Parex intends to commence drilling of the Califa-1 exploration prospect in 2022. Parex' independent qualified reserve evaluator, GLJ Ltd. ("GLJ"), has recognized Company interest proved plus probable reserves of 7.8 million barrels of light & medium crude oil and future development capital of approximately $70 million associated with the Arauca block as of January 1, 2021. The foregoing reserves information is obtained from information contained in the independent reserves report prepared by GLJ dated January 20, 2021 with an effective date of December 31, 2020. Such report was prepared in accordance with definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook and National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities. The reserves presented in this press release are based on GLJ's forecast pricing effective January 1, 2021. The report did not include the LLA-38 block.