Permex Petroleum Provides Clarification on a Prior News Release issued August 8, 2022

Rhea-AI Summary

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.

Positive

• Initiation of equity research coverage by Nobel Capital Markets could enhance investor interest.
• Focus on low-cost development and sustainable growth strategies may attract potential investors.

Negative

• The ongoing requirement to pay for sponsored research may raise concerns about the Company's financial commitments.

VANCOUVER, British Columbia, Aug. 15, 2022 (GLOBE NEWSWIRE) -- Permex Petroleum Corporation (CSE: OIL) (OTCQB: OILCF) (FSE: 75P) (“Permex" or the “Company”) is issuing this news release at the request of IIROC to clarify the Company’s news release dated August 8, 2022 wherein the Company announced that Nobel Capital Markets had initiated equity research coverage on the Company (the “Report”), sponsored by the Company.

The Company wishes to clarify that the Company has agreed to pay Nobel Capital Markets US$50,000 per annum, paid on a quarterly basis. The Company made the first payment of US$12,500 in June 2022. The compensation does not include any options to purchase securities of the Company.

Prior to making any investment decision, readers should conduct their own due diligence and seek advice from their advisor or an investment professional. Readers should not rely on the Report or any other research report when making an investment decision.

About Permex Petroleum Corporation

Permex Petroleum is a uniquely positioned junior oil & gas company with assets and operations across the Permian Basin of West Texas and the Delaware Sub-Basin of New Mexico. The Company focuses on combining its low-cost development of Held by Production assets for sustainable growth with its current and future Blue-Sky projects for scale growth. The Company, through its wholly owned subsidiary, Permex Petroleum US Corporation, is a licensed operator in both states, and owns and operates on private, state and federal land. For more information, please visit www.permexpetroleum.com.

Contact Information

Permex Petroleum Corporation
Mehran Ehsan
President, Chief Executive Officer & Director
(214) 459-2782

Scott Kelly
Corporate Secretary & Director
(778) 373-5421

Or for Investor Relations, please contact:
Brooks Hamilton
OILCF@mzgroup.us

FAQ

What is the stock symbol for Permex Petroleum Corporation?

The stock symbol for Permex Petroleum Corporation is OILCF.

What is the annual payment to Nobel Capital Markets for equity research coverage?

Permex Petroleum Corporation will pay Nobel Capital Markets $50,000 annually.

When was the first payment made to Nobel Capital Markets by Permex Petroleum?

The first payment of $12,500 was made in June 2022.

What are the main areas of operation for Permex Petroleum Corporation?

Permex Petroleum Corporation operates primarily in the Permian Basin of West Texas and the Delaware Sub-Basin of New Mexico.

What should investors do before relying on research reports for investment decisions?

Investors should conduct their own due diligence and seek advice from investment professionals.