Permex Petroleum Corporation Expands its Oil and Natural Gas Royalty Acquisitions into the Permian Basin of New Mexico
Vancouver, British Columbia, March 15, 2021 -- Permex Petroleum Corporation (“Permex” or the “Company)” (CSE: OIL) (OTCQB: OILCF) is pleased to announce the expansion of its royalty acquisitions program by purchasing producing royalty interests in five (5) horizontal oil and natural gas wells plus four (4) permitted wells located in Lea County, New Mexico.
Major structural features in the region of Permian Basin
Source: U.S Information Administration
These properties are located within the Wildcat field of the Wolfbone Shale (Wolfcamp – Bone Spring). Combined these wells have produced an average of 5,455 barrels of oil per day (“BOPD”) and 7.3 million cubic feet of gas per day (“MMCFPD”) over the past five (3) month reported period from completion intervals of 12,939– 23,536 feet. The wells are being operated by COG Operating, LLC of Midland, Texas.
"This acquisition complements our existing oil and gas operations in New Mexico. The properties are located in an exceptional field which produces from the third Bone Spring formation as well as the first top layer of Wolfcamp, which is done through simultaneous stimulation of these highly prolific oil and gas formations. said Mehran Ehsan, President and CEO. In addition to the current cashflow generated from the five (5) producing wells, we can anticipate an upside in cashflow once the four (4) additional wells have been successfully drilled and brought online in the near future.
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