Permex signs option agreement to acquire 50+ wells

Permex Petroleum entered into an option agreement to purchase producing oil and natural gas wells from an ownership group including Navidad Petroleum and TMR Exploration. The assets include over 50 producing wells, gathering facilities as well as over 20,000 net mineral acres of undeveloped leasehold interests.

In consideration of a $75,000 cash payment, Permex receives a 6-month option to acquire all of the group’s interest in certain producing oil and natural gas assets for total consideration of $3 million in a combination of cash and stock.