Phoenix, Arizona--(Newsfile Corp. - March 11, 2022) - The Stock Day Podcast welcomed Permex Petroleum Corporation (OTCQB: OILCF) ("the Company"), a uniquely positioned junior oil & 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 about the Company's background and current projects. "We are 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," explained Ehsan. "We actually own and operate on federal, state, and private land and are licensed to do so in both New Mexico and Texas."
"The unique value proposition this company brings to the table as far as current shareholders and future or potential shareholders stems from three core fundamentals," he continued, noting that these fundamentals include timing, geographical locations and formations, and their charge structure. "We only have 68 million shares outstanding with insider ownership of approximately 46% and hardly any debt on the books."
Ehsan then elaborated on the process of licensing to operate on federal and state land. "US domestic oil production should be taking the lead, but unfortunately we do not due to these bans," said Ehsan. "We can create technology to make this industry environmentally friendly, and that's what we should be doing - working with the industry, not banning it."
The conversation then turned to COVID-19 challenges. "The COVID-19 pandemic impacted every sector," said Ehsan, adding that the oil industry was hit the hardest within this sector. "It has changed the industry; it has made us more resilient, and we have continued to grow this industry."
"Could you give us a valuation for your assets?", asked Jolly. "Permex Petroleum had 69 shut-in opportunities, or proved developed non-producing wells," said Ehsan. "We brought one well online recently and we are beginning to work on the remainder of the wells, while simultaneously considering drilling on our new acreage positions," he shared. "Our proved and probable reserves were valued at $285 million (PV10)," said Ehsan. "Our proved reserves, 90% recovery ratio, sits at $129 million at $65 (WTI)."
"The consumer sentiment is shifting within this sector; oil prices are getting high," continued Ehsan. "We believe a necessary correction is happening," he shared, adding that the Company still remains undervalued given the value of its reserves.
"What do you think we can expect from the impact of the Ukraine and Russian war?", asked Jolly. "The effect on oil and natural gas is significant as we are seeing globally with prices skyrocketing," said Ehsan, adding that these increases are also resulting in gasoline and electricity increases. "The US should be proud of its reserves; we should extract them in an environmentally friendly method without emissions and without flaring without relying on hostile countries," he said. "All-in-all I hope this pandemic reopening adjusts our market and I do hope this war ends, but in the short run I think consumers will be hit in their pocketbooks from electricity to gasoline prices."
To close the interview, Ehsan elaborated on the importance of natural gas and oil as a commodity worldwide and the necessity to continue its extraction in an environmentally friendly method. He also encouraged listeners and shareholders to keep up-to-date on the Company's current and upcoming projects as they continue to grow and expand.
To hear Mehran Ehsan's entire interview, follow the link to the podcast here: https://audioboom.com/posts/8045822-permex-petroleum-corporation-discusses-the-significant-impact-of-rising-natural-gas-and-oil-price.
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About Permex Petroleum Corporation
Permex Petroleum (CSE: OIL) (OTCQB: OILCF) (FSE: 75P) is a uniquely positioned junior oil & 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.
CONTACT INFORMATION
Permex Petroleum Corporation
Mehran Ehsan
President, Chief Executive Officer & Director
(214) 459-2782
Scott Kelly
CFO, Corporate Secretary & Director
(778) 373-5421
Or for Investor Relations, please contact:
Brooks Hamilton
OILCF@mzgroup.us
CAUTIONARY DISCLAIMER STATEMENT:
Neither Canadian Securities Exchange, OTCMarkets nor their Regulation Services Providers (as that term is defined in their respective policies) accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE, OTC Markets nor their Regulation Services Providers (as that term is defined in the policies of either exchange) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE:
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