Parex reported 1Q15 results that were in line with expectations, with 1Q15 production of 26,729 bbl/d and cash flow of US$33 mm. The Company was able to maintain flat production throughout the quarter, with the Company only drilling one exploration well near the end of 1Q15. Capital spending of US$27 mm was below expectations and focused on civil works in advance of a much busier drilling program for the remainder of 2015e.