- Production has commenced on all wells under Permex's new operating arrangement, meeting management expectations.
- The arrangement is anticipated to benefit shareholders with service provider-like fee generation.
- Gregory Montgomery resigns as CFO, with Bradley Taillon stepping in as Interim CFO and Corporate Secretary.
Permex Petroleum Corporation (CSE: OIL) has successfully rolled out its operating arrangement with a private oil and gas operator in the Permian Basin, as initially announced on January 13th, 2025. The commencement of production on all wells under this arrangement has yielded initial results that align with management's expectations, signaling a promising start for the project.
The newly implemented arrangement is projected to be accretive to Permex's shareholders. The company will generate fees similar to those of a service provider from these operations. The production assets under this deal are primarily natural gas, whose performance hinges on favorable gas prices, providing a potentially strong revenue stream, contingent on market conditions.
In a leadership development, Gregory Montgomery has resigned from his position as Chief Financial Officer and Corporate Secretary, effective May 2nd, 2025. Bradley Taillon, who currently serves as the President and CEO of Permex, will temporarily take on the roles of Interim CFO and Corporate Secretary until a permanent successor is appointed. "We thank Greg for his service to Permex over the past years and wish him well in his future endeavors," stated Taillon.
Permex Petroleum Corporation is a junior oil and gas company with strategic operations in the Permian Basin. It focuses on developing low-cost Held by Production assets and identifies Blue-Sky projects for scalable growth. The company operates via its wholly-owned subsidiary, Permex Petroleum U.S. Corporation, and maintains licenses in Texas and New Mexico.
