Parex Resources Inc. revised production guidance for the third quarter of 2022. Third quarter of 2022 average production is estimated to be 51,100 boe/d(1), up approximately 8% from Third quarter 2021 and consistent with second quarter of 2022. Third quarter of 2022 average production varied from Management's guidance of 53,000 to 55,000 boe/d(4) due to delays from the unplanned testing of new zones, operational and weather-related setbacks, as well as temporary localized blockades.

Temporary localized blockades following the election are estimated to have lowered total average production for Third quarter of 2022 by approximately 1,500 boe/d, with potential future impacts anticipated to be lower and incorporated into the Company's long-term planning.