Bloomberg News

Parex Falls After 2012 Production Forecast Cut: Calgary Mover

April 13, 2012

Parex Resources Inc. (PXT) fell the most in more than two years after the Canadian oil and natural-gas explorer said it slashed its production forecast for this year and faces possible legal action.

The shares fell 18 percent to C$5.76 at the close in Toronto, the most since Nov. 13, 2009.

Parex, based in Calgary, reduced its daily output by 3,500 barrels per day to 13,500 barrels for this year, it said in a statement yesterday after the close. The company also said it was named as a defendant in a lawsuit in a Texas court over a disagreement regarding the purchase of shares of a third company.

Parex is rated a buy by 10 analysts covering the company and hold by another four analysts.

To contact the reporter on this story: Jeremy van Loon in Calgary at jvanloon@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net


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