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    OIL   CA71422P1053

PERMEX PETROLEUM CORPORATION

(OIL)
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Permex Petroleum Announces the Closing of Previously Announced Strategic Divestiture

12/22/2020 | 03:05pm EDT

Vancouver, British Columbia--(Newsfile Corp. - December 22, 2020) - Permex Petroleum Corporation (CSE: OIL) (OTCQB: OILCF) ("Permex" or the "Corporation") is pleased to announce the closing of the previously announced Central Basin asset disposition.

As disclosed in the Corporation's December 10, 2020 news release, Permex entered into a purchase and sale agreement for sale of its Central Basin property. The purchasers conducted their customary due diligence and successfully closed on the transaction. Permex will utilize the funds to strengthen its balance sheet, pay down its accounts payable while bringing its remaining properties back online since oil prices have shown stability.

Mehran Ehsan , Permex's President and CEO commented, "This disposition clearly benefits our company by allowing us to service our accounts payable, provide working capital, strengthen our balance sheet and bring our fields back online. Furthermore this will give us the opportunity to purchase additional properties in the Permian Basin during a low price market environment."

CAUTIONARY DISCLAIMER STATEMENT:

Neither Canadian Securities Exchange, OTCMarkets nor their Regulation Services Providers (as that term is defined in their respective policies) accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE, OTC Markets nor their Regulation Services Providers (as that term is defined in the policies of either exchange) accepts responsibility for the adequacy or accuracy of this release.

Mehran Ehsan
President, Chief Executive Officer & Director
(604) 259-2525

Scott Kelly
CFO, Corporate Secretary & Director
(604) 259-2525
Or for Investor Relations, please contact:
admin@permexpetroleum.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/70820


© Newsfilecorp 2020
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Financials
Sales 2020 0,92 M 0,74 M 0,74 M
Net income 2020 -1,69 M -1,36 M -1,36 M
Net Debt 2020 0,30 M 0,24 M 0,24 M
P/E ratio 2020 -1,19x
Yield 2020 -
Capitalization 9,47 M 7,67 M 7,65 M
EV / Sales 2019 1,54x
EV / Sales 2020 2,50x
Nbr of Employees -
Free-Float 85,1%
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Managers and Directors
Mehran Ehsan Chairman, President & Chief Executive Officer
Scott Sheldon Kelly Chief Financial Officer, Secretary & Director
Barry L. Whelan Chief Operating Officer & Director
Edward A. Odishaw Independent Director
Douglas C. Urch Independent Director
Sector and Competitors