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News release August 14, 2012 Parex Resources Announces Second Quarter Results Highlighted by New Discoveries and Confirmed Exit Rate Guidance Calgary, Canada Parex Resources Inc. ("Parex", the "Company" or "we") (TSX:PXT), a company focused on oil exploration and production in Colombia and Trinidad is pleased to announce financial and operating results for the three months ended June 30, 2012 ("second quarter"), including multiple oil discoveries and 2012 exit rate guidance of

13,000-14,000 bopd. An update of the Company's operations is also provided below.
Copies of the Company's consolidated financial statements and the related management's discussion and analysis ("MD&A") have been filed with Canadian securities regulatory authorities and will be made available under the Company's profile at www.sedar.comand on the Company's website at www.parexresources.com. All amounts herein are in United States dollars unless otherwise stated.

Operational and Financial Highlights: