Permex Petroleum Corporation reports that holders of its secured convertible debentures have accelerated repayment and scheduled a foreclosure sale on key assets. The debentures, issued November 1, 2024, have an aggregate principal of $4,276,389 with interest at 10% per annum and are secured by the Company’s assets.
After the Company failed to make required payments on or before November 2, 2025, counsel for the debenture holders sent a notice of acceleration on April 13, 2026 demanding immediate payment of all principal, accrued interest, fees and expenses. A foreclosure sale of the Company’s rights, title and interest in certain oil and gas leases and related property in Martin County, Texas is scheduled for 10:00 a.m. on July 7, 2026 at the Martin County Courthouse.