by CIBC in this morning's report. PXT is rated as Sector Outperform. GLTA



Parex Resources Inc.

Increasing Brent Pricing, Decreasing Trinidad Value, Target Unchanged

? We have updated our PXT model with our new Brent oil price forecast ($105/Bbl in 2013, $100/Bbl in 2014 and $95/Bbl long term). For more details on this please see our industry report published concurrently today.

? Inclusion of the new Brent price forecast results in a $1/sh increase to the PXT NAV, but we are offsetting that increase by decreasing the COS on the Trinidad assets in our model. We have historically carried 11.3 MMBbl risked for the Cory Moruga asset (25 MMBbl risked at 45% COS).

? PXT had success in the Cory Moruga Block and plans to continue exploring in 2013, but drilling results have been mixed and activity levels in Trinidad will be reduced. As a result, we are decreasing our COS to 22.5% and decreasing risked resources from 11.3 MMBbl to 5.7MMBbl.

? Our PXT risked NAV remains essentially flat at ~$8/sh after incorporating the changes. We reiterate our SO rating and $8/sh price target. A positive upward 2012 reserve revision and continued development and exploration success are the keys to share price appreciation in 2013