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Permex Petroleum Corporation

Permex Petroleum unveils 'exciting' acquisition in Permian Basin with major oil producer

Permex Petroleum Corporation (CSE:OIL) CEO Mehran Ehsan tells Proactive Investors the junior oiler has unveiled a major milestone in its development with the strategic acquisition of two producing assets in West Texas for around $1.95mln in cash.

The other major working interest partner on the field is international oil giant Occidental Petroleum Corporation (NYSE:OXY), which has a market cap of around US$65.19bn.

Permex will continue producing from the San Andres formation and review deeper prospects in the property.

Quick facts: Permex Petroleum Corporation

Price: $0.05

Market: CSE
Market Cap: $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