Company to Drill in the Spraberry (Trend Area) Targeting Multiple Zones
Permex Petroleum Corporation , a junior oil and gas company, received approval on its permit application for drilling on its property in Martin County, Texas.
“The approval of our permit to drill within the highly sought-after Spraberry Trend Area is very well received, and we are thrilled to get our well operational in short order,” said Mehran Ehsan, CEO of Permex Petroleum. “Major oil and gas operators have had prolific success with developing and exploiting reserves that are directly adjacent our Martin County assets. We are now moving forward with drilling program while remaining focused on evaluating other potentially lucrative drilling opportunities to support revenue growth and ultimately generate value for our shareholders.”
Permex Petroleum submitted the request for multiple assignment of acreage in the Spraberry zone under Statewide Rule 40 in July 2022. The Railroad Commission of Texas reviewed and approved the request for well development rights between depths of 0 ft. and 11,100 ft., allowing Permex to commence operations with a possibility of producing from multiple zones.
About Permex Petroleum Corporation
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. For more information, visit www.permexpetroleum.com.