Permex Petroleum Corporation Announces Expansion Plan

DALLAS, TX / ACCESSWIRE / February 15, 2023 / Permex Petroleum Corporation outlines development of their 11,700 acres of reserves. Their wells are strategically positioned in the heart of the Permian Basin located in West Texas, and the Delaware Sub-Basin of New Mexico. Several multi-billion dollar oil and gas giants surround their land, which makes a large difference in Permex’s junior company status. Compared to their neighbors, Permex is much smaller but their land’s natural oil resources will soon change.

Out of their 11,700 acres, Permex has numerous different kinds of wells. They have 78 oil and gas wells, 17 salt water disposal wells, 2 water supply wells, and 73 royal interest wells. This impressive portfolio of wells will help their company continue to grow and eventually lead to more strategic land acquisition.

Additionally, all of their land was acquired during a negative oil cycle, which cost them as little as 2,000 dollars per acre. Yet offset acreage in the Permian Basin now sells for as high as 65,000 dollars per acre. Permex is scaling their operations and planning for more sustainable growth.

They have partners in key international investment banks that support the company in carrying its message forward, such as the fact that they have a debt-free balance sheet. Hedge funds and institutional investors own approximately 33% of Permex, additionally 27% of Permex is owned by management and insiders, creating a perfect hybrid balance between institutional, retail, and management ownership.

Permex is at an inflection point of growth because their wells are just now being drilled and further developed. Their company and their shareholders have a lot to look forward to in the future because they’re currently creating significant relationships within the industry. Permex has the foundation to be a billion dollar company because they have valuable resources in prosperous locations, a balanced structure, and impressive land acquisition in a time of loss. All these aspects combined have investors putting their faith in Permex because of how strong of a player it will become in the oil and gas industry.

Permex Petroleum Corporation has offices in Albuquerque, New Mexico and Abilene, Texas and Dallas, Texas. Permex’s unique value proposition is simple to comprehend and easy for investors to get behind. This is why they expect high levels of growth for the rest of the year. Their annual report results will be sent to investors soon noting their achievements in the past year. More information about what it will contain and further information about Permex Petroleum Corporation’s moves will be listed on the news section of their website.

About Permex Petroleum Corporation

Permex Petroleum Corp is a junior oil and gas company with a headquarters in Dallas, Texas, United States. Their wells are strategically located in the Permian Basin across Texas and in the Delaware Sub-Basin of New Mexico on private, state, and federal land. Permex Petroleum prioritizes sustainable, scale growth projects by leveraging their unique assets and ownership structure.

CONTACT:

Media Contact: RedChip
Name: Dave Gentry
Email: Email: [email protected]

SOURCE: Permex Petroleum Corp.