OILCF 8-K
Permex Petroleum Corp (OILCF)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
| (Address of principal executive offices) | (Zip Code) |
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: None
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 1.01 Entry into a Material Definitive Agreement.
On August 31, 2025, Permex Petroleum Corporation (the “Company”) entered into an option agreement (the “Option Agreement”) for the right to purchase producing oil and natural gas well from an ownership group which includes Navidad Petroleum and TMR Exploration Group (the “Group”). The assets subject to the option include over 50 producing wells, gathering facilities as well as over 20,000 net mineral acres of undeveloped leasehold interests.
Pursuant to the terms of the Option Agreement, in consideration of a $75,000 cash payment, the Company received a 6-month option (the “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, including a minimum of $1.75MM in cash. If the Group terminates the Option, Permex will receive a refund of the $75,000 option payment as well as the break-fee payment of $50,000 from the Group.
Item 8.01 Other Events.
On September 2, 2025, the Company issued a press release announcing its entry into an option agreement for the right to acquire energy producing assets. A copy of the press release is attached as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
| Exhibit No. | Description | |
| 10.1 | Option Agreement | |
| 99.1 | Press Release dated September 2, 2025 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
* Certain personal information in this Exhibit has been redacted pursuant to Item 601(a)(6) of Regulation S-K. The Company agrees to furnish supplementally an unredacted copy of this Exhibit to the SEC upon request.
| -2- |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Permex Petroleum Corporation | ||
| September 5, 2025 | By: | /s/ Bradley Taillon |
| Bradley Taillon | ||
| Chief Executive Officer | ||
| -3- |
Exhibit 10.1
OPTION TO PURCHASE ASSETS
This Option to Purchase Assets (the “Agreement”) is made and entered into as of August _31st , 2025 (the “Effective Date”), by and between:
SELLER(S):
Navidad Petroleum LLC (“Navidad”)
Peach Creek Petroleum LLC (“Peach”)
8 Country Squire Road.
Natchez, MS 39120
TMR Exploration
Quadrangle, L.L.C. (“Quadrangle”)
1324 N. Hearne,
Shreveport, LA 71107
(Navidad, TMR, Peach and Quadrangle each, a “Seller Party” and, collectively, the “Seller”)
BUYER:
Permex Petroleum Corporation
2950 North Loop West, Suite 500
Houston,
Texas 77092
(“Buyer”)
Each a “Party” and collectively the “Parties.”
RECITALS
WHEREAS, Seller is the owner, and/or representative of owners, of certain oil and gas assets, as described in Exhibit A attached hereto and incorporated herein (the “Assets”); and
WHEREAS, Buyer desires to obtain from Seller an option to purchase the Assets on the terms and conditions set forth herein;
NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, the Parties agree as follows:
1. GRANT OF OPTION & CONSIDERATION
For consideration of Seventy-Five Thousand Dollars, $75,000.00, (“the Option Payment”) Seller hereby grants to Buyer the exclusive right and option (the “Option”) to purchase the Assets, subject to the terms and conditions of this Agreement. The Option Payment will be paid to Seller concurrent with execution of this Agreement and may be refunded to Buyer in certain circumstances, as set forth in this Agreement. The Option Payment shall be applied against the Purchase Price upon closing of the Definitive Agreements (as defined below) and should be considered a deposit against that consideration.
| -1- |
2. OPTION TERM
The term of this Option shall be for a period of six (6) months, commencing on the Effective Date, and expiring on the six-month anniversary of the Effective Date (the “Option Period”), unless earlier terminated as provided herein.
3. OPTION EXERCISE
Buyer may exercise this Option at any time during the Option Period by providing written notice to Seller of its intent to exercise the Option (the “Notice of Exercise”). Upon such exercise, the Parties shall proceed to finalize the terms of the purchase of the Assets as set forth in this Agreement pursuant to the executive and closing of definitive agreements among the Buyer (and/or any subsidiary of Buyer), Seller and any other sellers (the “Other Sellers”) with title to the Assets (the “Definitive Agreements”). If Seller and /or the Other Sellers shall fail to execute Definitive Agreements within 45-days of Buyer’s exercise of the Option (the “Definitive Agreement Date”), then Seller will refund to Buyer the Option Payment and will pay Buyer an additional payment of $50,000.00 USD (“the Break Fee”).
4. PURCHASE PRICE
The purchase price for the Assets shall be $3,000,000.00 dollars (the “Purchase Price”). The purchase price may be paid in the form of cash (USD), Buyer’s common shares or a convertible note(s) issued by Buyer or any combination thereof, to be determined between the Parties at the time of execution of the Definitive Agreements. A minimum of $1,750,000.00 of the total Purchase Price will be in Cash (USD) with the Option Payment being applied against that cash amount of the Purchase Price. Any common shares and/or convertible note(s) will be priced at the market price at the time of the Definitive Agreements are executed, with market price being the 5-day average of the closing price of Buyer’s common shares on the Canadian Stock Exchange and converted to U.S. dollars.
5. NO OBLIGATION TO PURCHASE
Buyer shall have no obligation to exercise the Option and may choose not to purchase the Assets at its discretion, in which case this Agreement shall terminate without further obligation and Seller entitled to retain the Option Payment.
6. TERMINATION
Seller shall have the right to terminate this Agreement at any time upon written notice to Buyer (the “Seller Termination Date”). In the event of termination by the Seller, the Seller shall refund to Buyer the Option Payment and will pay to Buyer the Break Fee.
7. ASSETS
This deal is entered into with the assumption that Seller and the Other Sellers will convey all right, title and interest in the Assets in Exhibit A including all of the right, title and interest from Seller and the Other Sellers. If all of the Assets are not conveyed to Buyer upon closing of the Definitive Agreements, then Buyer will have the right to terminate the Option upon written notice to Seller (the “Buyer Termination Date”) and Seller will refund to Buyer the Option Payment and will pay to Buyer the Break Fee.
8. EXCLUSIVITY
In consideration hereof and of the time and resources that Buyer will devote to the purchase of the Assets and the Definitive Agreement, and the various investigations and reviews undertaken by Buyer, each Seller Party, each of their subsidiaries and each of their respective affiliates, directors, officers, employees, representatives and agents (the “Seller Group”) will not, directly or indirectly, initiate, solicit, entertain, negotiate, accept or discuss, directly or indirectly, or provide any information to any person or entity with respect to any proposal or offer from any person or group of persons other than Buyer and its affiliates (an “Acquisition Proposal”) with respect to a sale of the Assets. Each Seller Party agrees to immediately notify Buyer if any member of the Seller Group receives any indications of interest, requests for information or offers in respect of an Acquisition Proposal, and will communicate to Buyer in reasonable detail the terms of any such indication, request or offer, and will provide Buyer with copies of all written communications relating to any such indication, request or offer.
9. JOINT AND SEVERAL OBLIGATIONS
The obligations to refund to Buyer the Option Payment and pay to Buyer the Break Fee are joint and several obligations of each Seller Party executing this Agreement.
| -2- |
IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first written above.
| SELLER: | ||
| Navidad Petroleum LLC | ||
| By: | /s/ Wayne A. Potter | |
| Name: | Wayne A. Potter | |
| Title: | Managing Member | |
| TMR Exploration | ||
| By: | /s/ Raymond J. Lasseigne | |
| Name: | Raymond J. Lasseigne | |
| Title: | President | |
| Peach Creek Petroleum, LLC | ||
| By: | /s/ Wayne A. Potter | |
| Name: | Wayne A. Potter | |
| Title: | Managing Member | |
| Quadrangle, L.L.C | ||
| By: | /s/ Raymond J. Lasseigne | |
| Name: | Raymond J. Lasseigne | |
| Title: | Owner | |
| -3- |
| BUYER | ||
| Permex Petroleum Corporation | ||
| By: | /s/ Bradley Taillon | |
| Name: | Bradley Taillon | |
| Title: | President & CEO | |
| -4- |
EXHIBIT A
Description of Assets
All right, title and interest in the following wells and leases
WELLS
| WELL NAME | COUNTY | FIELD | API | Operator | ||||
| JOHNSON E-2 | COLORADO | ENGLEHART | 4208930990 | TMR | ||||
| MCDERMOTT CW 4 | COLORADO | NADA EAST | 4208930642 | TMR | ||||
| MCDERMOTT CW 6 SWD | COLORADO | NADA EAST | 4208931814 | TMR | ||||
| RAU, CHARLES 5 | COLORADO | PROVIDENT CITY NE | 4208930517 | TMR | ||||
| HILCORP-PCGU 1 | LAVACA | PROVIDENT CITY | 4228532905 | HILCORP | ||||
| HILCORP-PCGU 15 | LAVACA | PROVIDENT CITY | 4228533365 | HILCORP | ||||
| HILCORP-PCGU 16 | LAVACA | PROVIDENT CITY | 4228533392 | HILCORP | ||||
| KASKIE GU 1 | LAVACA | PROVIDENT CITY | 4228532808 | HILCORP | ||||
| KASKIE GU 2 | LAVACA | PROVIDENT CITY | 4228532894 | HILCORP | ||||
| NPC GU NO. 1 | LAVACA | PROVIDENT CITY | 4228532017 | HILCORP | ||||
| NPC GU NO. 2 | LAVACA | PROVIDENT CITY | 4228532870 | HILCORP | ||||
| PROVIDENT MINERALS GU 1 | LAVACA | PROVIDENT CITY | 4228532365 | HILCORP | ||||
| PROVIDENT MINERALS GU 2 | LAVACA | PROVIDENT CITY | 4228532426 | HILCORP | ||||
| BENNER 1 (SWEPI) | LAVACA | PROVIDENT CITY | 4228500621 | TMR | ||||
| BENNER 4 | LAVACA | PROVIDENT CITY | 4228532970 | TMR | ||||
| E. A. NEUHAUS 1 (SWEPI) | LAVACA | PROVIDENT CITY | 4228500144 | TMR | ||||
| E. T. NEUHAUS 7 (SWEPI) | LAVACA | PROVIDENT CITY | 4228500067 | TMR | ||||
| E. T. NEUHAUS 11 (SWEPI) | LAVACA | PROVIDENT CITY | 4228530095 | TMR | ||||
| E. T. NEUHAUS 13 (SWEPI) | LAVACA | PROVIDENT CITY | 4228530147 | TMR | ||||
| F. W. NEUHAUS 1 | LAVACA | PROVIDENT CITY | 4228532067 | TMR | ||||
| F. W. NEUHAUS 1 (SWEPI) | LAVACA | PROVIDENT CITY | 4228500081 | TMR | ||||
| F. W. NEUHAUS 2 (SWEPI) | LAVACA | PROVIDENT CITY | 4228500080 | TMR | ||||
| F. W. NEUHAUS 3 | LAVACA | PROVIDENT CITY | 4228532085 | TMR |
| -5- |
| F. W. NEUHAUS 3 (SWEPI) | LAVACA | PROVIDENT CITY | 4228500079 | TMR | ||||
| F. W. NEUHAUS 4 | LAVACA | PROVIDENT CITY | 4228532086 | TMR | ||||
| F. W. NEUHAUS 4D SWD (SWEPI) | LAVACA | PROVIDENT CITY | 4228500082 | TMR | ||||
| F. W. NEUHAUS 5 | LAVACA | PROVIDENT CITY | 4228532102 | TMR | ||||
| F. W. NEUHAUS 6L (SWEPI) | LAVACA | PROVIDENT CITY | 4228500610 | TMR | ||||
| F. W. NEUHAUS 7 | LAVACA | PROVIDENT CITY | 4228532120 | TMR | ||||
| F. W. NEUHAUS 8 | LAVACA | PROVIDENT CITY | 4228532119 | TMR | ||||
| F. W. NEUHAUS 9 (SWEPI) | LAVACA | PROVIDENT CITY | 4228530094 | TMR | ||||
| F. W. NEUHAUS 9 SWD | LAVACA | PROVIDENT CITY | 4228532161 | TMR | ||||
| F. W. NEUHAUS 13 (SWEPI) | LAVACA | PROVIDENT CITY | 4228531927 | TMR | ||||
| F. W. NEUHAUS 15 | LAVACA | PROVIDENT CITY | 4228532902 | TMR | ||||
| F. W. NEUHAUS 6A | LAVACA | PROVIDENT CITY | 4228532116 | TMR | ||||
| FAY ROUSE 1 (SWEPI) | LAVACA | PROVIDENT CITY | 4228500147 | TMR | ||||
| FAY ROUSE 4 (SWEPI) | LAVACA | PROVIDENT CITY | 4228532546 | TMR | ||||
| NEUHAUS SANDRA 1 | LAVACA | PROVIDENT CITY | 4228532896 | TMR | ||||
| NEUHAUS SANDRA 2 | LAVACA | PROVIDENT CITY | 4228532966 | TMR | ||||
| PCGU 1 (SWEPI) | LAVACA | PROVIDENT CITY | 4228500620 | TMR | ||||
| PCGU 5 - NOW PYLE 1 | LAVACA | PROVIDENT CITY | 4228500145 | TMR | ||||
| PCGU 6 (SWEPI) | LAVACA | PROVIDENT CITY | 4228500146 | TMR | ||||
| TRAYLOR AV 6 | LAVACA | PROVIDENT CITY | 4228532579 | TMR | ||||
| TRAYLOR AV 9 (SWEPI) | LAVACA | PROVIDENT CITY | 4228530083 | TMR | ||||
| TRAYLOR AV7 | LAVACA | PROVIDENT CITY | 4228532702 | TMR | ||||
| TRAYLOR-MILLER 1 | LAVACA | PROVIDENT CITY | 4228532863 | TMR | ||||
| TRAYLOR-MILLER 2 | LAVACA | PROVIDENT CITY | 4228532803 | TMR | ||||
| TS TUSA JR 1 (SWEPI) | LAVACA | PROVIDENT CITY | 4228532541 | TMR | ||||
| TUSA 1 | LAVACA | PROVIDENT CITY | 4228532145 | TMR | ||||
| TUSA 2 | LAVACA | PROVIDENT CITY | 4228532200 | TMR | ||||
| WALTERS, D 4 | LAVACA | PROVIDENT CITY | 4228532272 | TMR | ||||
| STEINMAN, A 6 | LAVACA | PROVIDENT CITY NE | 4228533257 | TMR | ||||
| STEINMAN, E 4 | LAVACA | PROVIDENT CITY NE | 4228530090 | TMR |
| -6- |
| WHARTON COUNTY, TEXAS | ||||||||
| WEINHEIMER 1 | WHARTON | ALWAN | 4248134760 | TMR | ||||
| CORMAN HUDGINS 2 | WHARTON | BOB ALEXANDER | 4248134763 | TMR | ||||
| CORMAN HUDGINS 3 | WHARTON | BOB ALEXANDER | 4248134796 | TMR | ||||
| KOONCE 1 | WHARTON | BOB ALEXANDER | 4248134649 | TMR | ||||
| KOONCE 2 | WHARTON | BOB ALEXANDER | 4248134724 | TMR | ||||
| KOONCE 3 | WHARTON | BOB ALEXANDER | 4248134727 | TMR | ||||
| KOONCE 4 | WHARTON | BOB ALEXANDER | 4248134772 | TMR | ||||
| KOONCE 5 | WHARTON | BOB ALEXANDER | 4248134813 | TMR | ||||
| GLAZE GU 1 | WHARTON | BONUS | 4248134157 | TMR | ||||
| GLAZE GU 2 | WHARTON | BONUS | 4248134178 | TMR | ||||
| GLAZE GU 4 | WHARTON | BONUS | 4248134609 | TMR | ||||
| KRENEK - HEYNE GU 1 | WHARTON | BONUS | 4248134382 | TMR | ||||
| KRENEK GU 1 | WHARTON | BONUS | 4248134295 | TMR | ||||
| LOVELL SHWAB 1 | WHARTON | BONUS | 4248134332 | TMR | ||||
| LOVELL SHWAB 2 | WHARTON | BONUS | 4248134371 | TMR | ||||
| OBENHAUS GU 2 | WHARTON | BONUS | 4248133992 | TMR | ||||
| REYNOLDS CARL B - 9 | WHARTON | BONUS | 4248134234 | TMR | ||||
| ROCKING M LAND AND CATTLE A-1 | WHARTON | BONUS | 4248134329 | TMR | ||||
| ROCKING M LAND AND CATTLE A-2 | WHARTON | BONUS | 4248134343 | TMR | ||||
| ROCKING M LAND AND CATTLE A-3 | WHARTON | BONUS | 4248134344 | TMR | ||||
| ROCKING M LAND AND CATTLE A-4 | WHARTON | BONUS | 4248134319 | TMR | ||||
| ROCKING M LAND AND CATTLE B 1 | WHARTON | BONUS | 4248134318 | TMR | ||||
| SCHWEINLE 1 | WHARTON | BONUS | 4248134124 | TMR | ||||
| SCHWEINLE 2 | WHARTON | BONUS | 4248134179 | TMR | ||||
| SCHWEINLE 3 | WHARTON | BONUS | 4248134206 | TMR | ||||
| SCHWEINLE 4 | WHARTON | BONUS | 4248134257 | TMR | ||||
| SCHWEINLE 5 | WHARTON | BONUS | 4248134256 | TMR | ||||
| SCHWEINLE 6 | WHARTON | BONUS | 4248134280 | TMR | ||||
| SCHWEINLE 7 | WHARTON | BONUS | 4248134294 | TMR | ||||
| SCHWEINLE 8 | WHARTON | BONUS | 4248134396 | TMR | ||||
| SCHWEINLE 9 | WHARTON | BONUS | 4248134748 | TMR | ||||
| SCHWEINLE 10 | WHARTON | BONUS | 4248134780 | TMR |
| -7- |
| SCHWEINLE 11 | WHARTON | BONUS | 4248134855 | TMR | ||||
| RUST ESTATE 1 | WHARTON | CIERVO GRANDE | 4248134320 | TMR | ||||
| WHORTON 2 | WHARTON | CIERVO GRANDE | 4248134120 | TMR | ||||
| WHORTON GU 1 | WHARTON | CIERVO GRANDE | 4248134088 | TMR | ||||
| WHORTON GU 3 | WHARTON | CIERVO GRANDE | 4248134958 | TMR | ||||
| ZEIDMAN TRUSTEE GU 1 | WHARTON | CIERVO GRANDE | 4248133918 | TMR | ||||
| ZEIDMAN TRUSTEE GU 2 | WHARTON | CIERVO GRANDE | 4248133965 | TMR | ||||
| DEN-SHO 1 | WHARTON | GUENTHER | 4248134859 | TMR | ||||
| GUENTHER 1 (SIDETRACK 1) | WHARTON | GUENTHER | 4248133948 | TMR | ||||
| GUENTHER GU 3 | WHARTON | GUENTHER | 4248134826 | TMR | ||||
| HUDGINS JOEL GU 1 | WHARTON | HUDGINS RANCH | 4248133888 | TMR | ||||
| SHANNON L H GU 1 | WHARTON | HUDGINS RANCH | 4248133971 | TMR | ||||
| COUEY HARFST GU 1 | WHARTON | JONES CREEK | 4248134845 | TMR | ||||
| COUEY HARFST GU 2 | WHARTON | JONES CREEK | 4248134864 | TMR |
LEASES
| LEASE | COUNTY/ | LEASE | ||||||
| NUMBER | STATE | LESSOR | LESSEE | DATE | ||||
| 420052 | Colorado, TX | Rau, Roy W. and Patsy Rau Kleinman | NEG Operating, LLC | 03/15/03 | ||||
| 420053 | Lavaca, TX | Cornelson, Ray, et al Bruce Cornelson | NEG Operating, LLC | 04/10/03 | ||||
| 420054 | Colorado, TX | Balusek, Johnnie B., Trustee | NEG Operating, LLC | 04/08/03 | ||||
| 420055 | Lavaca, TX | Cornelson, Ray D., et al | Mitchell Energy Corporation | 04/01/83 | ||||
| 420055 | Lavaca, TX | Cornelson, Ray D., et al | Sandridge Onshore, LLC | 04/01/83 | ||||
| 420056 | Lavaca, TX | Bunge, Les, Jr. | Lemarco Operating, Inc. | 10/31/88 | ||||
| 420057 | Lavaca, TX | Dow Hydrocarbons and Resources, Inc. | Mitchell Energy Corporation | 12/08/93 |
| -8- |
| 420341 | Lavaca, TX | Neuhaus, F. W., et ux, Billie Neuhaus and Marjorie Neuhaus Wallace, et vir J. Claude Wallace. | Shell Oil Company | 02/01/70 | ||||
| 420342 | Lavaca, TX | Neuhaus, F. W. (Marjorie Neuhaus Wallace Management Trust) | Shell Oil Company, Inc. | 01/10/49 | ||||
| 420344 | Lavaca, TX | Rexer, Evelyn Imrie | Shana Petroleum Company | 02/15/93 | ||||
| 420345 | Lavaca, TX | Imrie, Frank C., Evelyn Rexer, st vir Fred L. Rexer | Shell Oil Company, Inc. | 04/04/49 | ||||
| 420693 | Colorado, TX | Garwood Irrigation Co. | Texas Oil and Gas Corporation | 09/11/79 | ||||
| 0002239-000 | Lavaca, TX | Foerster, Louis F., Lillie Foerster, Otto A. Hillje, Anna Minna Foerster | Oil Drillinf, Inc. | 10/21/53 | ||||
| 000396-000 | Colorado, TX | Abell, Robert D. | NEG Operating Company | 12/1/06 12/13/06 | ||||
| 002236-000 | Colorado, TX | Dowell, Mary Elizabeth | Christie, Mitchell and Mitchell Co. | 12/17/55 | ||||
| 420343 RW | Lavaca, TX | Steinman, Edwin, Agnes Steinman, J. J. Bucek, Melba Bucek, Louis Meyer, Anna Meyer, Otto F. Knape and Lula Knape. | Oil Drilling, Inc. | 10/23/53 | ||||
| TX001090-000 | Lavaca, TX | Ryan, Nancy Cornelson; Wade B. Cornelson et ux Cheryl Cornelson; Ray D. Cornelson, Bruce O. Cornelson and Thomas B. Trammell | NEG Operating, LLC | 03/01/06 | ||||
| 643003 | Wharton, TX | Jack M. Obenhaus, et ux Vera Obenhaus | TransTexas Gas Corporation | 09/22/99 | ||||
| 643004 | Wharton, TX | Gary Obenhaus | TransTexas Gas Corporation | 09/23/99 | ||||
| 643006 | Wharton, TX | Leland Eisel | TransTexas Gas Corporation | 08/01/99 | ||||
| 643007 | Wharton, TX | Philip D. Canaris | TransTexas Gas Corporation | 09/30/99 |
| -9- |
| 880085 | Wharton, TX | Timothy R. Krenek, Gerard P. Krenek, Mark A. Krenek and Elizabeth A. Koch, Individually and as Agent and Attorney-In-Fact for Mary Lou Krenek | ADOBE ENERGY, INC. | 08/29/98 | ||||
| 880086 | Wharton, TX | George Krenek, Jr. | ADOBE ENERGY, INC. | 08/29/98 | ||||
| 880117.001 | Wharton, TX | Egypt Wildlife & Agricultural Retreat, Inc. | TransTexas Gas Corporation | 01/01/00 | ||||
| 880117.002 | Wharton, TX | David E. Mahalitic, et ux Joan V. Mahalitic | TransTexas Gas Corporation | 01/13/00 | ||||
| 880117.003 | Wharton, TX | Philip D. Canaris, et ux Julia Sue Canaris | TransTexas Gas Corporation | 11/04/99 | ||||
| 880117.004 | Wharton, TX | L. Donald Obenhaus, Mary S. Obenhaus, Gary Louis Obenhaus, Gertrude R. Obenhaus, and Marsha L. Turner | TransTexas Gas Corporation | 09/23/99 | ||||
| 880119.000 | Wharton, TX | Egypt Wildlife & Agricultural Retreat, Inc. | TransTexas Gas Corporation | 04/12/00 | ||||
| 880120 | Wharton, TX | George Krenek, Jr. | TransTexas Gas Corporation | 09/08/98 | ||||
| 880120 | Wharton, TX | Timothy Ray Krenek, Elizabeth A. Koch, Gerard Patrick Krenek, and Mark Anthony Krenek | TransTexas Gas Corporation | 02/10/00 | ||||
| 880120 | Wharton, TX | Timothy Ray Krenek, Elizabeth A. Koch, Gerard Patrick Krenek, and Mark Anthony Krenek | TransTexas Gas Corporation | 03/31/01 | ||||
| 880121 | Wharton, TX | Timothy Ray Krenek, Elizabeth A. Koch, Gerard Patrick Krenek, and Mark Anthony Krenek | TransTexas Gas Corporation | 04/22/00 | ||||
| 880125 | Wharton, TX | Carl N. Reynolds, Jr., et ux Rowena S. Reynolds. | TransTexas Gas Corporation | 09/28/00 | ||||
| 880127 | Wharton, TX | Egypt Wildlife & Agricultural Retreat, Inc. | TransTexas Gas Corporation | 10/19/00 | ||||
| 880127.02 | Wharton, TX | Egypt Wildlife & Agricultural Retreat, Inc. | TransTexas Gas Corporation | 11/29/01 |
| -10- |
| 880128 | Wharton, TX | Dianne T. Ozment | TransTexas Gas Corporation | 10/30/00 | ||||
| 880130 | Wharton, TX | Timothy R. Krenek, et ux Phyllis A. Krenek | TransTexas Gas Corporation | 02/14/01 | ||||
| 880131 | Wharton, TX | Timothy Ray Krenek, Elizabeth A. Koch, Gerard Patrick Krenek, and Mark Anthony Krenek | TransTexas Gas Corporation | 02/14/01 | ||||
| 880134 | Wharton, TX | Narvell Hearn Johnson | TransTexas Gas Corporation | 01/19/01 | ||||
| 880136 | Wharton, TX | JJN ‘ TERPRISES LLC | TransTexas Gas Corporation | 01/19/01 | ||||
| 880137 | Wharton, TX | Wharton County Precinct 2 | TransTexas Gas Corporation | 01/03/01 | ||||
| 880138 | Wharton, TX | Raymond A. Zahn and Elsie E. Zahn | TransTexas Gas Corporation | 02/05/01 | ||||
| 880139 | Wharton, TX | Timothy R. Krenek, et ux Phyllis A. Krenek | TransTexas Gas Corporation | 01/24/01 | ||||
| 880140 | Wharton, TX | Timothy Ray Krenek, Elizabeth A. Koch, Gerard Patrick Krenek, and Mark Anthony Krenek | TransTexas Gas Corporation | 01/24/01 | ||||
| 880141 | Wharton, TX | Egypt Wildlife & Agricultural Retreat, Inc. | TransTexas Gas Corporation | 02/07/01 | ||||
| 880144 | Wharton, TX | Egypt Wildlife & Agricultural Retreat, Inc. | TransTexas Gas Corporation | 09/18/01 | ||||
| 880145 | Wharton, TX | Egypt Wildlife & Agricultural Retreat, Inc. | TransTexas Gas Corporation | 09/18/01 | ||||
| 880146 | Wharton, TX | Egypt Wildlife & Agricultural Retreat, Inc. | TransTexas Gas Corporation | 09/18/01 | ||||
| 880147 | Wharton, TX | Timothy Ray Krenek, Elizabeth A. Koch, Gerard Patrick Krenek, and Mark Anthony Krenek | TransTexas Gas Corporation | 01/24/01 | ||||
| 880149 | Wharton, TX | Rocking M Land and Cattle Company Trust, by and through Robert S. Mortensen and Martha F. Middlebrook as Co-Trustees. | TransTexas Gas Corporation | 04/17/01 | ||||
| 880150 | Wharton, TX | Texas Department of Transportation, Texas Transportation Commission | TransTexas Gas Corporation | 05/02/01 |
| -11- |
| 880153.002 | Wharton, TX | Lou Anne Hancock Kellman, Nancy Hancock Sanders, Essie L. Leslie, Mary Hancock Post, Joe Bruce Hancock, Jr., Joshua Ryan Hancock, Estate of Virginia Lou Hancock, William R. Suggs, Jr., Bruce Carolton Suggs, | TransTexas Gas Corporation | 12/18/01 | ||||
| 880153.04 | Wharton, TX | TransTexas Gas Corporation | Egypt Services Company | 12/18/01 | ||||
| 198ROW001 | Wharton, TX | Texas Department of Transportation | TransTexas Gas Corporation | 03/26/01 | ||||
| 198ROW004 | Wharton, TX | Wharton County, Texas | TransTexas Gas Corporation | 03/26/01 | ||||
| 198ROW006 | Wharton, TX | Archie Owens, Jr., Bessie L. Hughes and Lillian M. Stenson | TransTexas Gas Corporation | 09/07/02 | ||||
| 198ROW007 | Wharton, TX | Robert W. Krenek, et ux Josephine Krenek | TransTexas Gas Corporation | 08/24/02 | ||||
| 201ROW001 | Wharton, TX | Egypt Wildlife & Agricultural Retreat, Inc. | TransTexas Gas Corporation | 11/29/01 | ||||
| 201ROW001 | Wharton, TX | Egypt Wildlife & Agricultural Retreat, Inc. | TransTexas Gas Corporation | 11/29/01 | ||||
| 201ROW002 | Wharton, TX | Peggy T. Manske | TransTexas Gas Corporation / Sandridge Exploration and Production, LLC | 08/02/01 | ||||
| 201ROW003 | Wharton, TX | Edward A. Krenek, et ux Mary Ann Krenek | TransTexas Gas Corporation | 07/30/01 | ||||
| 201ROW004 | Wharton, TX | Dianne Krenek Calvo | TransTexas Gas Corporation | 07/31/01 | ||||
| 201ROW005 | Wharton, TX | Carl N. Reynolds, Jr., et ux Rowena Reynolds and Robert D. Reynolds, et ux Gayle C. Reynolds | TransTexas Gas Corporation | 08/07/01 | ||||
| 204018.RW1 | Wharton, TX | Edmund A. Weinheimer, Jr.; Mary Ann Weinheimer Vickers, et ux William Barton Vickers | NATIONAL ONSHORE LP | 04/11/06 |
| -12- |
| 204018.RW2 | Wharton, TX | Edmund A. Weinheimer, Jr.; Mary Ann Weinheimer Vickers, et ux William Barton Vickers | NATIONAL ONSHORE LP | 11/11/05 10/01/05 | ||||
| 204018.RW3 | Wharton, TX | Decatur Memorial Health Foundation (formerly the Esther M. Grady and William J. Grady Memorial Trust, Soy Capital Bank and Trust Company, Trustee) | NATIONAL ONSHORE LP | 11/14/05 10/01/05 | ||||
| 204018.RW4 | Wharton, TX | Ray Allen Fuechec, et al George Fucik | NATIONAL ONSHORE LP | 11/18/05 10/01/05 | ||||
| TX000377-000 | Wharton, TX | Douglas W. Dornak | Fieldwood Onshore, LLC | 09/29/14 08/04/14 | ||||
| TX000379-000 | Wharton, TX | Robert W. Krenek and Josephine Krenek | TransTexas Gas Corporation | 08/25/04 | ||||
| TX002284-000 | Wharton, TX | L. Donald Obenhaus, Gary Louis Obenhaus, Gertrude R. Obenhaus and Marsha L Conley | TransTexas Gas Corporation | 07/10/04 | ||||
| TX002285-000 | Wharton, TX | Dianne T. Ozment | TransTexas Gas Corporation | 07/29/04 | ||||
| TX006652-000 | Wharton, TX | Ray Allen Fuechec, et al | SANDRIDGE ONSHORE, LLC | 4/24/08 4/01/07 | ||||
| Wharton, TX | Wharton, TX | Ray Allen Fuechec, et al | SANDRIDGE ONSHORE, LLC | 04/24/08 | ||||
| 42-3009412-000 | Wharton, TX | J. Mark Gresham | COASTAL OIL & GAS USA L P | 4/21/1997 | ||||
| 42-3009413-000 | Wharton, TX | Fred S. Zeidman Trustee | COASTAL OIL & GAS USA L P | 8/5/1998 | ||||
| 42-3009418-000 | Wharton, TX | G. Q.Rust Estate, a Texas General Partnership | COASTAL OIL & GAS USA L P | 7/23/1999 | ||||
| 42-3009419-000 | Wharton, TX | Grant J.Whorton, et ux | COASTAL OIL & GAS USA LP | 4/14/1999 | ||||
| 42-3009420-000 | Wharton, TX | Doris K. Brandes | COASTAL OIL & GAS GATHERING, LP | 7/27/1999 | ||||
| Wharton, TX | Ball Park Energy, LLC | TMR EXPLORATION, INC. | 9/1/2018 | |||||
| Wharton, TX | Alamo Concrete Products, Ltd | Coastal States Gas Transmission Company | 2/4/1999 | |||||
| Wharton, TX | Grant J. Whorton | Coastal States Gas Transmission Company | 1/22/1999 | |||||
| Wharton, TX | Carrie Louise (Shattel) Bucek | Coastal States Gas Transmission Company | 1/22/1999 | |||||
| Wharton, TX | J. Mark Gresham | Coastal States Gas Transmission Company | 1/12/1999 |
| -13- |
Exhibit 99.1
Permex Petroleum Corporation Announces Entry into Option Agreement for Right to Acquire Energy Producing Assets in Connection with Bitcoin Mining Strategy
Option agreement part of strategy to acquire undervalued gas producing assets that can be directly used to mine Bitcoin
VANCOUVER, BC – September 2nd, 2025 - Permex Petroleum Corporation (CSE: OIL) (FSE: 75P) (“Permex” or the “Company”), a publicly traded oil and gas exploration and production company with assets in the Permian Basin, is pleased to announce it has entered into an option agreement (the “Option Agreement”) to purchase producing oil and natural gas wells from an ownership group including Navidad Petroleum and TMR Exploration (the “Group”). The assets include over 50 producing wells, gathering facilities as well as over 20,000 net mineral acres of undeveloped leasehold interests.
Pursuant to the terms of the Option Agreement, in consideration of a US$75,000 cash payment, Permex received a 6-month option (the “Option”) to acquire all of the Group’s interest in certain producing oil and natural gas assets for total consideration of US$3 million in a combination of cash and stock, including a minimum of US$1.75 million in cash. If the Group terminates the Option, Permex will receive a refund of the US$75,000 option payment as s well as the break-fee payment of US$50,000 from the Group.
“We believe this Option gives Permex the ability to not only potentially expand its gas production and behind pipe reserves but could also further Permex’s strategy of co-developing hydrocarbon and Bitcoin assets across producing oil and gas properties. The assets covered by this Option currently produce approx. ~4 MW of power and we believe that if we decide to exercise this Option that the underlying assets will be turn-key prepared for the deployment of in-field Bitcoin mining operations”, said Permex CEO Brad Taillon.
“Since Permex’s existing asset base reserves are weighted heavily towards oil, in our opinion diversifying our asset base with the possible acquisition of an additional source of stable gas production with significant behind pipe gas reserves makes fiscal sense as such acquisition could give the Company the opportunity to develop significant reserves across both hydrocarbon categories,” Mr. Taillon added.
Permex intends to work with its Bitcoin mining partner, 360 Energy, Inc., to continue the planning process for the potential deployment of Bitcoin mining across the assets the Company currently holds as well as assets the Company may acquire in the future.
About
Permex Petroleum Corporation
Permex Petroleum Corporation (CSE: OIL) (FSE: 75P) is a uniquely positioned junior oil & gas company with assets and operations across the Permian Basin. The Company is focused on the development of oil and gas assets with a strategic emphasis on assets for Bitcoin mining operations alongside hydrocarbon production.
For more information, please visit www.permexpetroleum.com.
| -1- |
Contact Information
Permex Petroleum Corporation
Brad Taillon
President & Chief Executive Officer
(713) 730-7797
Renmark Financial Communications USA Inc.
Henri Perron, CPIR:
Tel.: (416) 644-2020 or (212)-812-7680
www.renmarkfinancial.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities legislation (collectively, “forward-looking statements”). The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “predicts”, “projects”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. These forward-looking statements include, among other things, statements relating to: the Company’s execution of the Option, that the assets acquired by the Company upon the potential exercise of the Option: (i) will further Permex’s strategy of co-developing hydrocarbon and Bitcoin assets, (ii) will be turn-key prepared for the deployment of in-field Bitcoin mining operations and (iii) will give the Company the opportunity to develop significant reserves across both hydrocarbon categories.
Such forward-looking statements are based on a number of assumptions of management, including, without limitation; that the Company will decide to exercise the Option and be able to acquire the assets underlying the Option upon exercise of the Option, and that the exercise of the Option will further Permex’s strategy of co-developing hydrocarbon and Bitcoin assets.
Additionally, forward-looking statements involve a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: that the Company will decide not to exercise the Option or not be able to acquire the assets underlying the Option upon the exercise of the Option or that the exercise of the Option will not further Permex’s strategy of co-developing hydrocarbon and Bitcoin assets.
The forward-looking statements contained in this press release represent management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Neither the Company nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this press release. Neither the Company nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this press release by you or any of your representatives or for omissions from the information in this press release.
| -2- |