diff --git a/pipreqs/pipreqs.py b/pipreqs/pipreqs.py
index 002e9e2..3363dae 100644
--- a/pipreqs/pipreqs.py
+++ b/pipreqs/pipreqs.py
@@ -56,7 +56,6 @@
     re.compile(r"^from ((?!\.+).*?) import (?:.*)$"),
 ]
 
-
 @contextmanager
 def _open(filename=None, mode="r"):
     """Open a file or ``sys.stdout`` depending on the provided filename.
@@ -199,11 +198,16 @@ def generate_requirements_file(path, imports, symbol):
                 num=len(imports),
                 file=path,
                 imports=", ".join([x["name"] for x in imports]),
+
             )
         )
         fmt = "{name}" + symbol + "{version}"
         out_file.write(
-            "\n".join(fmt.format(**item) if item["version"] else "{name}".format(**item) for item in imports) + "\n"
+            "\n".join(
+                fmt.format(**item) if item["version"] else "{name}".format(**item)
+                for item in imports
+            )
+            + "\n"
         )
 
 
@@ -301,7 +305,7 @@ def get_import_local(imports, encoding=None):
     # had to use second method instead of the previous one,
     # because we have a list in the 'exports' field
     # https://stackoverflow.com/questions/9427163/remove-duplicate-dict-in-list-in-python
-    result_unique = [i for n, i in enumerate(result) if i not in result[n + 1 :]]
+    result_unique = [i for n, i in enumerate(result) if i not in result[n + 1:]]
 
     return result_unique
 
@@ -346,6 +350,9 @@ def parse_requirements(file_):
     delimiter, get module name by element index, create a dict consisting of
     module:version, and add dict to list of parsed modules.
 
+    If file ´file_´ is not found in the system, the program will print a
+    helpful message and end its execution immediately.
+
     Args:
         file_: File to parse.
 
@@ -362,9 +369,12 @@ def parse_requirements(file_):
 
     try:
         f = open(file_, "r")
-    except OSError:
-        logging.error("Failed on file: {}".format(file_))
-        raise
+    except FileNotFoundError:
+        print(f"File {file_} was not found. Please, fix it and run again.")
+        sys.exit(1)
+    except OSError as error:
+        logging.error(f"There was an error opening the file {file_}: {str(error)}")
+        raise error
     else:
         try:
             data = [x.strip() for x in f.readlines() if x != "\n"]
@@ -476,9 +486,16 @@ def init(args):
 
     if extra_ignore_dirs:
         extra_ignore_dirs = extra_ignore_dirs.split(",")
-
-    path = args["--savepath"] if args["--savepath"] else os.path.join(input_path, "requirements.txt")
-    if not args["--print"] and not args["--savepath"] and not args["--force"] and os.path.exists(path):
+        
+    path = (
+        args["--savepath"] if args["--savepath"] else os.path.join(input_path, "requirements.txt")
+    )
+    if (
+        not args["--print"]
+        and not args["--savepath"]
+        and not args["--force"]
+        and os.path.exists(path)
+    ):
         logging.warning("requirements.txt already exists, " "use --force to overwrite it")
         return
 
@@ -538,7 +555,9 @@ def init(args):
         if scheme in ["compat", "gt", "no-pin"]:
             imports, symbol = dynamic_versioning(scheme, imports)
         else:
-            raise ValueError("Invalid argument for mode flag, " "use 'compat', 'gt' or 'no-pin' instead")
+            raise ValueError(
+                "Invalid argument for mode flag, " "use 'compat', 'gt' or 'no-pin' instead"
+            )
     else:
         symbol = "=="
 
diff --git a/tests/test_pipreqs.py b/tests/test_pipreqs.py
index a2cbbbe..988a72f 100644
--- a/tests/test_pipreqs.py
+++ b/tests/test_pipreqs.py
@@ -8,11 +8,12 @@
 Tests for `pipreqs` module.
 """
 
-import io
-import sys
+from io import StringIO
+from unittest.mock import patch
 import unittest
 import os
 import requests
+import sys
 
 from pipreqs import pipreqs
 
@@ -80,6 +81,8 @@ def setUp(self):
             "original": os.path.join(os.path.dirname(__file__), "_data/test.py"),
             "notebook": os.path.join(os.path.dirname(__file__), "_data_notebook/test.ipynb"),
         }
+        self.non_existing_filepath = "xpto"
+
 
     def test_get_all_imports(self):
         imports = pipreqs.get_all_imports(self.project)
@@ -479,7 +482,7 @@ def test_output_requirements(self):
         It should print to stdout the same content as requeriments.txt
         """
 
-        capturedOutput = io.StringIO()
+        capturedOutput = StringIO()
         sys.stdout = capturedOutput
 
         pipreqs.init(
@@ -583,6 +586,23 @@ def test_parse_requirements(self):
 
                 self.assertListEqual(parsed_requirements, expected_parsed_requirements)
 
+    @patch("sys.exit")
+    def test_parse_requirements_handles_file_not_found(self, exit_mock):
+        captured_output = StringIO()
+        sys.stdout = captured_output
+
+        # This assertion is needed, because since "sys.exit" is mocked, the program won't end,
+        # and the code that is after the except block will be run
+        with self.assertRaises(UnboundLocalError):
+            pipreqs.parse_requirements(self.non_existing_filepath)
+
+            exit_mock.assert_called_once_with(1)
+
+            printed_text = captured_output.getvalue().strip()
+            sys.stdout = sys.__stdout__
+
+            self.assertEqual(printed_text, "File xpto was not found. Please, fix it and run again.")
+
     def tearDown(self):
         """
         Remove requiremnts.txt files that were written