Permex Announces Successful Initial Implementation of Operating Arrangement, Change of Officers
Permex Petroleum Corporation (CSE: OIL) has successfully implemented its operating arrangement with a private oil and gas operator in the Permian Basin, initially announced on January 13th, 2025. The company reports that production has commenced on all wells under the arrangement, with initial production results meeting management's expectations.
The arrangement is expected to benefit shareholders as Permex will earn fees in a service provider capacity. The production base consists primarily of natural gas assets, whose performance is dependent on favorable gas prices. Additionally, the company announced the resignation of Gregory Montgomery as CFO and Corporate Secretary, effective May 2nd, 2025. Bradley Taillon, current President and CEO, will serve as Interim CFO and Corporate Secretary until a permanent replacement is appointed.
Permex Petroleum Corporation (CSE: OIL) ha implementato con successo il suo accordo operativo con un operatore privato di petrolio e gas nel Bacino Permiano, inizialmente annunciato il 13 gennaio 2025. La società riferisce che la produzione è iniziata su tutti i pozzi previsti dall'accordo, con risultati iniziali in linea con le aspettative della direzione.
L'accordo dovrebbe avvantaggiare gli azionisti poiché Permex guadagnerà commissioni come fornitore di servizi. La base produttiva è costituita principalmente da asset di gas naturale, la cui performance dipende da prezzi favorevoli del gas. Inoltre, la società ha annunciato le dimissioni di Gregory Montgomery da CFO e Segretario Aziendale, con effetto dal 2 maggio 2025. Bradley Taillon, attuale Presidente e CEO, assumerà il ruolo di CFO e Segretario Aziendale ad interim fino alla nomina di un sostituto permanente.
Permex Petroleum Corporation (CSE: OIL) ha implementado con éxito su acuerdo operativo con un operador privado de petróleo y gas en la Cuenca Pérmica, anunciado inicialmente el 13 de enero de 2025. La compañía informa que la producción ha comenzado en todos los pozos bajo el acuerdo, con resultados iniciales que cumplen las expectativas de la gerencia.
Se espera que el acuerdo beneficie a los accionistas, ya que Permex ganará honorarios como proveedor de servicios. La base de producción consiste principalmente en activos de gas natural, cuyo rendimiento depende de precios favorables del gas. Además, la compañía anunció la renuncia de Gregory Montgomery como CFO y Secretario Corporativo, con efecto a partir del 2 de mayo de 2025. Bradley Taillon, actual Presidente y CEO, asumirá el cargo de CFO y Secretario Corporativo interino hasta que se nombre un reemplazo permanente.
Permex Petroleum Corporation (CSE: OIL)는 2025년 1월 13일 처음 발표된 퍼미안 분지 내 민간 석유 및 가스 운영자와의 운영 협약을 성공적으로 이행했습니다. 회사는 협약에 따른 모든 유정에서 생산이 시작되었으며 초기 생산 결과가 경영진의 기대에 부합한다고 보고했습니다.
이 협약은 Permex가 서비스 제공자로서 수수료를 벌게 되어 주주들에게 이익이 될 것으로 기대됩니다. 생산 기반은 주로 천연가스 자산으로 구성되어 있으며, 성과는 유리한 가스 가격에 달려 있습니다. 또한 회사는 Gregory Montgomery가 2025년 5월 2일부로 CFO 및 기업 비서직에서 사임한다고 발표했습니다. 현재 사장 겸 CEO인 Bradley Taillon이 임시 CFO 및 기업 비서 역할을 맡아 영구 후임자가 임명될 때까지 근무할 예정입니다.
Permex Petroleum Corporation (CSE : OIL) a mis en œuvre avec succès son accord opérationnel avec un opérateur privé de pétrole et de gaz dans le bassin permien, initialement annoncé le 13 janvier 2025. La société rapporte que la production a commencé sur tous les puits concernés par l'accord, avec des résultats initiaux conformes aux attentes de la direction.
L'accord devrait bénéficier aux actionnaires, car Permex percevra des frais en tant que prestataire de services. La base de production se compose principalement d'actifs de gaz naturel, dont la performance dépend de prix du gaz favorables. De plus, la société a annoncé la démission de Gregory Montgomery de son poste de CFO et secrétaire d'entreprise, effective au 2 mai 2025. Bradley Taillon, président et CEO actuel, assurera l'intérim en tant que CFO et secrétaire d'entreprise jusqu'à la nomination d'un remplaçant permanent.
Permex Petroleum Corporation (CSE: OIL) hat seine Betriebsvereinbarung mit einem privaten Öl- und Gasbetreiber im Permian-Becken, die ursprünglich am 13. Januar 2025 angekündigt wurde, erfolgreich umgesetzt. Das Unternehmen berichtet, dass die Produktion bei allen unter der Vereinbarung stehenden Bohrlöchern begonnen hat und die anfänglichen Produktionsergebnisse den Erwartungen des Managements entsprechen.
Die Vereinbarung soll den Aktionären zugutekommen, da Permex Gebühren als Dienstleister verdienen wird. Die Produktionsbasis besteht hauptsächlich aus Erdgas-Assets, deren Leistung von günstigen Gaspreisen abhängt. Außerdem gab das Unternehmen den Rücktritt von Gregory Montgomery als CFO und Unternehmenssekretär mit Wirkung zum 2. Mai 2025 bekannt. Bradley Taillon, derzeitiger Präsident und CEO, wird interimistisch die Funktionen des CFO und Unternehmenssekretärs übernehmen, bis ein dauerhafter Nachfolger ernannt wird.
- Initial production results from wells under new operating arrangement meet management expectations
- Arrangement structured to be accretive to shareholders through service provider-like fee generation
- Successfully implemented operational takeover of assets
- Performance heavily dependent on natural gas prices
- Departure of CFO and Corporate Secretary creates temporary leadership gap
- CEO taking on additional interim roles could lead to management bandwidth constraints
Vancouver, British Columbia--(Newsfile Corp. - May 8, 2025) - Permex Petroleum Corporation (CSE: OIL) (FSE: 75P) ("Permex" or the "Company") is pleased to provide an update to the operating arrangement (the "Arrangement") with a private oil and gas operator in the Permian Basin previously announced on January 13th, 2025. The Company has started production on all of the wells subject to the Arrangement and initial production results have met the expectations of management.
"We are very pleased with how the operations under the Arrangement have gone since its implementation at the beginning of January," said Brad Taillon, Permex's President and Chief Executive Officer. "This Arrangement is expected to be accretive to Permex's shareholders due to Permex realizing its fees under the Arrangement in a manner that is similar to a service provider. Provided that gas prices cooperate, I believe this production base of majority natural gas should continue to deliver strong performance. I am proud of our team handling the operational takeover of these assets efficiently and look forward to continuing this relationship into the future."
"Permex will continue to evaluate all opportunities to maximize the value created by our highly talented team here at Permex for the benefit of our shareholders," stated Taillon.
Additionally, the Company announces that, effective May 2nd, 2025, Gregory Montgomery has resigned from his roles as Chief Financial Officer and Corporate Secretary. Bradley Taillon, the Company's President and Chief Executive Officer, has been appointed Interim Chief Financial Officer and Corporate Secretary, and will serve in these capacities until a permanent replacement is appointed. "We thank Greg for his service to Permex over the past years and wish Greg well on his next ventures," stated Taillon.
About Permex Petroleum Corporation
Permex Petroleum (CSE: OIL) (FSE: 75P) is a uniquely positioned junior oil & gas company with assets and operations across the Permian Basin. The Company focuses on combining its low-cost development of Held by Production assets for sustainable growth with identifying Blue-Sky projects for scale growth. The Company, through its wholly owned subsidiary, Permex Petroleum U.S. Corporation, is a licensed operator in both Texas and New Mexico, and owns and operates on private, state and federal land. For more information, please visit www.permexpetroleum.com.
Contact Information
Permex Petroleum Corporation
Brad Taillon
President & Chief Executive Officer
(346) 245-8981
Renmark Financial Communications USA Inc.
Henri Perron, CPIR:
hperron@renmarkfinancial.com
Tel.: (416) 644-2020 or (212)-812-7680
www.renmarkfinancial.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation (collectively, "forward-looking statements"). The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. These forward-looking statements include, among other things, statements relating to: the Company's operating plans; the impacts of the Arrangement on the Company's business; the benefits of the Arrangement for Permex's shareholders; the continued relationship with the private oil and gas operator; the continuation of the Arrangement; the continued production on all of the wells subject to the Arrangement; that future production results will align with initial production results and expectations of management; that gas prices will continue to perform as expected by management; and that the Company will retain its skilled personnel, or be able to hire personnel at the same or of a higher calibre and experience.
Such forward-looking statements are based on a number of assumptions of management, including, without limitation: that the Company's operating plans will not significantly change; that the anticipated impacts of the Arrangement on the Company's business shall be realized; that the Arrangement will be accretive to Permex's shareholders; that the relationship with the private oil and gas operator will continue as expected by management; that the Arrangement will continue as expected by management; that production on all of the wells subject to the Arrangement shall continue as expected by management; that future production results will align with initial production results and expectations of management; that gas prices will continue to perform as expected by management; and that the Company will retain its skilled personnel, or be able to hire personnel at the same or of a higher calibre and experience.
Additionally, forward-looking statements involve a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: that the Company's operating plans will significantly change; that the anticipated impacts of the Arrangement on the Company's business shall not be realized; that the Arrangement will not be accretive to Permex's shareholders; that the relationship with the private oil and gas operator will not continue as expected by management; that the Arrangement will not continue as expected by management; that production on all of the wells subject to the Arrangement will not continue as expected by management; unanticipated costs and/or production challenges; that future production results will not align with initial production results and expectations of management; that gas prices will not continue to perform as expected by management; that the production base will not continue to produce as anticipated by management; and the failure of the Company to retain skilled personnel and the inability of the Company to hire personnel at the same or of a higher calibre and experience.
The forward-looking statements contained in this press release represent management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Neither the Company nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this press release. Neither the Company nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this press release by you or any of your representatives or for omissions from the information in this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/251349
FAQ
What is the status of Permex Petroleum's (OILCF) operating arrangement in the Permian Basin?
How will the new operating arrangement affect Permex Petroleum (OILCF) shareholders?
Who is the new CFO of Permex Petroleum (OILCF) following Gregory Montgomery's resignation?
What type of production assets does Permex Petroleum (OILCF) operate under the new arrangement?
