Permex Petroleum Corporation

10:57 AM EST - Permex Petroleum Corporation : Announced today that it has completed Phase One of the Bullard Property Enhanced Oil Recovery ("EOR") Waterflood Modelling Project. The purpose of this report is to study the available production, injection and petrophysical data to determine how to optimize and restart this underperforming waterflood with the aim to rejuvenate and yield increased oil production. A study of the production and existing injector showed that water injection had a significant positive affect on oil production in the past with production of in excess of 100 barrels of oil per day within the Bullard field. The current injection in the reservoir is not employing efficient reservoir sweep nor is the Water Supply Well ("WSW") being utilized. The reservoir could benefit with new injection patterns perpendicular to existing flow trends. Re-directing injection will result with increased oil production provided injection patterns are properly managed with voidage replacement strategies. The reason is that the current injection channels have already created direct paths of least resistance to the various producing wells. Permex Petroleum Corporation shares OIL:CNX are trading unchanged at $0.40.