Parex Resources Inc. announced that Mr. Dave Taylor has elected to retire from the Company under its normal course retirement policy, coincident with his 65th birthday, as of the Annual General Meeting of the Company's shareholders in May 2021. In connection with Mr. Taylor's retirement the Board carried out a thorough executive search process that considered the nature of the assets, operations and financial strength of the Company, the challenges and opportunities facing the oil and gas industry in the coming decade, and the significant strengths of the existing leadership team. Based on those considerations, Parex announced that Mr. Imad Mohsen will be joining the Company as President and CEO with an anticipated start date of February 1, 2021. In connection with Mr. Taylor's retirement the Board carried out a thorough executive search process that considered the nature of the assets, operations and financial strength of the Company, the challenges and opportunities facing the oil and gas industry in the coming decade, and the significant strengths of the existing leadership team. Based on those considerations, Parex announced that Mr. Imad Mohsen will be joining the Company as President and CEO with an anticipated start date of February 1, 2021. In 2013, Mr. Mohsen joined Tulip Oil Holding B.V., a private equity backed upstream company founded in 2010 to explore for and develop oil and gas opportunities in Western Europe. After initially serving as COO, he was appointed CEO in 2015.