Permex Petroleum Corporation Announces Memorandum of Understanding to Potentially Fund up to $25 Million USD to Develop Core Permian Basin Assets
Permex Petroleum (CSE: OIL) has entered into a non-binding MOU with Chisos Ltd. for potential funding of up to $25 million USD in development capital. The agreement would allow Chisos to acquire up to 50% non-operating working interest in specific wells and leasehold operated by Permex.
The initial tranche targets $10 million to fund drilling of 8 vertical wells on Permex's Breedlove asset in the Permian Basin. The financing requires Permex to match funds dollar for dollar and is subject to definitive documentation. Notably, Chisos is owned by James Perry Bryan, a former Permex Director who currently holds approximately 12.75% of Permex shares on a partially diluted basis.
Permex Petroleum (CSE: OIL) ha siglato un MOU non vincolante con Chisos Ltd. per un possibile finanziamento fino a 25 milioni di dollari USA in capitale di sviluppo. L'accordo permetterebbe a Chisos di acquisire fino al 50% di interesse operativo non operativo in specifici pozzi e aree in concessione gestite da Permex.
La prima tranche mira a raccogliere 10 milioni di dollari per finanziare la perforazione di 8 pozzi verticali sull'asset Breedlove di Permex nel Bacino Permiano. Il finanziamento richiede che Permex eguagli i fondi dollaro per dollaro ed è subordinato alla sottoscrizione di documenti definitivi. Da notare che Chisos è di proprietà di James Perry Bryan, ex consigliere di Permex che attualmente detiene circa il 12,75% delle azioni Permex su base parzialmente diluita.
Permex Petroleum (CSE: OIL) ha firmado un MOU no vinculante con Chisos Ltd. para un posible financiamiento de hasta 25 millones de dólares USA en capital de desarrollo. El acuerdo permitiría a Chisos adquirir hasta un 50% de interés de trabajo no operativo en pozos y concesiones específicos operados por Permex.
El tramo inicial apunta a 10 millones de dólares para financiar la perforación de 8 pozos verticales en el activo Breedlove de Permex en la Cuenca Pérmica. El financiamiento exige que Permex iguale los fondos dólar por dólar y está sujeto a la documentación definitiva. Es destacable que Chisos pertenece a James Perry Bryan, ex director de Permex que actualmente posee aproximadamente el 12,75% de las acciones de Permex en base parcialmente diluida.
Permex Petroleum (CSE: OIL)는 Chisos Ltd.와 최대 2,500만 달러(USD) 규모의 개발 자금 가능성에 관한 구속력 없는 MOU를 체결했습니다. 이 합의는 Chisos가 Permex가 운영하는 특정 유정 및 리스홀드에 대해 최대 50%의 비운영 작업이익을 취득할 수 있도록 합니다.
초기 트랜치는 Permian Basin의 Permex Breedlove 자산에서 수직 유정 8개 시추 자금으로 1,000만 달러를 목표로 합니다. 이 자금 조달은 Permex가 달러 대 달러로 자금을 매칭해야 하며 최종 문서 체결을 조건으로 합니다. 참고로 Chisos는 전 Permex 이사인 James Perry Bryan 소유이며 그는 현재 부분 희석 기준으로 약 12.75%의 Permex 주식을 보유하고 있습니다.
Permex Petroleum (CSE: OIL) a conclu un protocole d'entente non contraignant avec Chisos Ltd. pour un financement potentiel allant jusqu'à 25 millions de dollars US en capital de développement. L'accord permettrait à Chisos d'acquérir jusqu'à 50% d'intérêt opérationnel non exploitant sur des puits et des baux spécifiques exploités par Permex.
La tranche initiale vise 10 millions de dollars pour financer le forage de 8 puits verticaux sur l'actif Breedlove de Permex dans le bassin permien. Le financement exige que Permex égalise les fonds dollar pour dollar et est soumis à la finalisation des documents définitifs. Il est à noter que Chisos appartient à James Perry Bryan, ancien administrateur de Permex, qui détient actuellement environ 12,75% des actions Permex sur une base partiellement diluée.
Permex Petroleum (CSE: OIL) hat ein unverbindliches MOU mit Chisos Ltd. über eine mögliche Finanzierung von bis zu 25 Mio. USD an Entwicklungskapital abgeschlossen. Die Vereinbarung würde Chisos ermöglichen, bis zu 50% nicht-operatives Working Interest an bestimmten von Permex betriebenen Bohrlöchern und Pachtflächen zu erwerben.
Die anfängliche Tranche zielt auf 10 Mio. USD zur Finanzierung der Bohrung von 8 vertikalen Bohrungen auf Permex' Breedlove-Anlage im Permian Basin. Die Finanzierung erfordert, dass Permex die Mittel Dollar-für-Dollar anpasst und steht unter dem Vorbehalt endgültiger Dokumentation. Bemerkenswert ist, dass Chisos im Besitz von James Perry Bryan ist, einem ehemaligen Permex-Direktor, der derzeit etwa 12,75% der Permex-Aktien auf teilverwässerter Basis hält.
- Potential access to significant development capital of up to $25 million USD
- Partnership with experienced industry player validates asset quality and operational capabilities
- Initial tranche of $10 million could fund drilling of 8 vertical wells
- Strategic alignment with Chisos, whose owner holds 12.75% of Permex shares
- MOU is non-binding and subject to definitive documentation
- Requires Permex to match funding dollar for dollar, indicating significant capital needs
- Working interest dilution of up to 50% in developed assets
Vancouver, British Columbia--(Newsfile Corp. - September 8, 2025) - Permex Petroleum Corporation (CSE: OIL) (FSE: 75P) ("Permex" or the "Company"), a publicly traded oil and gas exploration and production company with assets in the Permian Basin, is pleased to announce it has entered into a non-binding Memorandum of Understanding (the "MOU") with Chisos Ltd. ("Chisos") to potentially fund up to US
Pursuant to the terms of the MOU, Chisos has agreed to deploy up to US
"We believe that this partnership signifies a tremendous vote of confidence in not only the asset quality of Permex's Midland Basin leasehold but also of the operating team here at Permex. The non-operating structure of Chisos's potential investment speaks to the confidence Chisos's team has in Permex's operational capabilities and development plans," stated Permex CEO Brad Taillon.
"We believe this opportunity could result in significant enterprise value for Permex and its shareholders by potentially funding the full development of Permex's core assets in the Midland Basin. We also believe that this is a natural partnership given Chisos' owner and founder, James Perry Bryan's experience with our assets and as a previous member of the Company's board of directors, and we are excited to partner with James Perry Bryan and his team at Chisos," added Taillon.
Chisos' CEO, Marshall Baker, stated, "Chisos has a history with this field and understands the potential value that exists across these assets - we are excited to partner with Permex to help unlock that value."
Chisos is owned by longtime Texas oilman James Perry Bryan, known professionally for his role as CEO and President of Gulf Canada Resources Limited, Chairman and CEO of Nuevo Energy Company, CEO of Bellwether Exploration and Chairman and CEO of Torch Energy Advisors, Inc, among many other significant roles. James Perry Bryan is a former Permex Director and currently beneficially holds approximately
About Permex Petroleum Corporation
Permex Petroleum Corporation (CSE: OIL) (FSE: 75P) is a uniquely positioned junior oil & gas company with assets and operations across the Permian Basin. The Company is focused on the development of oil and gas assets with a strategic emphasis on assets for Bitcoin mining operations alongside hydrocarbon production. For more information, please visit www.permexpetroleum.com.
About Chisos Ltd.
Chisos, Ltd. is a Houston-based oil and gas company dedicated to exploration and production. Opened in 1995 by Torch Energy founder and chairman JP Bryan, Chisos currently operates wells in New Mexico, Texas, Mississippi and Louisiana. Additionally, Chisos participates as a non-operated working interest partner and royalty owner across 10 states and operates pipelines in Louisiana and Mississippi.
For more information about Chisos, please visit www.chisosltd.com.
Contact Information
Permex Petroleum Corporation
Brad Taillon
President & Chief Executive Officer
(713) 730-7797
Renmark Financial Communications USA Inc.
Henri Perron, CPIR:
hperron@renmarkfinancial.com
Tel.: (416) 644-2020 or (212)-812-7680
www.renmarkfinancial.com
For more information about Permex, please visit www.permexpetroleum.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 execution of definitive agreements relating to the terms contained in the MOU, as well as Permex's ability to secure the necessary financing required to facilitate Chisos' deployment of capital outlined in the MOU.
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 will not be able to execute definitive documentation concerning the terms outlined in the MOU or that the Company will not be able to secure the necessary financing to secure Chisos' deployment of capital.
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/265505
FAQ
What is the value of the potential funding agreement between Permex Petroleum (OILCF) and Chisos Ltd?
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What are the initial development plans for the Permex-Chisos partnership?
