PXT Parex Resources Inc

NOT FOR DISTRIBUTION OR FOR DISSEMINATION IN THE UNITED STATES

Parex Resources Inc. ("Parex" or the "Company") (TSX:PXT) and Verano Energy
Limited ("Verano") are pleased to announce that the shareholders of Verano
("Verano Shareholders") have approved the previously announced plan of
arrangement (the "Arrangement") pursuant to which Parex will acquire all of the
issued and outstanding common shares of Verano (the "Verano Shares"). The
Arrangement was approved by Verano Shareholders holding 100% of the Verano
Shares who voted on the Arrangement in person or by proxy at the meeting of
Verano Shareholders to approve the Arrangement (the "Meeting").


Following the Meeting, Verano received final approval of the Arrangement from
the Court of Queen's Bench of Alberta and closing of the Arrangement is expected
to occur on June 25, 2014.


This news release does not constitute an offer to sell securities, nor is it a
solicitation of an offer to buy securities, in any jurisdiction. 


Advisory on Forward Looking Statements

Certain information set forth in this document contains forward-looking
statements that involve substantial known and unknown risks and uncertainties.
The use of any of the words "will", "expect", "intend", "anticipate" or other
similar words, or statements that certain events or conditions "may" or "will"
occur are intended to identify forward-looking statements. These statements are
only predictions and actual events or results may differ materially. Although
management believes that the expectations reflected in the forward-looking
statements are reasonable, it cannot guarantee future results, performance or
achievement since such expectations are inherently subject to significant
business, economic, competitive, political and social uncertainties and
contingencies. Many factors could cause actual results to differ materially from
those expressed or implied in any forward-looking statements made by, or on
behalf of, Parex and Verano. 


In particular, forward-looking statements contained in this document include,
but are not limited to, the terms of the Arrangement and the anticipated timing
of closing of the Arrangement. These forward-looking statements are subject to
numerous risks and uncertainties, including but not limited to, the failure of
each of Parex and Verano to satisfy the conditions to completion of the
Arrangement in a timely manner, or at all; the impact of general economic
conditions in Canada and Colombia; industry conditions including changes in laws
and regulations including adoption of new environmental laws and regulations,
and changes in how they are interpreted and enforced, in Canada and Colombia;
competition; lack of availability of qualified personnel; the results of
exploration and development drilling and related activities; country risk
associated with conducting international activities; volatility in market prices
for oil; fluctuations in foreign exchange or interest rates; environmental
risks; changes in income tax laws or changes in tax laws and incentive programs
relating to the oil industry; ability to access sufficient capital from internal
and external sources; and other factors, many of which are beyond the control of
Parex and Verano. Readers are cautioned that the foregoing list of factors is
not exhaustive. Failure to satisfy the conditions to completion of the
Arrangement may result in the Arrangement not being completed on the proposed
terms, or at all and the anticipated closing date may change for a number of
reasons, including the need for additional time to satisfy the other conditions
to the completion of the Arrangement. With respect to the forward-looking
statements contained in this document, Parex has made assumptions regarding: the
ability of each of Parex and Verano to satisfy, in a timely manner, the
conditions to the closing of the Arrangement.


Although the forward-looking statements contained in this press release are
based upon assumptions which management believes to be reasonable, Parex and
Verano cannot assure investors that actual results will be consistent with these
forward-looking statements. These forward-looking statements are made as of the
date of this document and Parex and Verano disclaim any intent or obligation to
update publicly any forward-looking statements, whether as a result of new
information, future events or results or otherwise, other than as required by
applicable securities laws.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Parex Resources Inc.
Mike Kruchten
Vice-President Corporate Planning and Investor Relations
(403) 517-1733
Investor.relations@parexresources.com


Verano Energy Limited
Kristen Bibby
Vice President, Finance and Chief Financial Officer
403.984.4224
ir@veranoenergy.com

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