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Permex Petroleum announces farm-out deal on oil project in New Mexico

Permex Petroleum Corporation (CSE:OIL) CEO Mehran Ehsan tells Proactive Investors the oil and gas company has announced a farm-out deal with venture capital group Blackspear Capital Corp on the 680-acre Oxy Yates property in New Mexico.

Blackspear will bear the entire cost of the drilling and completing the operations. Ehsan says Permex will reap the benefit of increased production and revenues derived from the operations in the short term.

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