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Permex Petroleum CEO confident shareholders will 'reap the benefit' of planned IPO

Permex Petroleum CEO Mehran Ehsan tells Proactive Investors the junior oil and gas company plans to close the book on May 17 and be live on the Canadian Securities Exchange under the ticker "OIL" starting May 21.

Ehsan says the company plans to use the funds raised to acquire new assets at a discount, re-stimulate 46 oil and gas wells with small-asset-formula programs, bring online 33 shut-in oil and gas wells, as well as water flood five of the seven oil fields the company owns.

Ehsan says Permex will continue growth by scaling up land reserve and production per day.

Quick facts: Permex Petroleum Corporation

Price: 0.055 CAD

CSE:OIL
Market: CSE
Market Cap: $2.2 m
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Fundamental Research targets Permex Petroleum at Buy ahead of growth plans

Permex Petroleum OIL (CNSX:OIL) CEO Mehran Ehsan tells Proactive Investors the junior oiler has had a 'buy' rating bestowed upon it by Fundamental Research. Permex’s current portfolio includes eight producing properties, including six in Texas, and two in New Mexico. In the past few...

on 19/7/18

2 min read