Permex Petroleum Enters Operating Arrangement with Private Permian Basin Operator

Permex Petroleum Corporation, a Canadian junior oil and gas company, disclosed on January 13, 2025, that it has finalized an operating arrangement with a private oil and gas operator in the Permian Basin. The agreement provides Permex with operational control over 19 wells in the Permian Basin. In return, Permex will pay a monthly operational fee of up to $75,000 based on production levels and commodity prices.

The company released a press statement announcing the operational agreement. Permex’s President and Chief Executive Officer, Brad Taillon, expressed enthusiasm about the arrangement, stating that it presents an opportunity to grow revenue by utilizing their proficient operations team to manage field operations for an offset operator. Richard Little, Permex’s Chairman, echoed the sentiment, noting the positive impact this new income source is expected to have on the company’s financials.

Permex Petroleum Corporation, listed on the Canadian Securities Exchange under the ticker symbols OILCF and OIL, is strategically positioned in the Permian Basin with a focus on developing low-cost Held by Production assets for sustainable growth and advancing Blue-Sky projects for expansion. Through its wholly owned subsidiary, Permex Petroleum US Corporation, the company operates in Texas and New Mexico across private, state, and federal lands.

The Company encourages investors to visit their website for further information. Permex also includes contact information for investor inquiries within its press release. Both the Canadian Securities Exchange and its regulatory body have disclaimed responsibility for the accuracy and adequacy of the information presented in the release.

Forward-Looking Statements: The company’s press release includes forward-looking statements and information intended to be covered by safe harbors created by the relevant securities laws in Canada and the United States. These statements involve risks, uncertainties, and factors that could cause actual results to differ materially from those expressed or implied in the forward-looking information.

The company emphasizes that forward-looking statements are subject to various risks and uncertainties, and actual results may differ from anticipated outcomes. Permex Petroleum advises readers not to rely unduly on forward-looking statements, and it undertakes to update them only in compliance with applicable securities regulations.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Permex Petroleum’s 8K filing here.

Permex Petroleum Company Profile

Permex Petroleum Corporation, a junior oil and gas company, engages in the acquisition, development, and production of oil and gas properties in the United States. The company holds interests in the Pittcock North property, Pittcock South property, Windy Jones property, and Mary Bullard property located in Stonewall County.