Permex Petroleum Corporation has entered into a non-binding Letter of Intent ("LOI") with third party independent seller(s), for the purchase of all the seller's rights, title, 3D seismic data and interests in their oil and gas assets located in Martin County, Texas. Under the terms of the LOI, the purchase price will be for USD 2.0 million in an all-stock transaction. Pursuant to the acquisition, Permex will acquire 100% Working Interest ("WI") with an average 81.75% net revenue interest ("NRI") in 7,870.23 gross acres in the Permian basin of West Texas. Of the 7,870.23 acres being acquired, over 98% is considered held by production ("HBP"), meeting Permex's strict internal HBP acquisition requirements. The acreage also contains dozens of drill sites which are allowable under the spacing requirements, which could also be utilized to increase and enhance the recovery of the hydrocarbons in the producing reservoir.