Mr. Mehran Ehsan reports
PERMEX PETROLEUM PROVIDES UPDATE REGARDING ITS ANNUAL FILINGS AND MANAGEMENT CEASE
TRADE ORDER
Permex Petroleum Corp. is providing an update regarding the anticipated filing of its audited
annual financial statements and accompanying management's discussion and analysis with related CEO (chief executive officer)
and CFO (chief financial officer) certificates for the financial year ending Sept. 30, 2023 (collectively, the annual filings). The company is currently subject to a management cease trade order (MCTO) in connection
with its failure to make the annual filings by the required deadline. The MCTO was issued by the
British Columbia Securities Commission (the BCSC) on Jan. 30, 2024, as previously announced
by the company in news releases dated Jan. 31, 2024, Feb. 19, 2024, Feb. 28, 2024, and
March 13, 2024.
The company had previously anticipated completing the annual filings by March 29, 2024. Due to a lack
of funding, the company has been unable to engage its auditor on the timeline previously anticipated and
now anticipates making the annual filings on or before May 31, 2024.
The company applied to the BCSC to request an extension to the MCTO and was granted an extension
until April 15, 2024.
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 change in the expected
filing date for the annual filings represents a material change to the information contained in the default
announcement issued Jan. 31, 2024, and the default status reports issued on Feb. 19, 2024,
Feb. 28, 2024, and March 13, 2024, there is no other material information concerning the affairs of
the company that has not been generally disclosed.
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.
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