Mr. Mehran Ehsan reports

PERMEX PETROLEUM CORPORATION TO CONSOLIDATE ITS COMMON SHARES

Permex Petroleum Corp. will be consolidating all of its issued and outstanding common shares on the basis of one postconsolidated share for every four preconsolidated shares held.

The company's board of directors approved the consolidation on Sept. 13, 2023, and set Oct. 23, 2023, as the effective date of the consolidation. Trading of the shares on a postconsolidation basis on the Canadian Securities Exchange, the Frankfurt Stock Exchange and the OTCQB is expected to commence on or about Oct. 24, 2023, subject to final approval by the CSE and the Financial Industry Regulatory Authority. The new Cusip number for the postconsolidation shares will be 71422P303 and the new ISIN (international securities identification number) will be CA71422P3034. The company's name and stock symbol will remain unchanged following the consolidation.

No fractional shares will be issued as a result of the consolidation. Any fractional shares will be rounded either up or down to the nearest whole number of shares. Specifically, each fractional share remaining as a result of the consolidation that is less than half of a share will be cancelled and each fractional share that is at least half of a share will be changed to one whole share. The exercise price and number of shares issuable pursuant to the exercise of any outstanding securities convertible or exercisable into common shares, including options and warrants, will also be adjusted in accordance with the consolidation ratio.

As of the date hereof, the company has 2,206,014 shares issued and outstanding. The consolidation will reduce the number of outstanding shares to approximately 551,504 shares issued and outstanding.

The registered shareholders of the company will receive a letter of transmittal with respect to the consolidation, with information on how to surrender share certificates or DRS statement(s) representing preconsolidated shares to the company's transfer agent, TSX Trust Company. All shareholders who submit a duly completed letter of transmittal along with their respective share certificate(s) representing the preconsolidated shares to the company's transfer agent, TSX Trust, will receive a certificate or DRS statement(s) representing the postconsolidated shares.

The consolidation is intended to make the shares more attractive to new and current investors.

About Permex Petroleum Corp.

Permex Petroleum is a uniquely positioned junior oil and gas company with assets and operations across the Permian basin of West Texas and the Delaware subbasin 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 U.S. Corp., is a licensed operator in both states and owns and operates on private, state and federal land.

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