Permex Petroleum Corporation Stock Price, News & Analysis

Permex Petroleum Corporation has announced positive results from drilling the Eoff PPC #3 well in the Breedlove Oilfield, Texas, achieving a target depth of 8,100 ft. Following successful operations, the company plans further drilling across the 7,780-acre site. Since January 2022, five recompleted wells have boosted production to 71 barrels of oil equivalent per day (BOEPD). The company uses environmentally safe, biodegradable fluids in its drilling operations. Future updates are anticipated as the well moves toward completion and production.

Permex Petroleum Corporation has announced a share consolidation of its outstanding common shares, with an effective date of November 2, 2022. The ratio for the consolidation is one post-consolidated share for every sixty pre-consolidated shares, reducing the total from approximately 115,956,026 to about 1,932,600 shares. This move aims to enhance the attractiveness of shares for investors. The trading of post-consolidated shares is anticipated to begin on or around November 3, 2022.

Permex Petroleum Corporation has appointed Melissa Folz to its Board of Directors, effective October 24, 2022. Folz, with extensive experience in the oil and gas sector, currently serves as the Production Engineering and Optimization Director at Chord Energy, a merger of Oasis Petroleum and Whiting Petroleum. CEO Mehran Ehsan expressed confidence in her ability to enhance the company’s strategic growth. The addition aims to advance diversity of thought within the company’s leadership as it continues its operations across the Permian Basin and Delaware Sub-Basin.

Permex Petroleum Corporation (CSE: OIL, OTCQB: OILCF) will participate in The ThinkEquity Conference on October 26, 2022, at The Mandarin Oriental Hotel, New York. CEO Mehran Ehsan is scheduled to present at 12:00 PM ET and will also hold one-on-one investor meetings. The conference focuses on sectors including Oil & Gas and aims to connect industry leaders and investors.

Permex operates in the Permian Basin and Delaware Sub-Basin, emphasizing low-cost development and growth opportunities.

Permex Petroleum Corporation announced the drilling commencement of the PPC Eoff #3 well in the Breedlove Field, Texas, on September 14, 2022. This is the company's first well on the 7,780 gross acre site, with two additional wells planned soon. The drilling process is expected to take approximately 60 days for the vertical well and 90 days for the horizontal well. CEO Mehran Ehsan highlighted the significance of this development in achieving a cash-flow positive position amid favorable market conditions.

Permex Petroleum Corporation (CSE: OIL, OTCQB: OILCF) announced the successful recompletion of five oil and gas wells in Eddy County, New Mexico, and Martin County, Texas. The new wells achieved an initial production rate of 50 BOEPD, stabilizing at 35 BOEPD, raising the company's total production to 71 BOEPD, a 48% increase since June 30, 2022. Permex plans to bring an additional 62 shut-in wells online and has initiated an Enhanced Oil Recovery study in the Clearfork formation, expected to yield beneficial findings within 30 days.

Permex Petroleum Corporation (CSE: OIL, OTCQB: OILCF) announced the approval of its drilling permit in the Spraberry Trend Area of Martin County, Texas. This approval enables the company to drill between depths of 0 and 11,100 ft., targeting multiple zones for potential oil production. CEO Mehran Ehsan expressed optimism, citing successful operations by major industry players in the vicinity. The company aims to enhance revenue growth and shareholder value through this drilling program and ongoing evaluations of further opportunities.

Permex Petroleum Corporation (CSE: OIL, OTCQB: OILCF) clarified details about its equity research coverage by Nobel Capital Markets in a recent press release. The Company will pay Nobel Capital $50,000 annually, with the first payment of $12,500 made in June 2022. This compensation does not include any options to purchase Company securities. Permex is focused on growth through low-cost development in the Permian Basin and the Delaware Sub-Basin. Investors are reminded to perform due diligence before making investment decisions.

Permex Petroleum Corporation (CSE: OIL) (OTCQB: OILCF) has announced that Noble Capital Markets has initiated company-sponsored equity research coverage. This initiative aims to enhance investor visibility and provide deeper insights into Permex's operational and strategic direction. The full report, along with advanced market data, is accessible on Channelchek. Permex operates in the Permian Basin of West Texas and the Delaware Sub-Basin of New Mexico, focusing on low-cost development of oil and gas assets while pursuing growth through future high-potential projects.