Permex Petroleum Corporation announced results obtained from five recently recompleted oil and gas wells located in Eddy County, New Mexico and Martin County, Texas. In August, Permex continued its re-entry and stimulation program on its Henshaw Premier Unit and Oxy Yates properties
situated in Eddy County New Mexico. The re-entry and stimulations involved targeting the Grayburg formation in the Henshaw well numbers 107, 2L, 3B, while targeting the Yates formation in Oxy yates 14-3 well. The Company also recompleted the Mabee Breedlove Clearfork Unit #12 ("MBCU") on its Breedlove field within the Clearfork formation located in Martin County. The recompletions were successful and came online at a combined initial production rate of 50 barrels of oil equivalent per day ("BOEPD") and have stabilized at a rate of 35 barrels of oil equivalent per day, increasing the Company's total production to 71 barrels of oil equivalent per day ("BOEPD"). The Company has an additional 62 shut-in oil, gas and salt water disposal wells remaining to be brought online. Management believes these wells will have the potential to yield similar results, increasing the Company's total daily production solely by re-entering shut-in wells. In addition to the re-entry and stimulation of the wells, management has started its extensive Enhanced Oil Recovery ("EOR")
study on the Clearfork formation for its Martin County asset. This includes review of all injection wells, downhole pressure and
communication between injectors and receiving wells. Management expects to have the study published within 30 days and
incorporate the findings for enhanced oil recovery.