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CALGARY, Alberta, May 04, 2026 (GLOBE NEWSWIRE) -- Parex Resources Inc. ('Parex” or the 'Company”) (TSX: PXT) and its strategic partner Ecopetrol S.A. ('Ecopetrol”), are pleased to announce that they have executed an agreement whereby Parex expects to earn a 50% participating share in the Casabe and Llanito blocks in the Magdalena Basin of Colombia, in exchange for a commitment to invest a gross capital program of $250 million ($125 million carry capital) over five years. All amounts herein are in United States Dollars ('USD”) unless otherwise stated.