April 2 (Reuters) - Parex Resources Inc PXT.TO :
* PAREX PROVIDES A BUSINESS UPDATE IN RESPONSE TO COVID-19
* PAREX RESOURCES INC - CONTINUES TO MANAGE ITS PRODUCTION VOLUMES, CAPITAL BUDGET AND CASH COSTS
* PAREX RESOURCES INC - IS ABLE TO WITHSTAND A PROLONGED PERIOD OF LOW AND VOLATILE ENERGY PRICING
* PAREX RESOURCES INC - AS AT DECEMBER 31, 2019, COMPANY'S WORKING CAPITAL WAS $344 MILLION
* PAREX RESOURCES INC - SUSPENDED ALL REMAINING 2020 DRILLING PROGRAMS
* PAREX RESOURCES INC - TOTAL FULL-YEAR 2020 CAPITAL IS ESTIMATED AT $100-$110 MILLION WITH AN ESTIMATED $75-$80 MILLION INVESTED IN Q1 2020
* PAREX RESOURCES INC - ESTIMATE THAT 2020 BASE CORPORATE PRODUCTION DECLINE IS APPROXIMATELY 15%-18% PER ANNUM
* PAREX RESOURCES - Q1 2020 AVERAGE PRODUCTION IS ESTIMATED AT 54,290 BOE/D COMPARED TO Q4 2019 AVERAGE QUARTERLY PRODUCTION OF 54,221 BOE/D
* PAREX RESOURCES INC - HAS BEGUN TO VOLUNTARILY REDUCE OIL PRODUCTION ON LEGACY FIELDS AS PART OF ITS COVID-19 PLAN
* PAREX RESOURCES INC - COMPANY'S APRIL PRODUCTION IS EXPECTED TO BE IN RANGE OF 45,000-50,000 BOE/D
* PAREX RESOURCES INC - EFFECTIVE APRIL 1, 2020 AND FOR REMAINDER OF 2020, PAREX' EXECUTIVE LEADERSHIP WILL TAKE A 10 PERCENT SALARY REDUCTION
* PAREX RESOURCES INC - PAREX' BOARD OF DIRECTORS WILL TAKE A 10 PERCENT REDUCTION IN CASH RETAINER FEES