Mr. Mehran Ehsan reports

PERMEX PETROLEUM PROVIDES UPDATE REGARDING MANAGEMENT CEASE TRADE ORDER

Permex Petroleum Corp. is providing an update with respect to the management cease trade order issued by the B.C. Securities Commission on Jan. 30, 2024, as previously announced by the company in news releases dated Jan. 31, 2024, Feb. 19, 2024, and Feb. 28, 2024. The MCTO was issued by the BCSC in connection with the delay by the company in filing its audited annual financial statements and accompanying management's discussion and analysis, with related chief executive officer and chief financial officer certificates for the financial year ended Sept. 30, 2023.

The completion of such annual filings was delayed due to a lack of funds, which prevented the company from being able to engage its auditor. The company is in the process of engaging its auditor.

The company is providing this status update in accordance with National Policy 12-203 (Management Cease Trade Orders). The company intends to follow the provisions of the alternative information guidelines set out in NP 12-203, including the issuance of biweekly default status reports in the form of news releases, for as long as the company remains in default. The company confirms, as of the date of this news release, that there has been no material change in the information contained in the default announcement issued Jan. 31, 2024, and the default status reports issued on Feb. 19, 2024, and Feb. 28, 2024, and there is no other material information concerning the affairs of the company that has not been generally disclosed. The company anticipates filing the annual filings and remedying its default on or before March 29, 2024.

About Permex Petroleum Corp.

Permex 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.

We seek Safe Harbor.