Permex Petroleum Corporation Stock Price, News & Analysis

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.

Permex Petroleum Corporation (CSE: OIL, OTCQB: OILCF) announced the filing of a resale registration statement on Form S-1 with the SEC to register shares from a private placement concluded on March 28, 2022. The registration relates to shares issued and issuable upon warrant exercise, aimed at allowing certain shareholders to sell their securities under U.S. law. While the registration statement has been filed, it is not yet effective, meaning shares cannot be sold until approval is granted. The company operates in the oil and gas sector in Texas and New Mexico.

Permex Petroleum Corporation (CSE: OIL) (OTCQB: OILCF) reported financial results for the three and six months ended March 31, 2022, with revenues of $288,238 and $401,614, respectively. The company successfully re-entered two previously shut-in oil wells in New Mexico and completed a brokered private placement raising approximately CAD$9.4 million. CEO Mehran Ehsan expressed optimism about upcoming growth phases, driven by ongoing operational strategies and the reactivation of wells. The full financial statements are available on SEDAR.