07:22 AM EST, 12/05/2025 (MT Newswires) -- Parex Resources ( PARXF ) said Friday that it expects to achieve the midpoint of its production guidance for 2025.

The company estimated its 2025 average production at 45,000 barrels of oil equivalent per day, within its guidance of 43,000-47,000 boe/d.

Parex booked average production of 49,300 boe/d in October and 50,300 boe/d in November, driven primarily by strong new wells at LLA-32 and LLA-74, which came online with high initial rates and are now stabilizing.

So far, the company's average production stood at 44,550 boe/d. It expects minimal production adds over the remainder of the year.

Meanwhile, Parex said that Ecopetrol, its strategic partner in the Llanos Foothills exploration program in Colombia, has received regulatory approval for the extension of the Piedemonte Convenio into a portion of the Niscota block, with all necessary regulatory approvals to drill the Florena Huron exploration well.

Parex said the alliance is also advancing the Farallones exploration prospect in the Llanos Foothills, with regulatory approvals secured and initial work underway.

"Through this partnership, we will leverage our shared Colombian expertise, apply modern technology, and attract additional foreign investment for years to come, with the collective goal of finding resources and delivering new volumes of natural gas to the domestic market," chief Executive Officer Imad Mohsen said.

"After more than three years of public-private collaboration, I am excited to see the final piece of the puzzle come together, and confident that our joint efforts will greatly benefit Colombia and all our stakeholders."