Permex Petroleum Corporation Announces Two Additional Oil and Natural Gas Property Royalty Acquisitions in Texas

Vancouver, British Columbia--(Newsfile Corp. - February 24, 2021) - Permex Petroleum Corporation (CSE: OIL) (OTCQB: OILCF) ("Permex" or the "Company") is pleased to announce the purchase of producing royalty interests in (15) horizontal oil and natural gas wells located in Atascosa and La Salle Counties, Texas.

These fields are located within the Eagleville field of the Eagle Ford Shale. They have produced an average of 7,248 barrels of oil per day ("BOPD") and 9.06 million cubic feet of gas per day ("MMCFPD") over the past five (3) month reported period from completion intervals of 10,270 - 20,633 feet. The operator on file is and will continue to be Chesapeake Operating LLC.

"These additional royalty interest acquisitions are in line with our new business strategy to diversify outside of traditional working interest ownership and operatorship which the company was focused in the past. Furthermore, an additional benefit from these two acquisitions is the geographical and target formation diversification which they offer. They are located outside of the Permian Basin which historically sees larger initial production but steeper decline curves," said Mehran Ehsan, President and CEO. "The fields produce at lower initial rates than our Permian Basin assets, however they will carry a lower decline curve over the long run, as such they complement our Permian assets."

Offset activity maps show the number of wellbores being permitted and drilled in the region has increased over the past several months as prices recover.

CAUTIONARY DISCLAIMER STATEMENT:

Neither Canadian Securities Exchange, OTCMarkets nor their Regulation Services Providers (as that term is defined in their respective policies) accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE, OTC Markets nor their Regulation Services Providers (as that term is defined in the policies of either exchange) accepts responsibility for the adequacy or accuracy of this release.

Mehran Ehsan
President, Chief Executive Officer & Director
(778)-373-5421

Scott Kelly
CFO, Corporate Secretary & Director
(778)-373-5421

Or for Investor Relations, please contact: admin@permexpetroleum.com

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