Phoenix, Arizona--(Newsfile Corp. - June 23, 2022) - The Stock Day Podcast welcomed Permex Petroleum Corporation (CSE: OIL) (OTCQB: OILCF) ("the Company"), 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. President and CEO of the Company, Mehran Ehsan, joined Stock Day host Sever Copley.
"What is your opinion on oil and gas prices today?" asked Copley to begin the interview. "When it comes to the cycle we are in, I personally believe that we can retest the highs of 139, which we saw earlier this year," said Ehsan. "There are three things we can monitor to completely understand where the markets will go," he shared. "The European EU is essentially ditching Russia's oil, which has now been fully adopted as a part of sanctions against Moscow, which is impacting the supply side."
"There are insufficient alternatives," continued Ehsan. "Russia represented around 14% of global oil supply and now OPEC and OPEC+ members are at their full capacity and cannot make up for that loss of production," he explained. "Lastly, there is a strong global demand," said Ehsan. "The biggest bearish influence on prices (Chinese lockdowns) has been eliminated, in my mind, hence one more reason to expect prices not only to support these levels, but possibly go higher."
"How does Permex Petroleum management feel the recent Taglich Brothers report captured the real and projected valuation for your company?" asked Copley. "I think the report was done quite well," said Ehsan. "What I do want to point out is that I do not believe the report covered the drilling prospects that we are moving forward with," he shared, before elaborating on these projects.
"We also have fresh, brand new D&C "drilling and completion" programs that we are starting to bring to market, and I believe those will have a different valuation model than what we saw on that report," said Ehsan. "However, I continue to be in mind that currently we are significantly undervalued based on the reserves, assets, and fundamentals of the company."
"What are some short-term and long-term catalysts potential shareholders can look forward to?" asked Copley. "For short-term, we will continue to bring our shut-in wells online, and we anticipate five additional wells online by July," said Ehsan. "On the corporate side, we are now proceeding with listing on the New York Stock Exchange," he shared. "We have been under the radar, listed on the CSE and OTCQB, and have not had followers, volume, or coverage. We are mitigating against that now by going on the New York Stock Exchange, and we anticipate to be uplisted by the end of August."
To close the interview, Ehsan elaborated on the potential of the oil and gas industry for companies and their shareholders, and encouraged listeners to keep up-to-date on the Company's updates and current projects.
To hear Mehran Ehsan's entire interview, follow the link to the podcast here: https://audioboom.com/posts/8108330-permex-petroleum-discusses-the-future-of-the-oil-and-gas-industry-with-the-stock-day-podcast.
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About Permex Petroleum Corporation
Permex Petroleum (CSE: OIL) (OTCQB: OILCF) (FSE: 75P) 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, please visit www.permexpetroleum.com.
Permex Petroleum Corporation
President, Chief Executive Officer & Director
CFO, Corporate Secretary & Director
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CAUTIONARY DISCLAIMER STATEMENT:
The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.
This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends", "expects" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or will "potentially" or "likely" occur. This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding Permex's expectations of entering into a growth phase in relation to its business and drilling programs; the market opportunity in the oil and gas industry; Permex's future plans to bring additional shut-in wells online, and the deployment of the Company's capital.
In addition, forward-looking statements or information are based on a number of material factors, expectations or assumptions of Permex which have been used to develop such statements and information but which may prove to be incorrect. Although Permex believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Permex can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: that Permex will continue to conduct its operations in a manner consistent with past operations; continued performance from existing wells; the continued and timely development of infrastructure in areas of new production; the accuracy of the estimates of Permex's reserve volumes; certain commodity price and other cost assumptions; continued availability of debt and equity financing and cash flow to fund Permex's current and future plans and expenditures; the impact of increasing competition; the general stability of the economic and political environment in which Permex operates; the general continuance of current industry conditions; the timely receipt of any required regulatory approvals; the ability of Permex to obtain qualified staff, equipment and services in a timely and cost efficient manner; the ability of Permex to obtain financing on acceptable terms; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration; future commodity prices; currency, exchange and interest rates; regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Permex operates; and the ability of Permex to successfully market its oil and natural gas products.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
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