en.Wedoany.com Reported - Parex Resources announced the completion of its acquisition of Frontera Energy's exploration and production assets in Colombia, making it the country's largest independent oil and natural gas producer. The transaction, announced in March 2026, involved Parex acquiring all shares of Frontera Petroleum International Holdings for $500 million in cash, funded through the issuance of senior unsecured notes and net debt. An additional $25 million will be paid if the Quifa joint contract is renewed within 12 months.

Imad Mohsen, President and CEO of Parex, stated that the completion of this transaction marks a significant milestone for the company with substantial strategic importance. The acquisition was completed at an attractive valuation, providing capital allocation flexibility across the portfolio and offering considerable synergy potential due to a high degree of strategic fit.

The transaction adds low-decline production of 37,000 barrels of oil equivalent per day to Parex, while supporting the company's average production guidance target of 82,000 to 91,000 barrels of oil equivalent per day for the second half of 2026. Parex stated that the acquisition expands its land holdings in Colombia to over 7.9 million acres and helps integrate capabilities such as enhanced oil recovery, horizontal and multi-lateral drilling, and advanced seismic imaging technology.

In May 2026, Parex also reached an agreement with Colombia's state-owned oil company Ecopetrol to acquire a 50% participating interest in its oil assets in the Magdalena Basin, with a five-year plan involving a total investment of $250 million. The assets currently produce approximately 14,900 barrels of medium crude oil per day, with an estimated original oil in place of over 3 billion barrels.

Parex is a Calgary, Canada-based oil and gas company focused on exploration and production in Colombia, covering the Llanos, Magdalena, and Putumayo basins, including natural gas development and heavy oil projects.

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