- Permex Petroleum (OIL) has received approval on its permit application for drilling on its property in Martin County, Texas
- The Railroad Commission of Texas reviewed and approved the request for well development rights between depths of 0 ft. and 11,100 ft
- The company is moving forward with drilling program while remaining focused on evaluating other potentially lucrative drilling opportunities
- Permex Petroleum is a junior oil & gas company with assets and operations in West Texas and New Mexico
- Permex Petroleum Corporation (OIL) is unchanged on the day, trading at C$0.145 per share at 12:30 pm ET
Permex Petroleum (OIL) has received approval on its permit application for drilling on its property in Martin County, Texas.
Mehran Ehsan, CEO of Permex Petroleum, commented on the news.
“The approval of our permit to drill within the highly sought-after Spraberry Trend Area is very well received, and we are thrilled to get our well operational in short order. Major oil and gas operators have had prolific success with developing and exploiting reserves that are directly adjacent our Martin County assets. We are now moving forward with drilling program while remaining focused on evaluating other potentially lucrative drilling opportunities to support revenue growth and ultimately generate value for our shareholders.”
Permex Petroleum submitted the request for multiple assignment of acreage in the Spraberry zone under Statewide Rule 40 in July 2022. The Railroad Commission of Texas reviewed and approved the request for well development rights between depths of 0 ft. and 11,100 ft., allowing Permex to commence operations with a possibility of producing from multiple zones.
Permex Petroleum is a 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, through its subsidiary, Permex Petroleum US Corporation, is a licensed operator in both states, and owns and operates on private, state and federal land.
Permex Petroleum Corporation (OIL) is unchanged on the day, trading at C$0.145 per share at 12:30 pm ET.
