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SEPTEMBER 2012

PAREXRESOURCES.COM | TSX: PXT

Compelling Growth Opportunities in Colombia and Trinidad

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Value PropositionParex Resources’ strategy is to deliver strong operational performance by combining strategic regional partnerships, technical know-how and experience operating in Latin America.

• Diverse exploration and resource potential in Colombia and Trinidad

• Compelling organic growth is achievable through cash flow• Short cycle time and low cost operations provides growth

opportunities

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Parex Journey

Deliver on Exploration & Sustainability

Spin Out Parex

• Company delivers Q2 production of 10,389 bpd and reserves upside on 16 exploration blocks

First Oil Discovery at Kona

2012

20102009

Grow Production & Cash Flow

• Acquire 50% working interest partner• Average 5,345 bpd

2011

• Exploration blocks inColombia and Trinidad

• Initial (December 2010) production base provides foundation for growth

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Colombia• Concentrated land base

• Numerous discoveries

• Diverse opportunities

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Colombia: Llanos Oil Trends

Source: Cumulative production, Colombia Ministry of Mines, 2011

Mirador, Gacheta& Une plays

C7 play fairway

C3/C5 play

La Gloria30 mmbo

16 API

La Gloria Norte16 mmbo

Rancho Hermoso12 mmbo

La Flora9 mmbo

Barquereña 7 mmbo33 API

Santiago40 mmbo

20 API

Tocaria13 mmbo

33 API

Cusiana641 mmbo

Laurita 1 mmbo

Remache Sur

3 mmbo37 API

Caño Duya 1 mmbo

Cubiro40 API

Kona34 API

Trinidad41 mmbo

32 API

Parex’ strategy is to grow light oil production and expand its resources

base with heavy oil

Light oil

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Colombia: Llanos Activity

20123. Java4. Cumbre5. Malawi6. Samaria7. Tua8. Max9. Kitaro10. Maniceño11. Celeus12. Las Maracas13. La Casona

Drilling

Testing/Completing

Appraising/Producing- Added in 2012

Parex Oil Fields- at Year End 2011

20111. Kona 2. Sulawesi

LLA-16

LLA-20

LLA-30

LLA-57

LLA-29

Los Ocarros

El Eden

Corcel

Meta River

Cusiana &Cupiagua

Rancho Hermoso

Cravoviejo

Trinidad

Balay

Cubiro

Cabrestero

Santiago

LLA-17 LLA-40

LLA-32

LLA-34

1

2

Kona

Sulawesi

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Parex Blocks

Select Oil Pools

9

7

6

8

4

3

5

10

11

13

10 km

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Development Drilling with Upside

• Low-risk development drilling

• Follow-up exploration upside

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LLA-16 & Los OcarrosLLA-16 (100% WI)• Focus on fault trends• Potential reservoirs: C7, Mirador, Gacheta

& Une

• Producing light oil 30-37o API• 2012 Activity: 8-10 wells

o Kona, Java & Malawio Exploration- Maragogi

• 395 km2 of 3D seismic data define deep prospect inventory

• Appraisal drilling on existing discoveries

Los Ocarros (50% WI, operator) • Mirador - one producer; 2 additional wells

planned• Gacheta - 2 wells producing

LLA-17 & LLA-20• Fulfilled commitments• Proceeding to phase 2; prospects being

developed

Java

Kona

Las Maracas

LLA-16

Discoveries

Prospects

Drilled/ Evaluating

CumbreMalawi

Los Ocarros

Fault Line

Merida

10 km

Sulawesi

LLA-17

LLA40

Supremo

CeleusTrinidad

Maragogi

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Kona Field: Align and Optimize

Norte

Drilled

Prospect

Water Disposal

Pad11 12

10

13

New Pad

3

7

9

16

2 5

4

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Kona Field• Stacked reservoirs: C7, Mirador,

Gacheta & Une

• Producing light oil 30-37o API

• Drilling delineation wells to test southern limit (Kona-Sur)

• Infill development wells to access tighter reservoir; economic through our low cost structure

• Recomplete wells to optimize production

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Mirador Structure

Gacheta FaultKona-Sur

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Emerging Opportunities• Southern Llanos provides opportunity to expand

Colombian operations

• Potential to add to existing reserves and production base

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LLA-29 & LLA-30

LLA-29 & LLA-30 (100% WI)

• Parex assumed operatorship through partner acquisition (29/06/2011)

• Start exploratory drilling program in 2012/2013 dry season

• Untested at present; 3D seismic defined locations

• Phase 1 term extended into 2013• Target C3/C5 light oil at depth up to

5,000-8,000 ft

Discoveries

Prospects

Drilled/ Evaluating

LLA-30

LLA-29

LLA-20

10 km

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LLA-40 & 57LLA-40 & LLA-57 (100% WI)

• Prospects defined on 3D seismic• Start exploratory drilling program

in 2012/2013 dry season• Untested at present; 3D seismic

defined locations• Target C5/C7/Mirador/Gacheta

light oil at depth up to 8,000-10,000 ft

Discoveries

Prospects

Drilled/ Evaluating

LLA-29

LLA-20

LLA-57

LLA-17

Cumbre

Celeus

10 km

LLA-40

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El Eden (60% WI) (1)• Farm-in commitment for 1 well

(~16,000 ft). La Casona was spud Sept 4, 2012

• Exploration – Chiriguaro Este• Interpret 685 km2 of 3D seismic for

additional prospects

Morpho (50% WI) and Guariquies (50% WI)

• Non-operated• Light oil, low decline• Potential for large resource play

El Eden & Morpho

(1) After fulfilling the terms of the Petroamerica farm-in agreement and closing the Talisman purchase, Parex will have a 60% working interest of the block and 50% of the non-producing Chiriguaro oil discovery.

Morpho

Guariquies

ProspectsDrilled/ Evaluating

El Eden

La Gloria Norte

Chiriguaro Este

La Gloria

La Casona

Chiriguaro

Ramiriqui

Cusiana & Cupiagua

Discoveries

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Cabrestero (50% WI, Operator)

• Mirador Formation – producing 1,000 bopd of 20o API

• Akira- exploration prospect, preparing to test

LLA-32 (30% WI) & LLA 34 (45% WI)• Non-operated• Maniceño producing 27o API• Max-1 on-stream August 1, 2012

at producing 14.5o API from the Guadalupe Formation

• Tua-1 exploration well spud on May 6, 2012, and tested at 1,700 bopd of 18o API from the Mirador Formation- expected on-stream Sept 2012

• Testing Tua-2• Planned further development

drilling for Max & Tua discoveries in 2012/2013

Southern Llanos

Santiago

Corcel

Cabrestero

LLA-34

LLA-32

Kitaro

Maniceño

Max

Samaria

Tua

Jilguero

Akira

Urraca Tuaromenero

Torre Torre

Discoveries

Prospects

Drilled/ Evaluating

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High Netback ProductionMarketing Strategy• Use light oil production as diluent• Minimize infrastructure capital• Sell into multiple off take points

Operating Netback (per bbl) Q2-2012Brent $108.04Discount (0.50)Realized Sales Price $107.54Royalties (8.43)Production (6.82)Transportation (19.01)Operating Netback $73.28

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Trinidad• Extension of Venezuela basin

• Material exploration potential

• Under-explored onshore

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Trinidad Exploration

• Acquiring 2D seismic on CRB Deep

• Plan to drill CRB Deep commitment well mid 2013

• Test and evaluate Moruga wells: Snowcap, Firecrown and Green Hermit

Kilometers

HERRERA

MORUGA BLOCK Parex 83.8% W.I. (OPER)

El Furrial0 40

Orinoco Delta

ANGOSTURA

VENEZUELA

TRINIDAD

Caribbean Sea

CENTRAL RANGE BLOCK (CRB) Parex 50% W.I. (OPER)Niko 50% W.I.

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Corporate Information

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Snapshot(As of June 30, 2012)

Exit rate guidance (2012e) 13,000-14,000 bopd

Production Q2 10,389 bopd

Oil sales price Q2 $108/bbl

Operating netback Q2 $73/bbl

(1) Fully diluted shares does not include out of the money options and convertible debenture potential shares based on June 30, 2012 share price of $4.72. Fully diluted shares including the effects of out of the money options and convertible debenture potential shares is 125.1 million shares.

Market capitalization at $5.00/share ~C$540 MM

Common shares outstanding 108.4 MM - Basic112.1 FD1 MM - FD

Convertible debenture PXT.DB(5.25% coupon with 2016 maturity)

C$85 MM

2020

The TeamManagement Team Board of Directors

Wayne FooPresident, Chief Executive Officer

Barry LarsonVP Operations, Chief Operating Officer

Ken PinskyVP Finance, Chief Financial Officer

Dave TaylorVP Exploration, Business Development

Stu DavieVP Human Resources and Administration

Norman McIntyreChairman

Curtis Bartlett

John Bechtold

Robert Engbloom

Ron Miller

W. A. (Alf) Peneycad

Paul Wright

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Growth CatalystsColombia

• Light oil, high netback production • Active 2012 exploration drilling program over 14 blocks • Producing from 9 fields over 6 blocks

Trinidad• Access to large resource potential • Moruga appraisal & exploration drilling • Preparing for high impact CRB Deep exploration program

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How to Reach Us Parex Resources Inc.1900 - 250 Second Street S.W., Calgary, Alberta, Canada T2P 0C1Tel: 403-265-4800Fax: 403-265-8216Email: investor.relations@parexresources.comwww.parexresources.com

Michael KruchtenMgr. Investor Relations & Corporate Planning

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AppendixBlock

Operated/Non-Operated

Working Interest

Gross Acres

Remaining Commitments (Initial Phase)

BasinInitial

Royalty Rate

Colombia

LLA-16 Operated 100% 157,611 - Llanos 9%

LLA-17 Operated 40% 108,726 - Llanos 9%

LLA-20 Operated 100% 144,292 - Llanos 9%

LLA-29 Operated 100% 69,914 5 wells June 2013 Llanos 9%

LLA-30 Operated 100% 117,321 3 wells April 2013 Llanos 9%

LLA-32 Non-Operated 30% 100,325 - Llanos 9%

LLA-34 Non-Operated 45% 82,286 - Llanos 9%

LLA-40 Operated 50% 163,090 4 wells June 2014 Llanos 9%

LLA-57 Operated 100% 104,532 2 wells April 2014 Llanos 9%

Cabrestero (1) Operated 50% 29,562 - Llanos 8%

El Eden Operated 60% 109,249 1 well Sep. 2012 Llanos 8%

Guariquies Non-Operated 50% N/A(2) -Middle

Magdalena8%

Los Ocarros Operated 50% 110,436 - Llanos 8%

Morpho Non-Operated 50% 51,398 -Middle

Magdalena14.5%

Trinidad

CRB Deep (3) Operated 50% 211,4781 deep well Sep.

2013340 km 2D seismic

- PSC

CRB Shallow(3) Operated 50% PSC

Moruga Operated 83.8% 7,443 - - ~30%1) After fulfilling the terms of the CEPSA farm-in agreement, Parex will have a 50% WI in the block. Post farm-in earning, WI are subject to ANH approval.2) Risk Sharing Contract - gross acres is the drainage area of Guariquies-1 well. Parex’ production rights are 45% WI3) The joint operating agreements allow a third party to participate in the development phase that would reduce Parex’ WI in the Deep and Shallow blocks to 40% and 32.5%

respectively.

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Legal AdvisoryCertain statements in this document are “forward-looking statements”. Forward-looking statements are frequently characterized by words such as “prospective”, “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “forecast”,  or other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are not based on historical facts but rather on the expectations of management of the Company ("Management") regarding the Company's future growth, results of operations, production, plans for and results of drilling activity, business prospects and opportunities. Such forward-looking statements reflect Management's current beliefs and assumptions and are based on information currently available to Management. In particular, this document contains forward-looking statements regarding, but not limited to, the Company's expected 2012 exit rate production and Parex' drilling plans. Forward-looking statements involve significant known and unknown risks and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including the risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities, competition, the ability to generate revenue and exploit operating margins, capital resources, the use of certain technologies and materials, annual impairment tests, labour relations, insurance, damage from weather and other disasters, operating and maintenance risks and environmental risks, new information regarding reserves, changes in demand for and volatility of commodity prices of oil and natural gas, failure to receive all required regulatory approvals for acquisition, , the risk that the acquisition may not be completed as contemplated or at all, legislative, regulatory and political changes, the risks discussed under "Risk Factors" in Parex' annual information form for the year ended December 31, 2011 and other factors, many of which are beyond the control of the Company. The risks outlined should not be construed as exhaustive. Although the forward-looking statements contained in this document are based upon assumptions which Management believes to be reasonable, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date hereof, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law. Statements relating to “reserves” are by their nature forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the reserves described can be profitably produced in the future. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained herein are expressly qualified by this cautionary statement. With respect to forward-looking statements contained in this presentation, the Company has made assumptions regarding:  future exchange rates; the price of oil and natural gas; the impact of increasing competition; conditions in general economic and financial markets; availability of equipment; availability of skilled labour; current technology; cash flow; commodity prices; production rates; timing and amount of capital expenditures; royalty rates; effects of regulation by governmental agencies; future operating costs; receipt of all required regulatory approvals for the acquisition; successful completion of the acquisition; and the Company's ability to obtain financing on acceptable terms. Management has included the above summary of assumptions and risks related to forward-looking information provided in this presentation in order to provide shareholders with a more complete perspective on the Company's future operations and such information may not be appropriate for other purposes.

This is not an offer to sell or a solicitation of an offer to purchase securities by Parex. Any such offer or solicitation, if any, will only be made by means of Offering Documents of Parex (e.g., prospectus, private placement memorandum, subscription agreement and or similar documents) and only in jurisdictions where permitted by law. Before making an investment, investors should refer to the Offering Documents for more complete information, including investment risks, fees and expenses and should also thoroughly and carefully review Parex' public disclosure documents available on SEDAR at www.sedar.com with their financial, legal and tax advisors to determine whether an investment is suitable for them.