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    OIL   CA71422P1053

PERMEX PETROLEUM CORPORATION

(OIL)
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Permex Petroleum Cancels Final Tranche of Non-Brokered Private Placement

09/05/2019 | 07:25am EDT

Vancouver, British Columbia--(Newsfile Corp. - September 5, 2019) - Permex Petroleum Corporation, (CSE: OIL) (OTCQB: OILCF), (the "Corporation") announces that the proposed second tranche of the private placement announced April 22, 2019 is cancelled at this time due to abatement of interest stemming from lower oil prices, consumer sentiment and related weakness in the junior resource sector.

Permex CEO Mr. Mehran Ehsan states, "Management has re-evaluated the current private placement taking into consideration prevailing market conditions. Permex will be opportunistic in assessing another financing for potential acquisitions or accretive growth targets."

About Permex Petroleum Corporation - www.permexpetroleum.com

Permex Petroleum 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 New Mexico. The company focuses on combining its low-cost development of Held by Production assets for sustainable growth with its current and future Blue-Sky projects for scale growth. The company through its wholly owned subsidiary Permex Petroleum US Corporation is a licensed operator in both states; and owns and operates on Private, State and Federal land.

CONTACT INFORMATION

Permex Petroleum Corporation
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

CAUTIONARY DISCLAIMER STATEMENT: The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/47537


© Newsfilecorp 2019
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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