Welcome to our dedicated page for Permex Petroleum Corporation news (Ticker: OILCF), a resource for investors and traders seeking the latest updates and insights on Permex Petroleum Corporation stock.
Permex Petroleum Corporation (OILCF) generates news that reflects both traditional oil and gas operations and its stated interest in integrating energy production with Bitcoin mining. As a junior exploration and production company with assets and operations across the Permian Basin, including the Midland Basin of West Texas and the Delaware Sub-Basin of New Mexico, its announcements often highlight developments in crude oil and natural gas projects, operating arrangements, and corporate strategy.
News releases from Permex have covered operating agreements that grant it rights to manage wells owned by other parties in the Permian Basin, with fees linked to production volumes and commodity prices. The company has reported successful initial implementation of such arrangements, emphasizing the role of its operations team in taking over field operations and viewing these agreements as a new revenue stream similar to that of a service provider.
Permex’s communications also describe a strategic emphasis on assets that can support Bitcoin mining operations alongside hydrocarbon production. This includes a non-binding Letter of Intent with 360 Energy, Inc. to evaluate deployment of In-Field Computing technology, and an option agreement to potentially acquire producing oil and natural gas wells and related assets that it believes could be used for in-field Bitcoin mining. These items appear in its news as part of a broader strategy to co-develop hydrocarbon and digital asset projects.
Investors following OILCF news can also expect updates on private placements of convertible debentures, early warning disclosures under Canadian securities laws, and responses to trading activity inquiries from regulators. Governance and leadership developments, such as board appointments, changes in officers, and the appointment of an interim CEO and CFO, are also disclosed through company news. This page aggregates such releases so readers can review operational, financial, and corporate updates related to Permex Petroleum over time.
Permex Petroleum (CSE: OIL) has announced two significant board appointments. Richard Little has been confirmed as Non-Executive Chairman of the Board, bringing over 25 years of industry experience, including his current role as CEO of Fury Resources and previous position as CEO of Battalion Oil Company. Notable in his career is leading a $1.24B asset sale at Ajax Resources,
Additionally, BaShara (Bo) Crystelle Boyd has been appointed to the Board effective December 23rd, 2024. Boyd is a partner at Walker Eisenbraun, , bringing over 25 years of legal experience in corporate, transactional, and governance matters, particularly in the energy sector. She previously served as general counsel, senior vice president, and corporate secretary for a major Gulf of Mexico oil and gas producer.
Permex Petroleum (CSE: OIL) reports significant corporate developments following management changes. The company has raised approximately US$4.2 million in new capital since April 2024, with US$865,000 raised in June and US$2,851,601 after September 2024. Production has resumed at the Breedlove asset in the Midland Basin, exceeding previous rates. The company has resolved its regulatory compliance issues, becoming current with reporting requirements in both Canada and the US for the first time since summer 2023. The previous trading suspension (FFCTO) was lifted on September 9, 2024, allowing trading to resume on the Canadian Securities Exchange.
Permex Petroleum announced the closing of its first tranche private placement, raising US$4,276,389 through convertible debenture units. Each unit consists of a US$1,000 secured convertible debenture and 523 warrants exercisable at US$1.91 for five years. The debentures mature in one year with a 10% interest rate. The proceeds will be used for repaying outstanding debentures, drilling, development, and working capital. The company also repaid previous debentures worth $1.365 million plus interest of $59,787.50.
Permex Petroleum (CSE: OIL) has announced a repricing of its previously announced non-brokered private placement. The offering now consists of up to 18,635 convertible debenture units, each comprising a US$1,000 principal amount debenture and 523 warrants. Key changes include:
- Warrant exercise price reduced to US$1.91 from US$4.90
- Conversion price lowered to US$1.91 from US$4.08
- Warrant count increased to 523 from 245 per unit
The debentures mature in one year, bearing 10% simple interest. Proceeds will fund drilling, development, potential acquisitions, and working capital. The offering targets accredited investors and non-U.S. persons, with securities subject to a four-month hold period.
Permex Petroleum (CSE: OIL) has announced the resumption of trading for its common shares on the Canadian Securities Exchange, effective September 9th, 2024. This follows the revocation of a cease trade order issued on April 16, 2024, due to the company's failure to file required financial statements. Permex has now filed the necessary financial documents, which are available on the SEDAR filing system.
The company has also terminated its previously announced private placement and introduced a new non-brokered private placement of up to 18,635 convertible debenture units. Each unit consists of a US$1,000 debenture and 245 warrants. The debentures will mature in one year, bearing 15% simple interest, and can be converted into shares at US$4.08. Proceeds from this offering are intended for drilling, development, potential acquisitions, and working capital.
Permex Petroleum (CSE: OIL) (OTC: OILCF) has announced the appointment of two new directors to its Board, effective August 26, 2024. Richard Little, the current CEO of Fury Resources and former CEO of Battalion Oil Company (NYSE: BATL), brings over 25 years of industry experience. His notable achievements include leading a $1.24B asset sale at Ajax Resources, Kevin Nanke, with more than 30 years in finance and accounting executive roles in the oil and gas industry, previously served as Treasurer and CFO of Delta Petroleum Nanke was instrumental in raising $1.4 billion in financings and preserving a $1.3 billion tax loss carryforward during Delta's reorganization into Par Petroleum
Permex Petroleum has appointed its CEO, Brad Taillon, to the Board of Directors effective June 12, 2024. Previously announced as President and CEO on April 29, 2024, Taillon brings extensive experience in junior Oil & Gas operations, particularly in the US and Permian Basin. He played a pivotal role in increasing Ruckus Energy's assets to over $130M in 1P reserves and in doubling Lilis Energy's acreage, boosting its market cap from $3M to $550M.
As part of a strategic board reconstitution, Permex also announced the resignations of six directors. The company aims to leverage Taillon's expertise to drive strategic growth and development in the coming phase.
Permex Petroleum (CSE: OIL, OTCQB: OILCF, FSE: 75P) announced the closing of the second tranche of its non-brokered private placement, raising US$865,000 through the issuance of 865 convertible debenture units, bringing total gross proceeds to US$1,365,000. Each unit consists of one US$1,000 debenture and 294 warrants, exercisable at US$4.08 per share for five years. The second tranche was conducted under a partial revocation order by the British Columbia Securities Commission, allowing the company to use the proceeds to file outstanding financial documents and continue operations. The debentures mature in one year or three months if no merger or similar agreement is reached, with interest at 10%. Conversion to shares is available under certain conditions. Early investor Kent Lindemuth now holds 47.98% of partially diluted shares. Issued securities remain under the cease trade order until full revocation.
Permex Petroleum has applied to the British Columbia Securities Commission for a partial revocation of a cease trade order issued on April 16, 2024, due to failure to file certain continuous disclosure documents. If granted, the company plans to complete a second tranche of its non-brokered private placement, issuing up to US$865,000 in convertible debenture units, each consisting of a US$1,000 debenture and 294 common share purchase warrants. Proceeds will be used to file outstanding financial statements, pay related fees, and continue operations. The debentures will bear a 10% interest and mature in one year or three months depending on specified conditions. The company aims to achieve full revocation of the cease trade order and resume trading on the Canadian Securities Exchange.
Permex Petroleum announced the appointment of Mr. Bradley Taillon as the new President and Chief Executive Officer. Mr. Taillon brings extensive experience in the oil & gas industry, particularly in the US and Permian Basin. His appointment follows the resignation of Mr. Mehran Ehsan, who will remain on the Board of Directors. With a strong track record in operations and finance, Mr. Taillon aims to build upon Permex's success, focusing on production potential, reserve expansion, and shareholder value growth.
FAQ
What is the current stock price of Permex Petroleum Corporation (OILCF)?
What is the market cap of Permex Petroleum Corporation (OILCF)?
