producing and marketing oil and natural gas in Colombia.
