Business
Permex Announces Successful Initial Implementation of Operating Arrangement, Change of Officers
Vancouver, British Columbia--(Newsfile Corp. - May 8, 2025) - Permex Petroleum Corporation (CSE: OIL) (FSE: 75P) ("Permex" or the "Company") is pleased to provide an update to the operating arrangement (the "Arrangement") with a private oil and gas operator in the Permian Basin previously announced on January 13th, 2025. The Company has started production on all of the wells subject to the Arrangement and initial production results have met the expectations of management. "We ...
About this update from Permex Petroleum Corp.
[{"type":"text","content":"Vancouver, British Columbia--(Newsfile Corp. - May 8, 2025) - Permex Petroleum Corporation (CSE: OIL) (FSE: 75P) ("Permex" or the "Company") is pleased to provide an update to the operating arrangement (the "Arrangement") with a private oil and gas operator in the Permian Basin previously announced on January 13th, 2025. The Company has started production on all of the wells subject to the Arrangement and initial production results have met the expectations of management.","length":506,"tagName":"p"},{"type":"text","content":""We are very pleased with how the operations under the Arrangement have gone since its implementation at the beginning of January," said Brad Taillon, Permex's President and Chief Executive Officer. "This Arrangement is expected to be accretive to Permex's shareholders due to Permex realizing its fees under the Arrangement in a manner that is similar to a service provider. Provided that gas prices cooperate, I believe this production base of majority natural gas should continue to deliver strong performance. I am proud of our team handling the operational takeover of these assets efficiently and look forward to continuing this relationship into the future."","length":693,"tagName":"p"},{"type":"text","content":""Permex will continue to evaluate all opportunities to maximize the value created by our highly talented team here at Permex for the benefit of our shareholders," stated Taillon.","length":188,"tagName":"p"},{"type":"text","content":"Additionally, the Company announces that, effective May 2nd, 2025, Gregory Montgomery has resigned from his roles as Chief Financial Officer and Corporate Secretary. Bradley Taillon, the Company's President and Chief Executive Officer, has been appointed Interim Chief Financial Officer and Corporate Secretary, and will serve in these capacities until a permanent replacement is appointed. "We thank Greg for his service to Permex over the past years and wish Greg well on his next ventures," stated Taillon.","length":523,"tagName":"p"},{"type":"text","content":"About Permex Petroleum Corporation","length":34,"tagName":"p"},{"type":"text","content":"Permex Petroleum (CSE: OIL) (FSE: 75P) is a uniquely positioned junior oil & gas company with assets and operations across the Permian Basin. T...