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News Release November 3 , 2021 Parex Announces Q3 2021 Results : Significant Free Cash Flow and Special Cash Dividend of CAD $ 0.25 / share Calgary , Canada Parex Resources Inc. ( " Parex " or the " Company " ) ( TSX : PXT ) , a company headquartered in Calgary , Alberta that focuses on sustainable , conventional oil and gas production , is pleased to announce its unaudited financial and operating results for the three months ended September 30 , 2021 ( " Third Quarter " or " Q3 " ) . All amounts herein are in United States Dollars ( " USD " ) unless otherwise stated . Key Highlights • • • Parex ' board of directors ( " Board " ) approves a dividend for the fourth quarter of 2021 in the amount of CAD $ 0.125 per common share , to be payable on December 31 , 2021 to shareholders of record as of December 15 , 2021 . The Board also approves a special cash dividend in the amount of CAD $ 0.25 per common share , to be payable on November 22 , 2021 to shareholders of record as of November 16 , 2021 . Funds flow provided by operations ( " FFO " ) ( ¹ ) of $ 1.24 per share in the third quarter , results in year - to- date total FFO of $ 3.23 per share . Free funds flow ( 1 ) of $ 78.4 million in the third quarter , results in year - to - date total free funds flow of $ 250.6 million . Drilled a three leg multilateral well , Cayena - 1 on the Fortuna block ( Parex 100 % WI ) . The third leg of the Cayena - 1 multilateral well was drilled to a lateral length of approximately 7,200 feet which is the longest horizontal well in Colombia to date . This well is currently awaiting completion work . Q3 2021 Financial & Operational Highlights • • Implemented a quarterly dividend with respect to its common shares and the Board approved the payment of a dividend of $ 12.0 million ( CAD $ 0.125 per common share ) , which was paid on September 29 , 2021 to shareholders of record as of September 15 , 2021 . Quarterly average production was 47,496 barrels of oil equivalent per day ( " boe / d " ) ( consisting of 6,955 barrels per day ( " bbls / d " ) of light crude oil and medium crude oil , 38,949 bbls / d of heavy crude oil and 9,552 thousand cubic feet per day ( " mcf / d " ) of conventional natural gas ) , which is an 8 % increase from Q2 2021 average production of 43,900 boe / d ( consisting of 5,881 bbls / d of light crude oil and medium crude oil , 36,308 bbls / d of heavy crude oil and 10,266 mcf / d of conventional natural gas ) . Recognized net income of $ 67.9 million ( $ 0.55 ( or CAD $ 0.69 ) ( 2 ) per share basic ) compared to net income of $ 91.7 million ( $ 0.72 ( or CAD $ 0.88 ) ( 2 ) per share basic ) in the previous quarter ended June 30 , 2021 and net income of $ 27.6 million ( $ 0.20 ( or CAD $ 0.27 ) ( 2 ) per share basic ) in Q3 2020 ; 1