Parex Resources Inc.
TSX VENTURE : PXT

Parex Resources Inc.

November 26, 2010 08:00 ET

Parex Resources Grants Stock Options

CALGARY, ALBERTA--(Marketwire - Nov. 26, 2010) -

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Parex Resources Inc. ("Parex" or the "Company") (TSX VENTURE:PXT) announces that it has granted stock options to employees, officers and directors of the Company to acquire a total of 1,400,589 common shares of the Company, of which 587,500 stock options were granted to officers and directors of the Company, pursuant to the terms of the Company's stock option plan. These options are exercisable at $7.75 per common share, which is the closing price of the common shares on November 25, 2010.

After granting the 1,400,589 options, Parex will have a total of 5,524,839 million options to acquire common shares of the Company outstanding which is 7% of the Company's issued and outstanding common shares. The Company has 10% "rolling" stock option plan which reserves for issuance on exercise of options a maximum of 10% of the number of common shares of the Company outstanding from time to time.

Corporate Overview
Parex, through its direct and indirect subsidiaries, is engaged in oil and natural gas exploration, development and production in South America and the Caribbean region. Parex is conducting exploration activities on its 489,000 acre holdings in the Llanos Basin of Colombia and 223,500 acre holdings onshore Trinidad. Parex is headquartered in Calgary, Canada.

This news release does not constitute an offer to sell securities, nor is it a solicitation of an offer to buy securities, in any jurisdiction.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Parex Resources Inc.
    Michael Kruchten
    Manager, Investor Relations
    (403) 517-1733
    or
    Parex Resources Inc.
    Kenneth G. Pinsky
    Vice President, Finance and Chief Financial Officer
    (403) 517-1729