Mr. Mehran Ehsan reports

PERMEX PETROLEUM ANNOUNCES FILING OF APPLICATION FOR MANAGEMENT CEASE TRADE ORDER

Permex Petroleum Corp. has missed its filing deadline of Jan. 28, 2024, to file the company's audited annual financial statements and accompanying management discussion and analysis, with related chief executive officer and chief financial officer certificates, for the financial year ended Sept. 30, 2023, as required under applicable Canadian securities laws.

The company obtained a management cease trade order (MCTO) under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203") from the British Columbia Securities Commission, in connection with the Company's inability to file the Annual Filings on time. The Company applied for a MCTO as it was unable to file its Annual Filings within the required time due to a lack of funds, which prevented the Company from being able to engage its auditors.

The Company expects to file the Annual Filings as soon as they are available, but in any event no later than March 29, 2024. The Company will issue a news release once the Annual Filings are filed. Until the Company files the Annual Filings, it will comply with the alternative information guidelines set out in NP 12-203. The guidelines, among other things, require the Company to issue bi-weekly default status reports, in the form of news releases, for so long as the Annual Filings have not been filed.

During the MCTO, the general investing public will continue to be able to trade in the Company's common shares (the "Shares") listed on the Canadian Securities Exchange. However, the Company's CEO, CFO and such other directors, officers and persons as determined by the applicable regulatory authorities will not be able to trade in the Shares, nor will the Company be able to, directly or indirectly, issue securities to or acquire securities from an insider or employee of the Company except in accordance with legally binding obligations to do so existing as of January 28, 2024, being the date of the Company's continuous disclosure default.

The Company is not subject to any insolvency proceedings. If the Company provides any information to any of its creditors during the period in which it is in default of filing the Annual Filings, the Company confirms that it will also file material change reports on SEDAR+ containing such information.

About Permex Petroleum Corporation

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 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.

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