Permex Petroleum (OILCF) debt accelerated as Texas asset foreclosure set
Rhea-AI Filing Summary
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.
Positive
- None.
Negative
- Acceleration of secured debt obligations: Debenture holders have accelerated all sums due under $4,276,389 in secured convertible debentures at 10% interest, demanding immediate payment of principal, interest, fees and expenses.
- Imminent foreclosure on key assets: 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 July 7, 2026, creating substantial asset-loss risk.
Insights
Permex faces accelerated debt and imminent foreclosure on secured assets.
The Company has experienced an event of default on secured convertible debentures with principal of $4,276,389 bearing 10% interest, secured by its assets. Following missed payments due on or before November 2, 2025, debenture holders have exercised contractual remedies.
A notice of acceleration dated April 13, 2026 demands immediate payment of all outstanding principal, interest, fees and expenses. A foreclosure sale of certain Martin County, Texas oil and gas leases and related property is set for 10:00 a.m. on July 7, 2026 at the Martin County Courthouse, indicating a near-term risk of losing significant collateral.
The outcome will depend on whether the Company can reach a resolution with debenture holders or otherwise satisfy obligations before the scheduled sale date. Subsequent company disclosures may clarify any restructuring steps, repayments, or changes to ownership of the secured assets.
8-K Event Classification
Key Figures
Key Terms
secured convertible debentures financial
notice of acceleration regulatory
notice of foreclosure sale regulatory
event of default financial
emerging growth company regulatory
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Securities registered pursuant to Section 12(b) of the Act: None
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.
On April 13, 2026, counsel to the Debenture Holders (defined below) sent a notice of acceleration and demand (the “Notice of Acceleration”) to Permex Petroleum Corporation (the “Company”) accelerating all sums due and owing under the secured convertible debentures issued on November 1, 2024 (the “Debentures”) and other loan documents and demanding immediate payment of all outstanding principal, accrued interest, fees, and expenses.
On June 15, 2026, the Company received a notice of foreclosure sale (“Notice of Foreclosure Sale”) from the Debenture Holders pertaining to the Company’s rights, title and interest in certain oil and gas leases and related property located in Martin Country, Texas. Pursuant to the Notice of Foreclosure Sale, the foreclosure sale will be held at 10:00 a.m. on July 7, 2026 at the Martin County Courthouse in Stanton, Martin County, Texas.
As previously disclosed, on January 28, 2026, the Company received notice from Jeffrey E. Eberwein, on behalf of himself and as collateral agent for all holders of the Debentures (the “Debenture Holders”) that the Company was in default of its obligations under the terms of the Debentures by failing to make payments on or before November 2, 2025, and that the Debenture Holders would seek to enforce their rights and remedies under the Debentures. The Debentures had an aggregate principal of $4,276,389 with interest accruing thereon at 10% per annum, and are secured by the Company’s assets.
Copies of the Notice of Acceleration and the Notice of Foreclosure Sale are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.
Item 8.01 Other Events.
On June 24, 2026, the Company issued a press release announcing its receipt of the Notice of Acceleration and the Notice of Foreclosure Sale. A copy of the press release is attached hereto as Exhibit 99.3.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |
| 99.1 | Notice of Acceleration and Demand, dated April 13, 2026 | |
| 99.2 | Notice of Foreclosure Sale, dated June 15, 2026 | |
| 99.3 | Press Release dated June 24, 2026 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Permex Petroleum Corporation | ||
| June 24, 2026 | By: | /s/ Richard Little |
| Richard Little | ||
| Interim Chief Executive Officer | ||
Exhibit 99.1
Exhibit 99.2
Exhibit 99.3
Permex Petroleum Announces Receipt of Notice of Foreclosure Sale by Secured Debenture Holders
VANCOUVER, BC, June 24, 2026 – Permex Petroleum Corporation (CSE: OIL) (FSE: 75P) (“Permex” or the “Company”) announces that on June 15, 2026, the Company received a notice of foreclosure sale from the Debenture Holders (defined below) pertaining to the Company’s rights, title and interest in certain oil and gas leases and related property located in Martin County, Texas. Pursuant to the notice, the foreclosure sale will be held at 10:00 a.m. on July 7, 2026 at the Martin County Courthouse in Stanton, Martin County, Texas.
As previously disclosed, on January 28, 2026, the Company received notice from Jeffrey E. Eberwein, on behalf of himself and as collateral agent for all holders (the “Debenture Holders”) of the secured convertible debentures issued on November 1, 2024 (the “Debentures”), that the Company was in default of its obligations under the terms of the Debentures by failing to make payments on or before November 2, 2025, and that the Debenture Holders would seek to enforce their rights and remedies under the Debentures. The Debentures had an aggregate principal amount of $4,276,389, with interest accruing thereon at 10% per annum, and are secured by the Company’s assets. On April 13, 2026, counsel to the Debenture Holders sent a notice of acceleration and demand to the Company accelerating all sums due and owing under the Debentures and other loan documents and demand immediate payment of all outstanding principal, accrued interest, fees, and expenses.
Contact Information
Permex Petroleum Corporation
Richard Little
Director, interim CEO and interim CFO
Tel: (713) 730-7797
Neither Canadian Securities Exchange, nor its Regulation Services Provider (as that term is defined in their respective policies) accepts responsibility for the adequacy or accuracy of this release.