Parex Resources Inc. announced that, in the autumn of 2014, management undertook an organizational review to prepare the company to grow production to 50,000 barrels of oil per day and achieve its growth aspirations. The company's focus was on strengthening systems and processes as well as leadership development in both the Calgary and Bogota offices. This project was completed in October 2015.

As a result, to position Parex for the path forward, the company announced the following changes to its executive management team: Dave Taylor has been promoted to President of the company responsible for operations, business development and exploration from Executive Vice President of Exploration and Business Development. Wayne Foo will remain as CEO and a member of the Board of Directors responsible for strategy development, capital allocation and stakeholder relations. The roles of the President, Chief Financial Officer and Vice President Human Resources and Administration will report to the CEO.

Barry Larson has informed the company of his intention to retire from his position of Chief Operating Officer after 11 years of dedicated service at Parex and its predecessor company, Petro Andina Resources Inc. Since joining Petro Andina in 2007, Dave's leadership has been instrumental in building Parex into a leading Colombian exploration and development company. The changes are effective immediately, however, to ensure the transitions are orderly and managed, Barry Larson will continue to be an employee of the company until December 31, 2015.