Parex Resources Inc. Announces Production Results for the Month and Full Year Ended of December 2012; Provides Production Guidance for the Full Year of 2013
December 2012 average production was 13,550 barrels of oil per day ("bopd") and fourth quarter of 2012 average production was approximately 12,800 bopd. Production growth in December was primarily a result of additional volumes being added at the Las Maracas and Tua fields.
Building on its 2012 operational and exploration success, Parex plans a self funding 2013 capital investment program of approximately $210 million balanced between exploration and development in Colombia and Trinidad. The Company is forecasting a 2013 average production range of approximately 14,000-14,500 bopd as compared to the 2012 average production of approximately 11,400 bopd and the 2011 average production of 5,345 bopd.