Parex Resources gets approval for share buyback program

Parex Resources Inc. (TSX: PXT) received approval from the Toronto Stock Exchange to commence a normal course issuer bid, allowing the company to repurchase up to 9,407,490 common shares for cancellation.

The buyback program will run from January 22, 2026, to January 21, 2027, with purchases made on the open market through TSX facilities and Canadian alternative trading systems. The maximum number of shares represents 10% of the company's public float as of January 9, 2026.

Daily purchases are limited to 146,890 shares, equivalent to 25% of the average daily trading volume of 587,563 shares from July 1 to December 31, 2025. Shares will be purchased at prevailing market prices and subsequently cancelled.

As of January 9, 2026, Parex had 95,974,136 common shares outstanding with a public float of 94,074,906 shares. The company stated it believes its shares have been trading at prices that do not adequately reflect their value relative to current operations and growth prospects.

Under a previous buyback program approved for January 22, 2025, to January 21, 2026, Parex was authorized to purchase 8,621,348 shares. From January 22, 2025, to January 9, 2026, the company repurchased 2,310,000 shares at a weighted-average price of C$15.371 per share.

The Calgary-based oil and gas company operates primarily in Colombia and describes itself as one of the largest independent oil and gas companies in the country, focusing on conventional production.

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