Parex Resources Inc. Updates on GeoPark Discussions
Parex Resources Inc. (TSX: PXT) has made the decision to halt discussions regarding a potential acquisition of GeoPark Limited (NYSE: GPRK). This announcement comes after a thorough assessment of the information exchanged and meetings held with GeoPark's management team over the preceding month.
Reasons Behind the Decision
Following a series of virtual and in-person discussions, Parex concluded that the offer to purchase GeoPark at $9.00 per share in cash did not adequately reflect the value of GeoPark. Despite engaging discussions initiated on November 14, 2025, it became clear to Parex that there would be no agreement reached. Hence, it has officially suspended negotiations.
Timeline of Events
The following key events transpired since Parex's initial proposal on September 4, 2025:
- November 2, 2025: GeoPark's CEO expressed a willingness to engage in discussions with Parex.
- November 5, 2025: GeoPark announced its intent to explore this potential transaction and created a Special Committee of independent directors.
- November 4-13, 2025: Both companies executed a non-disclosure agreement to facilitate dialogue.
- November 14, 2025: Parex gained access to a virtual data room with crucial information.
- November 24, 2025: GeoPark released an off-cycle reserves update publicly.
- December 1, 2025: Both companies provided updates on operational guidance for the years ahead.
- December 8, 2025: GeoPark reiterated its position on the proposals, prompting Parex to withdraw from talks.
About Parex Resources Inc.
Parex Resources is a leading independent oil and gas company based in Canada, primarily focusing on sustainable conventional oil production. The company's headquarters is located in Calgary, while its operational facilities are in Bogotá, Colombia. Parex's shares trade under the symbol PXT on the Toronto Stock Exchange.
Contact Information
For more information regarding this announcement, please reach out to:
Mike Kruchten
Senior Vice President, Capital Markets & Corporate Planning
Parex Resources Inc.
403-517-1733
investor.relations@parexresources.com
Steven Eirich
Senior Investor Relations & Communications Advisor
Parex Resources Inc.
587-293-3286
investor.relations@parexresources.com
Frequently Asked Questions
What was the purpose of Parex Resources' discussions with GeoPark?
Parex aimed to explore a potential acquisition of GeoPark to enhance its operational capabilities and market presence.
Why did Parex decide to halt negotiations?
The halt was due to a perceived gap in the valuation of GeoPark's shares compared to the proposed acquisition price.
What steps were taken prior to halting discussions?
Both companies entered into a non-disclosure agreement, shared data, and held multiple discussions to evaluate the potential deal.
How does this decision impact Parex Resources?
This decision allows Parex to allocate resources and focus on other strategic initiatives moving forward without the burden of stalled negotiations.
What is the current market position of Parex Resources?
Parex remains one of the largest independent oil companies in Colombia, with a commitment to sustainable oil production.
