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Parex Resources completes normal course issuer bid, projects higher Q3 output

Parex Resources Inc. on Oct. 11 completed a normal course issuer bid to repurchase 15.0 million shares, at an average of C$20.21 per share, for a total of C$304 million.

The company started the bid on Dec. 21, 2018, with the aim to buy back 10% of its public float, or 15.0 million shares, for cancellation. On Jan. 24, Parex said it entered into an automatic share purchase plan with a broker to facilitate the repurchase of up to 11.4 million shares. The bid was funded using the company's free cash flow.

Parex expects to renew the bid in December and intends to repurchase another 10% of its public float, according to an Oct. 17 release.

In addition, the company announced that its estimated average production for the third quarter is 53,020 barrels of oil equivalent per day. In its second-quarter earnings report, the company posted an average daily production of 52,252 boe/d.

Parex expects its fourth-quarter average production to exceed 53,500 boe/d.

Headquartered in Canada, Parex Resources focuses on exploring, developing, producing and marketing oil and natural gas in Colombia.