Mr. Bradley Taillon reports

PERMEX PETROLEUM ANNOUNCES APPOINTMENT OF NEW PRESIDENT AND CHIEF EXECUTIVE OFFICER

Permex Petroleum Corp. today appointed Bradley Taillon as the new president and chief executive officer of the company. Mr. Taillon has a wealth of experience working in operations and finance for both public and private junior oil and gas companies, particularly those focused on United States and Permian basin growth and development. Mr. Taillon's appointment follows the resignation of Mehran Ehsan who shall continue to serve as a member of the board of directors and vice-president of business development. As CEO of Permex Petroleum since the company's inception, Mr. Ehsan played a prominent role in the company's formation and expansion.

Mr. Taillon's experience in junior oil and gas operations not only consists of working as a senior manager at the corporate level, but also in the field as a registered professional Landman with the AAPL. Mr. Taillon recently led the M&A (merger and acquisition) initiative for Ruckus Energy, a private Permian basin focused junior oil and gas company, where he played an instrumental role growing their assets from zero to greater than $130-million in 1P (proven) reserves. Prior to Ruckus Energy, Mr. Taillon oversaw the M&A initiative at Lilis Energy Inc., a United States publicly listed junior oil and gas company also focused on the Permian basin, and contributed to Lilis's success by more than doubling its acreage position in the highly competitive Delaware basin while the company's market capitalization grew from approximately $3-million to $550-million in a period of less than two years. Prior to Mr. Taillon's appointment at Permex Petroleum as president and CEO, he recently served as the company's vice-president of finance. Mr. Taillon holds a bachelor of business administration in international economics and an MBA in international finance from Fort Hays State University.

Mr. Taillon stated: "With the support of Mehran and our board of directors, I appreciate the opportunity to lead Permex Petroleum into its next chapter as we capitalize on our premier acreage and reserve position in the Permian basin. Mehran and his team built a very strong portfolio of assets with 1P reserves of approximately $160-million* and greater than 90 per cent oil. I look forward to building upon that success by unlocking the production potential, expanding our reserves and growing our overall asset and shareholder value."

Douglas Urch, director, commented: "We welcome Brad as Permex Petroleum's next CEO. Brad's deep experience and leadership will strengthen the company as we embark on the next growth stage to fund, develop and expand our Permian basin assets. Under Mehran's leadership, the company built an impressive acreage, reserve position and the beginning of a development program while weathering volatile market conditions."

In a statement, Mr. Ehsan expressed his gratitude for the opportunity to lead Permex Petroleum. "It has been an honour to serve as president and CEO of Permex Petroleum and to work alongside such a talented team. I will continue to serve Permex on the board of directors and look forward to leading our business development efforts and contributing to the company's growth."

* As set out in the Form 51-101F1 -- Statement of Reserves Data and Other Oil and Gas Information as of Sept. 30, 2023, filed by the company on SEDAR+.

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 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 U.S. Corp., is a licensed operator in both states, and owns and operates on private, state and federal land.

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