Permex Petroleum Announces Additional Oil and Natural Gas Royalty Acquisitions in Texas
Vancouver, British Columbia--(Newsfile Corp. - June 23, 2021) - Permex Petroleum Corporation (CSE: OIL) (OTCQB: OILCF) ("Permex" or the "Company"), announced today that it has closed on multiple non-operated royalty interest ("RI") acquisitions in 29 oil and gas wells located in the Permian Basin of west Texas, all of which have established long-term production.
In addition to its own working interest ownership and operations across 4,000 acres in the Basin, Permex now holds royalty interests ownership in a total of 73 wells and 5 permitted wells across 3,800 acres within the Permian Basin of West Texas and southeast New Mexico.
The recently acquired oil and gas royalty interest properties are located in Howard, Martin, Midland and Reeves counties. The operators on file for these properties include EOG Resources and Chevron with primary production coming from the Wolfcamp Shale.
"There are numerous catalysts in the oil sector which we believe will push oil prices much higher over the next few quarters," said Mehran Ehsan, President & CEO. "Our strategic business shift to have continuously acquired royalty interest ownership in oil and natural gas properties during the downturn has positioned us for exceptional returns on these investments. We continue to monitor the market for additional non-operating working interest and royalty interest acquisitions and partnerships."
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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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