Parex Resources Inc. announces the following executive appointments and changes to the Board of Directors. Pursuant to the company's director retirement policy, both Norman McIntyre, the company's Chair of the Board and John Bechtold, Director and Chair of the Reserves and Operations Committee of the Board, have stated their intention to not stand for re-election as directors of the company and to retire from the Board at the company's upcoming Annual General and Special Meeting of shareholders, currently scheduled for May 11, 2017. As part of the company's ongoing succession planning efforts: Wayne Foo is to retire as Chief Executive Officer of Parex effective as at the date of the AGM, at which time he is to transition to a new role as Chair of the Board.

Dave Taylor, Parex' current President, will assume the role of President and Chief Executive Officer of Parex upon Mr. Foo's retirement and will also be standing for election to the Board at the AGM. In connection with these changes, Robert Engbloom is to be appointed as Parex' Lead Director. In anticipation of the Board renewal, in October 2016 Parex added two new directors, Bob MacDougall and Glenn McNamara, to the Board.