May 18, 2018 - 11:05 AM EDT
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CSE New Listing - Permex Petroleum Corporation Commences Trading on the Canadian Securities Exchange - Video News Alert on

Vancouver, British Columbia--(Newsfile Corp. - May 18, 2018) - Permex Petroleum Corporation (CSE: OIL) is one of the latest new listings on the Canadian Securities Exchange. Permex is a junior oil and gas company with a focus on identifying, evaluating and acquiring oil and natural gas assets in North America.

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The company is focusing on enhancing and developing its current portfolio of oil and natural gas assets in the states of Texas and New Mexico. The company's strategy is to create a revenue stream primarily through the acquisition of Working Interests in producing Oil and Gas Properties located in North America, although the Company may also acquire development stage Oil and Gas Properties.

A Working Interest is a percentage of ownership in an oil and gas lease granting its owner the right to explore, drill and produce oil and gas from a particular property. Working Interest owners are obligated to pay a corresponding percentage of the cost of leasing, drilling, producing and operating an oil and gas well. After royalties are paid, a Working Interest also entitles its owner to share in production revenues with other Working Interest owners, based on the ownership percentage of the Working Interest.

The company acquired more than 5,200 net acres of oil and gas property, with net revenue interests ranging from 70.48% to 81.25%. Of its seven producing Oil and Gas Properties, five are in West Texas, with a focus on the Midland, Permian and Fort Worth Basins, and two are in South East New Mexico, with a focus on the highly sought after Delaware Basin.

The company recently completed its Initial Public Offering, raising gross proceeds of $4,067,750 from the placement of 8,135,500 shares, priced at $0.50 per share. The offering was handled by Canaccord Genuity Corp., as lead agent along with Gravitas Securities Inc.

The use of the net proceeds including enhancing and developing existing properties by returning shut in wells to production, initiating planned waterflood activities, re-entering and stimulating well candidates that indicate the most potential for production, infill drilling on shallow fields, and asset acquisitions.

For more information, please visit the company's website,, contact Mehran Ehsan, President and CEO, at 604-259-2525.

Investor relations is handled by Dave Burwell of The Howard Group, who can be reached at 403-221-0915, or by email [email protected].

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Source: Newsfile Corp. (May 18, 2018 - 11:05 AM EDT)

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