Parex Re­sources Inc, a com­pa­ny fo­cused on oil ex­plo­ration and pro­duc­tion in Colom­bia and T&T, on May 14 an­nounced a US$11 mil­lion net in­come for the first quar­ter of 2013 (QI 2013).

This in­come was low­er than for the same pe­ri­od last year when it was US$27 mil­lion, but high­er than the loss from last quar­ter of 2012 of US$15 mil­lion.

"The com­pa­ny's cap­i­tal ex­pen­di­tures were US$47.2 mil­lion in the first quar­ter, of which US$45.6 mil­lion was re­lat­ed to Colom­bia and the re­main­der in Trinidad. Cap­i­tal ex­pen­di­tures were ful­ly fund­ed from funds flow from op­er­a­tions," the com­pa­ny said in its first quar­ter re­sults.

"Parex is con­duct­ing ex­plo­ration ac­tiv­i­ties on its 1,349,000 gross acre hold­ings pri­mar­i­ly in the Llanos Basin of Colom­bia and 219,000 gross acre hold­ings on­shore Trinidad," the com­pa­ny said.

Parex is head­quar­tered in Cal­gary, Cana­da.

The com­pa­ny achieved quar­ter­ly oil pro­duc­tion of 14,440 bar­rels of oil per day (bopd), main­ly from Colom­bia. This pro­duc­tion rate rep­re­sents an in­crease of 13 per cent over the fourth quar­ter of 2012. The com­pa­ny said it got Brent ref­er­enced sales price of US$109.63 per bar­rel (bbl) and an op­er­at­ing net­back of US$67.03/bbl.

Parex said it re­duced op­er­at­ing and trans­porta­tion com­bined unit costs by 4.5 per cent com­pared to the pre­vi­ous quar­ter.

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