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) is a junior oil & gas operator driving low-cost production in the Permian Basin while advancing strategic Blue-Sky exploration projects. This page aggregates all official news releases and verified updates about the company's operational developments, financial milestones, and regulatory progress.
Investors and industry observers will find comprehensive coverage of Permex's dual focus: maintaining steady output through its Held by Production assets while pursuing growth via targeted drilling initiatives. The curated news stream includes updates on capital management strategies, regulatory filings, and operational efficiency achievements.
Key content categories include quarterly financial disclosures, asset development announcements, compliance updates, and strategic partnership news. All materials are sourced directly from company filings and verified industry reports to ensure accuracy.
Bookmark this page for streamlined access to Permex Petroleum's latest developments in one of North America's most strategic energy regions. Check regularly for updates on how the company balances cost-effective production with long-term resource development.
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.
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