Permex Petroleum Announces Midland County, Permian Basin, Oil and Natural Gas Royalty Acquisition
Vancouver, British Columbia--(Newsfile Corp. - April 20, 2021) - Permex Petroleum Corporation (CSE: OIL) (OTCQB: OILCF) ("Permex" or the "Company") announced today that it has closed on an acquisition of a non-operated royalty interest ("RI") ownership in 11 horizontal oil and gas wells located in Midland, Texas.
The wells are located in the Spraberry field in the Permian Basin of west Texas. Offset activity includes drilling and permitting by Occidental Petroleum and Matador Resources. The royalty purchase applies to existing production and future development operated by DE3 Operating LLC of Forth Worth, Texas.
"As oil prices continue to increase over the years, these royalty interest acquisitions will certainly complement our existing working interest assets," said Mehran Ehsan, President & CEO. "We continue to monitor additional suitable acquisitions on a royalty basis as well as working interest basis for the company. In addition to acquisitions we are now implementing strategic re-entry stimulation programs into existing working interest properties to be brought back into production."
Permex now holds various royalty interests in 44 wells and 5 permitted wells across 2,027.7 acres within the Permian Basin of West Texas and south east New Mexico.
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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.
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