Phoenix, Arizona--(Newsfile Corp. - February 9, 2023) - The Stock Day Podcast welcomed Permex Petroleum Corporation (OTCQB: OILCF) ("the Company"), a uniquely positioned junior oil and gas company with assets and operations across the Permian Basin of West Texas and the Delaware Sub-Basin of New Mexico. CEO of the Company, Mehran Ehsan, joined Stock Day host Everett Jolly.
Jolly began the interview by asking for an update on the Company's current projects. "We have been quite active, both from a corporate standpoint and an operational standpoint," said Ehsan. "We did proceed with an NYSE uplisting and obtained the certificate from the NYSE," he shared. "The company did essentially get approved, however we did decide to delay the uplisting," said Ehsan, adding that the Company thought the market conditions in qualifying for the uplisting were not favorable for investors. "We anticipate to continue pushing forward and to obtain an NYSE listing shortly."
"With regards to our operational plan, we initiated the drilling of our flagship property," continued Ehsan. "It is located in Martin County, Texas," he added. "We did the vertical drilling on this wellbore to start and looking forward we will be converting the well into a horizontal well."
"Could you give me some of your thoughts on the direction of oil prices?", asked Jolly. "Geopolitics are going to continue playing a role on a macro level within oil prices," said Ehsan. "Personally, I do not believe that oil prices belong over $100, I've always been a firm believer that oil, based on the equilibrium supply and demand, belongs anywhere from $65 to $85," he said. "If operators cannot operate at a profit margin within that $65-$85 range, frankly they do not belong in this industry."
"What are your thoughts and expectations moving forward with the company here in the next six months?", asked Jolly. "We will move forward and continue with an extension into the NYSE stock market," shared Ehsan. "On the Canadian side, we will consider an uplisting to the TSXV or TSX, once we are on the NYSE in the US," he added. "From an operational standpoint, we will begin our horizontal drilling and development," said Ehsan. "Once that is in, I anticipate the cash flow to be starting sometime in May and hit the balance sheet."
"We will also proceed with the second well," continued Ehsan. "All-in-all we have 60 locations to drill and develop," he said. "That is exactly what we are going to do."
"Non-dilutive methods of financing are the best way to do it," explained Ehsan. "Anything that we can do to assist with a non-dilutive method to fund our Capex program, should be the direction of the company, and that is something we are going to take into consideration."
"Why should shareholders and investors be interested in Permex Petroleum?", asked Jolly. "If you look at our proven reserves from last year, you'll notice a disconnect", said Ehsan, adding that the Company is currently being traded at approximately 10% of their proven reserves. "The opportunity is there," he said. "We have no debt on the books and we have 27% management skin in the game with large institutions out of New York participating," said Ehsan. "We are in a trajectory of growth."
To hear Mehran Ehsan's entire interview, follow the link to the podcast here: https://audioboom.com/posts/8244675-permex-petroleum-corporation-discusses-nyse-uplisting-status-and-2023-drilling-program-with-the-s
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About Permex Petroleum Corporation
Permex Petroleum is a uniquely positioned junior oil and gas company with assets and operations across the Permian Basin of West Texas and the Delaware Sub-Basin of New Mexico. The Company focuses on combining its low-cost development of Held by Production assets for sustainable growth with its current and future Blue-Sky projects for scale growth. The Company, through its wholly-owned subsidiary, Permex Petroleum US Corporation, is a licensed operator in both states, and owns and operates on private, state and federal land. For more information, please visit www.permexpetroleum.com.
Forward-Looking Statements
Statements in this press release may constitute forward-looking statements for the purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995 and other federal securities laws as well as applicable Canadian securities laws. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in Company's reports that it files from time to time with the U.S. Securities and Exchange Commission and the Canadian securities regulators which you should review. When used in this press release, words such as "will," "could," "plan," "estimate", "expect", "intend", "may", "potential", "believe", "should" and similar expressions, are forward-looking statements. Forward-looking statements may include, without limitation, statements relating to the Company's plans to list on NYSE American, financial condition and operating results, legal, economic, business, competitive and/or regulatory factors affecting Permex's businesses and any other statements regarding events or developments Permex believes or anticipates will or may occur in the future. These forward-looking statements should not be relied upon as predictions of future events, and the Company cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by the Company or any other person that it will achieve its objectives and plans in any specified timeframe, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any obligation to publicly update or release any revisions to these forward- looking statements, whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.
Contact Information
Permex Petroleum Corporation
Mehran Ehsan
President, Chief Executive Officer & Director
(469) 804-1306
Gregory Montgomery
CFO & Director
(469) 804-1306
Or for Investor Relations, please contact:
Dave Gentry
OILCF@redchip.com
About The "Stock Day" Podcast
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SOURCE:
Stock Day Media
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/154241
