Permex Petroleum Corporation

12:16 PM EST - Permex Petroleum Corporation : Announced the successful results obtained from its first two and waterflood EOR on one of its properties located in Stonewall County, Texas.
In July 2018 Permex began its first round of two pilot re-entry wells out of the 37 it now owns. The re-entry and re-stimulation involved the Bullard property targeting the Tannehill formation at depth of 3,200 feet and the West Henshaw property targeting the Grayburg formation at a depth of 2,850 feet. Both of the recompletions were successful and came online at an initial rate of 10 barrels of oil per day ("bopd") each and now have stabilized at 5 barrels of oil per day ("bopd"). Management believes the production rates from these mature, long-life wells to continue with less than 5% decline year on year ("YOY"). The remaining 35 shut-in wells that the company plans to re-enter have potential to yield an additional 175 Net barrels in added daily production increasing the company's total daily production to 385 Gross barrels of oil equivalent per day ("boepd"), solely by re-entering shut-in wells. On the Bullard property, Permex also reactivated associated facilities as planned, increasing and importantly, re-commissioning important infrastructure which will be critical once a Waterflood EOR is started on this property. Permex Petroleum Corporation shares OIL:CNX are trading up 2 cents at $0.40.