Permex Petroleum Provides Corporate Update

In This Article:

  • New management and Board of Director leadership puts operations back on track

  • Since April 2024, approximately US$4.2mm in new capital raised

  • Production back online at Breedlove asset; on pace to exceed previous production rates

  • Compliant with reporting requirements in both Canada and the United States for the first time since summer of 2023.

Houston, Texas--(Newsfile Corp. - November 18, 2024) - Permex Petroleum Corporation (CSE: OIL) (FSE: 75P) ("Permex" or the "Company") is pleased to provide a summary of recent developments as well as management's current outlook to supplement Permex's recent disclosures with the United States Securities and Exchange Commission (the "SEC") and the Canadian securities regulatory authorities.

"With the departure of our former CEO and complete overhaul of our board of directors, injection of new capital, updating all necessary reporting requirements, and renewal of our field operations and recompletion program, the past eight months have been a time of incremental improvement for the Company. I am pleased to report that thanks to the leadership of the current management team, the Company has achieved important milestones and we believe the Company's best days are ahead of us" stated Brad Taillon, Permex's President and Chief Executive Officer.

"As background, due to struggling field operations and capital raising efforts, the Company was unable to timely file its financial statements for the year ended September 30, 2023 with the British Columbia Securities Commission (the "BCSC"), and consequently the BCSC issued a Failure to File Cease Trade Order ("FFCTO") against Permex on April 16th, 2024, which severely limited the Company's ability to raise the capital required to operate the business and to prepare and file the required periodic reports with the SEC and BCSC" described Mr. Taillon.

"Despite the FFCTO, the Company was able to raise US$865,000 in June 2024 after obtaining a temporary, partial revocation of the FFCTO, and in connection with becoming up-to-date with its Canadian financial statement and MD&A filing requirements, the FFCTO was revoked and the Company's common shares were reinstated for trading on the Canadian Securities Exchange on September 9, 2024" continued Mr. Taillon.

"As of today, following the October 22, 2024 filing with the SEC of Permex's Quarterly Report on Form10-Q for the third fiscal quarter of 2024, Permex is now currently compliant with its reporting requirements in both Canada and the United States for the first time since summer of 2023" explained Mr. Taillon.