Business
Permex Petroleum Corporation Announces Memorandum of Understanding to Potentially Fund up to $25 Million USD to Develop Core Permian Basin Assets
Vancouver, British Columbia--(Newsfile Corp. - September 8, 2025) - Permex Petroleum Corporation (CSE: OIL) (FSE: 75P) ("Permex" or the "Company"), a publicly traded oil and gas exploration and production company with assets in the Permian Basin, is pleased to announce it has entered into a non-binding Memorandum of Understanding (the "MOU") with Chisos Ltd. ("Chisos") to potentially fund up to US$25 million, in development capital from Chisos, a Houston-based private oil and gas operator and...
About this update from Permex Petroleum Corp.
[{"type":"text","content":"Vancouver, British Columbia--(Newsfile Corp. - September 8, 2025) - Permex Petroleum Corporation (CSE: OIL) (FSE: 75P) ("Permex" or the "Company"), a publicly traded oil and gas exploration and production company with assets in the Permian Basin, is pleased to announce it has entered into a non-binding Memorandum of Understanding (the "MOU") with Chisos Ltd. ("Chisos") to potentially fund up to US$25 million, in development capital from Chisos, a Houston-based private oil and gas operator and non-operated interest partner with interests across the United States.","length":608,"tagName":"p"},{"type":"text","content":"Pursuant to the terms of the MOU, Chisos has agreed to deploy up to US$25 million in development capital to acquire a non-operating working interest of not more than 50% in specific wells and leasehold to be developed and operated by Permex. The financing, which is subject to the negotiation and execution of definitive documentation, is planned to occur over several tranches with the initial target tranche of US$10 million to fund the drilling of eight (8) vertical wells by Permex on its 'Breedlove" asset in the Permian Basin. Any financing by Chisos is contingent upon Permex matching funds dollar for dollar.","length":625,"tagName":"p"},{"type":"text","content":""We believe that this partnership signifies a tremendous vote of confidence in not only the asset quality of Permex's Midland Basin leasehold but also of the operating team here at Permex. The non-operating structure of Chisos's potential investment speaks to the confidence Chisos's team has in Permex's operational capabilities and development plans," stated Permex CEO Brad Taillon.","length":411,"tagName":"p"},{"type":"text","content":""We believe this opportunity could result in significant enterprise value for Permex and its shareholders by potentially funding the full development of Permex's core assets in the Midland Basin. We also believe that this is a natural partnership given Chisos' owner and founder, James Perry Bryan's experience with our assets and as a previous member of the Company's board of directors, and we are excited to partner with James Perry Bryan and his team at Chisos," added Taillon.","length":507,"tagName":"p"},{"type":"text","conte...