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Oil and gas producer Permex files to join NYSE, offering $11 million (OTCMKTS: OILCD)


Oil and gas industry.  Oil pump oil rig oil rig industrial machine for oil and gas in sunset background, Increase oil production

Evgenii Mitroshin

Oil and gas producer Permex Petroleum (OTCQB: OILCD) filed to list its shares on the NYSE and raised about $11 million.

Permex said in a profile that they are considering offering 2 million shares at an assumed price of $5.50 per share, subject to change. The company expects the deal to generate net proceeds of $11 million if the underwriting option is fully exercised, about $10 million otherwise. Think Equity is acting as a leader.

The company’s shares are currently traded OTC under the symbol OILCD and on the Canadian and Frankfurt exchanges. Permex did a reverse stock split of 1 for 60 on November 2 to be eligible to be listed on the NYSE.

Headquartered in Dallas, Permex is engaged in the acquisition, exploration and production of oil and natural gas, primarily in the Permian Basin. The company operates 78 oil and gas wells and has 11,700 acres of production assets.

For the fiscal year ended September 30, 2021, Permex reported a net loss of $1.2 million and revenue of just $47K, which it attributed to the sale of some of the most assets. production halted and stopped for a long time due to the sharp drop in oil prices. The company is currently working to bring some properties back online.

Last week, Permex announced that it had completed drilling The first Breedlove oil well in Martin County, Texas.

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