Permex Petroleum Corporation - OILCF STOCK NEWS

Permex Petroleum Corporation (CSE: OIL) has announced an updated independent reserve evaluation, effective November 21, 2022. The report estimates a net present value (NPV) of future revenues from proved and probable reserves at $428 million, equating to $221.53 per share. Key findings include:

• 93% of reserves are light oil; 7% are natural gas.
• Total proved reserves increased by 51% year-over-year to 9.2 million BOE.
• Total probable reserves increased by 46% year-over-year to 17.8 million BOE.
• Total proved and probable reserves reached 27.0 million BOE, a 48% increase.

The company aims to focus on drilling and utilizing cash flow for growth.

Permex Petroleum Corporation, an independent energy company, provided a shareholder update on February 15, 2023. The company focuses on oil and natural gas properties in the U.S., emphasizing sustainable production through low-cost recompletions. They are targeting the recompletion of about 30 wells, with a successful stabilization of seven wells at 71 barrels of oil equivalent per day. Following a $7.5 million private placement, their cash reserves increased significantly, ending the fiscal year with $3.3 million. The company is optimistic about its drilling projects in Texas and New Mexico, amid recovering oil prices supported by OPEC+ production cuts.

Permex Petroleum Corporation (CSE: OIL) announced a postponement of its NYSE American listing, initially planned for November 10, 2022, due to current market conditions. The company will reassess the situation in the coming months. A registration statement with the U.S. Securities and Exchange Commission has been filed but is not yet effective, meaning no securities may be sold until it is. Permex operates in oil and gas exploration across the Permian and Delaware Basins, focusing on sustainable and scalable growth strategies.

Permex Petroleum Corporation announced its approval to uplist its shares and warrants to the NYSE American. Trading under the symbols OILS and OILSW is set to begin on November 15, 2022. The company focuses on oil and gas exploration in the Permian Basin and is transitioning from OTCQB trading to NYSE American, which may enhance visibility and liquidity. This shift is seen as a step towards sustainable growth.

Permex Petroleum Corporation has announced positive results from drilling the Eoff PPC #3 well in the Breedlove Oilfield, Texas, achieving a target depth of 8,100 ft. Following successful operations, the company plans further drilling across the 7,780-acre site. Since January 2022, five recompleted wells have boosted production to 71 barrels of oil equivalent per day (BOEPD). The company uses environmentally safe, biodegradable fluids in its drilling operations. Future updates are anticipated as the well moves toward completion and production.

Permex Petroleum Corporation has announced a share consolidation of its outstanding common shares, with an effective date of November 2, 2022. The ratio for the consolidation is one post-consolidated share for every sixty pre-consolidated shares, reducing the total from approximately 115,956,026 to about 1,932,600 shares. This move aims to enhance the attractiveness of shares for investors. The trading of post-consolidated shares is anticipated to begin on or around November 3, 2022.

Permex Petroleum Corporation has appointed Melissa Folz to its Board of Directors, effective October 24, 2022. Folz, with extensive experience in the oil and gas sector, currently serves as the Production Engineering and Optimization Director at Chord Energy, a merger of Oasis Petroleum and Whiting Petroleum. CEO Mehran Ehsan expressed confidence in her ability to enhance the company’s strategic growth. The addition aims to advance diversity of thought within the company’s leadership as it continues its operations across the Permian Basin and Delaware Sub-Basin.

Permex Petroleum Corporation (CSE: OIL, OTCQB: OILCF) will participate in The ThinkEquity Conference on October 26, 2022, at The Mandarin Oriental Hotel, New York. CEO Mehran Ehsan is scheduled to present at 12:00 PM ET and will also hold one-on-one investor meetings. The conference focuses on sectors including Oil & Gas and aims to connect industry leaders and investors.

Permex operates in the Permian Basin and Delaware Sub-Basin, emphasizing low-cost development and growth opportunities.

Permex Petroleum Corporation announced the drilling commencement of the PPC Eoff #3 well in the Breedlove Field, Texas, on September 14, 2022. This is the company's first well on the 7,780 gross acre site, with two additional wells planned soon. The drilling process is expected to take approximately 60 days for the vertical well and 90 days for the horizontal well. CEO Mehran Ehsan highlighted the significance of this development in achieving a cash-flow positive position amid favorable market conditions.