11:13 AM EST - Permex Petroleum Corporation : Announced positive offset operator well results in conjunction with our operational team receiving confirmation from Working Interest partners for additional well location and possible horizontal drilling joint venture program. Permex has continued its strategy of staying debt free in an environment where the burden of debt can drive good oil and gas companies out of business. The company has not only shown resilience in a down market, but patience since entering the highly prolific, low-cost Play in the Central Basin of west Texas. With a primary focus on the San Andres formation, we can see surrounding activity from various, well-known large cap offset operators, extending their investment and drilling of horizontal wells into this highly prolific formation. Permex continues to closely monitor the activity, and evaluate best course of action to start its own horizontal drilling while comparing notes against various drilling and completion techniques used by offset operators to maximize production and create efficiency within the wellbores. Permex Petroleum Corporation
shares OIL:CNX are trading unchanged at $0.14.
