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Permex Petroleum Corp (CSE:OIL)

Summary

Permex Petroleum Corporation (CSE:OIL) is a Vancouver based junior oil and gas company with assets and operations across the Permian Basin of west Texas and the Delaware Sub-Basin of New Mexico. The company is currently focused on identifying, evaluating and acquiring oil and natural gas assets in North America.

Market Overview

$0.375 (-5.060%)
Vol 231,770.00
10 Days Avg Vol 24,760.42
3 Mo Avg Vol 39,453.59
52 Wk Lo/Hi $0.325 - $0.600
YTD Price Gain % -40.68%
12 Wks Moving Avg 0.430389
200 Days Moving Avg 0
Market Cap 13,478,436

Updated: Market Close, 09/21/2018

Company Background

Permex Petroleum Corporation (CSE:OIL) 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 south east New Mexico. Permex has a current focus on identifying, evaluating and acquiring oil and natural gas assets in North America and enhancing and developing its currently held oil and natural gas assets in Texas and New Mexico. Permex owns and operates on Private, State and Federal land.

Highlights

  • No debt. Initial Public Offering in May 2018 for gross proceeds of $4 million.
  • Combines low cost development growth (Texas) with highly prolific horizontal drilling opportunities for scale growth (New Mexico).
  • Has already acquired over 6,500+ net acres (100% operated, working interest ranging from 41.46% - 100%, 100% HBP) of producing oil and gas assets.
  • Partnered on a Working Interest basis with Occidental Petroleum in Gaines County, Texas.
  • High Operating Netbacks per bbl, approximately $32.50 at $60 oil price (low cost environment).
  • Phase One Development ~ 400 - 500 boepd (2018 exit production): bring online 37 shut in wells, start five waterfloods, and infill drilling on shallow fields.
  • Phase Two Development ~ 3,700 - 3,900 boepd (2019 exit production): infill spot drilling, horizontal conversion of vertical wells, and additional drilling.
  • 2P reserves of ~ 9.0 M barrel of oil equivalents, Present Value (10%) valued at US$ 150M. (MKM Engineering)
  • Tight share structure: ~ 36 M shares outstanding (Management ownership approximately 10%).

Share Structure

As of June 30, 2018
Shares Issued 35,942,498
Warrants 682,090
Options 3,332,185
Fully Diluted 39,956,773

Other Information

Projects:

The Corporation owns seven producing oil and gas properties, five of which are in West Texas with a focus on the Eastern shelf of the Permian Basin and two in South East New Mexico with a focus on the highly sought after Delaware Basin. All of the Corporations’ assets are held by production thus not restricting the Corporation to time constraints.

Project Highlights:

  • 72 producing Oil & Natural Gas Wells
  • Over 145 oil and gas wells owned and operated by company
  • Over 6,500 acres of ("HBP") oil and gas assets in Texas & New Mexico
  • 34 Salt water Disposal (“SWD”) wells eliminating water disposal fees and decreasing OPEX

Management Profiles

Mehran Ehsan

CHIEF EXECUTIVE OFFICER & PRESIDENT, DIRECTOR

Mr. Ehsan has over 12 years of experience in the oil and gas industry. He has led teams in the creation of many upstream oil and gas companies with a focus on acquisitions and divestitures. Over the last 12 years Mr. Ehsan has been involved as owner of O&G DPP programs, manager in mergers, acquisitions & divestitures, financing arrangements and investment with a specialty in oil and gas opportunities. His academic background ranges from a spectrum of marketing management, business management, wealth management and Petroleum based curriculums and programs such as engineering and geology, he is also an MBA candidate with specialty in Finance. Mr. Ehsan has authored various articles in the oil and gas industry, with presence as a guest speaker and judge in both this industry and academia related events.

Scott Kelly

CFO, CORPORATE SECRETARY AND DIRECTOR

Scott Kelly has 15 years of experience acting as a senior officer and/or director of various private and public companies with large scale resource assets throughout North and South America. Mr. Kelly obtained his Bachelor of Commerce degree from Royal Roads University in 2001 and has since helped manage companies through all stages of their life cycle; from initial publics’ offerings through to being successfully acquired by major multi-national corporations.

Barry Whelan

CHIEF OPERATING OFFICER/DIRECTOR

Barry Whelan has more than 40 years' experience as a geologist. Initially with Gulf Oil in International Operations, then he has worked with such companies as KOS Energy Ltd., Next Millennium Commercial Corp., Opal Energy Ltd., Copper Creek Ventures Ltd., Avro Energy, Polar Resources Ltd., ProAm Exploration Corporation, Voyageur Oil and Gas Corp., Bighorn Petroleum to name a few. Mr. Whelan has represented a diverse array of energy market participants including oil, gas and other resources based companies with clients ranging from global energy concerns to start-up companies. As a Geological Consultant, Mr. Whelan has been active in natural resource and industrial development companies with natural resource holdings in oil, gas and minerals, worldwide. Mr. Whelan received his Bachelor of Arts, Geology, from University of Western Ontario in 1961, Bachelors of Science, Honours Geology, McMaster University, 1965.

Earl Tobin

GEOLOGIST

Earl Tobin has more than 30 years of experience working as a geologist, using his expertise to build and grow both public and private oil & gas companies. His career has focused on full cycle exploration, from regional geologic mapping and reservoir modeling to field development and planning. Earl is a member of the Association of Professional Engineers, and Geoscientists of Alberta (APEGA), the Project Management Institute (PMI) and Canadian and American Society of Petroleum Geologists.

Dale Lee

PETROLEUM ENGINEER

Dale Lee is the current President & CEO of DL Petroleum & Engineering Consulting and has more than 25 years experience in the oil & gas sector. As a reservoir engineer, he has been active in natural resource and industrial development companies with natural resource holdings in oil & gas worldwide. In 1994 Dale earned his Professional Engineering status with The Association of Professional Engineers and Geoscientists of Alberta.

Connie Hang

CONTROLLER

Connie Hang has over 17 years of finance, accounting and management experience in a variety of industries, including the energy sector. She acted as an independent financial consultant since 2009 and has served over 40 public and private companies, which span across Vancouver based companies to foreign controlled entities. Connie is a Member of the Chartered Professional Accountants of Canada and holds a Bachelor of Accounting Science from University of Calgary.

Justin Kates

GENERAL COUNSEL, INDEPENDENT DIRECTOR

Justin Kates is a partner of DuMoulin Black, practicing primarily in the areas of securities, corporate finance, mergers and acquisitions, and corporate and commercial law. He advises clients from all stages of development ranging from early stage to large public companies. Justin received his J.D. from the University of Western Ontario and his Bachelor of Business Administration from Western Michigan University.

Edward A. Odishaw

BARRISTER & SOLICITOR, INDEPENDENT DIRECTOR

Edward A. Odishaw currently serves as the President of Austpro Energy Corp. and worked as Barrister and Solicitor with the law firm of Swinton & Company, Vancouver, Canada from 1972 to 1992. He acts as Chairman or Vice Chairman of the Board of multiple energy and resource companies in both Canada and the U.S., such as Austpro Energy Corp. and United States Lime & Minerals, Inc.

Leslie M. Thomas

GEOLOGIST, ADVISORY BOARD MEMBER

Leslie Thomas has over 35 years experience as a petroleum geologist. He was successful in the discovery of several very profitable oil fields such as the S.W. Werewolf Field of Haskell County and the HMT Field of Stonewall County. Since 1986 he has been acting as an independent geologist generating oil and gas prospects in the Permian Basin and Eastern Shelf of the Basin.

Peter Dorrins

GEOLOGIST, ADVISORY BOARD MEMBER

Mr. Dorrins has been a geologist for over 38 years in oil and gas exploration & production projects worldwide, and has held senior management and key technical specialist positions with a number of North American and International oil and gas companies. Peter holds a Bachelor of Science – First Class Honours degree in Geology obtained from the University of Manitoba in 1980, he is registered as a professional geologist with the Association of Professional Engineers and Geoscientists of Alberta and he is a member of the American Association of Petroleum Geologists.

Wayne Schoen

PETROLEUM ENGINEER, ADVISORY BOARD MEMBER

Wayne Schoen has over 40 years of experience as a petroleum engineer. He formed Schoen Oil Company, LLC in February 2016 offering oil and gas consulting services to area operators in the West Central Texas region. Wayne graduated with a BS and MS in Civil Engineering from Texas A&M University in 1974 and 1976, respectively.

Diana Goldstein

RESERVOIR ENGINEERING TECHNOLOGIST, ADVISORY BOARD MEMBER

Ms. Goldstein is a professional Reservoir Engineering Technologist and a member of the Society of Petroleum Engineers (SPE). For the past 20 years she has been involved in the oil and gas industry with a focus around Reservoir Waterflood Management and holding technical specialist positions with Devon and Canadian Natural Resources Ltd.

Kit H. Maddox

PETROLEUM LANDMAN, ADVISORY BOARD MEMBER

Kit H. Maddox has more than fifteen years' experience as an Independent Petroleum Landman. He has a thorough knowledge of land data systems and is called upon to verify, summarize and update mineral, royalty and surface ownership information. Kit earned a Bachelor’s degree in Electronics and attained the rank of E5, Electronics Technician, ET2, Enlisted Surface Warfare Specialist.

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