Parex Resources Inc. announced unaudited consolidated earnings and operating results for the second quarter and six months ended June 30, 2017. For the quarter, the company reported average daily production oil & gas was 34,291 boe/d against 29,136 boe/d a year ago. Average daily sales of produced oil & natural gas for oil was 33,563 bbl/d and for gas was 1,668 Mcf/d against 27,441 bbl/d and 1,340 Mcf/d, respectively for the same period last year. Oil & gas was 33,841 boe/d against 27,664 boe/d a year ago. Oil & natural gas revenue (excluding hedging) was USD 46.84 per boe against 39.74 per boe a year ago. Negative royalties was USD 4.03 per bbl against USD 3.33 per bbl a year ago.

For the six months, the company reported average daily production oil & gas was 32,591 boe/d against 33,452 boe/d a year ago. Average daily sales of produced oil & natural gas for oil was 33,308 bbl/d and for gas was 1,644 Mcf/d against 33,442 bbl/d and 1,656 Mcf/d, respectively for the same period last year. Oil & gas was 33,582 boe/d against 33,718 boe/d a year ago. Oil & natural gas revenue (excluding hedging) was USD 48.72 per boe against 47.77 per boe a year ago. Negative royalties was USD 4.38 per bbl against USD 4.21 per bbl a year ago.

For the quarter, the company reported oil and natural gas revenue was USD 145.406 million against USD 104.571 million a year ago. Net income was USD 3.524 million or USD 0.02 basic per share against loss of USD 0.185 million or nil per basic share a year ago. Adjusted net income was USD 18.524 million or USD 0.12 basic per share against loss of USD 0.185 million or nil per basic share a year ago. Funds flow from operations was USD 51.763 million or USD 0.34 basic per share against USD 31.792 million or USD 0.21 per basic share a year ago. Adjusted funds flow from operations was USD 66.763 million or USD 0.43 basic per share against USD 31.792 million or USD 0.21 per basic share a year ago. Capital expenditure was USD 59.008 million against USD 13.922 million a year ago.

For the six months, the company reported oil and natural gas revenue was USD 150.142 million against USD 295.548 million a year ago. Net income was USD 40.106 million or USD 0.26 basic per share against USD 43.630 million or USD 0.28 per basic share a year ago. Adjusted net income was USD 40.106 million or USD 0.26 basic per share against USD 58.630 million or USD 0.38 per basic share a year ago. Funds flow from operations was USD 67.906 million or USD 0.44 basic per share against USD 119.669 million or USD 0.78 per basic share a year ago. Adjusted funds flow from operations was USD 67.906 million or USD 0.44 basic per share against USD 134.669 million or USD 0.88 per basic share a year ago. Capital expenditure was USD 35.563 million against USD 94.571 million a year ago.

The company announced third quarter 2017 production is expected to average above 36,000 boe/d.

The company announced fourth quarter 2017 production is expected to average above 38,000 boe/d.

The company announced the full year 2017 average production is anticipated to exceed 35,000 boe/d. Previous 2017 full year average production guidance was to range between 34,000 and 36,000 boe/d.

The full year 2017 capital expenditures forecast is approximately USD 225 million, which is the high end of the previous guidance range of USD 200-USD 225 million. Parex still anticipates fully funding its capital program with funds flow from operations.

The company also announced that Ms. Carmen Sylvain has joined the Board of Directors. Ms. Sylvain was a career Canadian diplomat and public servant with over 30 years of combined experience in foreign affairs, international trade and investment as well as major event management. As Canada's Ambassador to Colombia from 2014-2016, she provides in-depth knowledge of regional environmental, social and governance matters. She also served in Global Affairs Canada as Assistant Deputy Minister for Strategic Planning and Policy where she led the development of a Foreign Policy Plan for Canada. Ms. Sylvain received her Bachelor of Arts from San Jose State University, and completed a Masters in Public Administration from Carleton University.