Mr. Brad Taillon reports

PERMEX ANNOUNCES SUCCESSFUL INITIAL IMPLEMENTATION OF OPERATING ARRANGEMENT, CHANGE OF OFFICERS

Permex Petroleum Corp. has provided an update to the operating arrangement with a private oil and gas operator in the Permian basin previously announced on Jan. 13, 2025. The company has started production on all of the wells subject to the arrangement and initial production results have met the expectations of management.

"We are very pleased with how the operations under the arrangement have gone since its implementation at the beginning of January," said Brad Taillon, Permex's president and chief executive officer. "This arrangement is expected to be accretive to Permex's shareholders due to Permex realizing its fees under the arrangement in a manner that is similar to a service provider. Provided that gas prices co-operate, I believe this production base of majority natural gas should continue to deliver strong performance. I am proud of our team handling the operational takeover of these assets efficiently and look forward to continuing this relationship into the future."

"Permex will continue to evaluate all opportunities to maximize the value created by our highly talented team here at Permex for the benefit of our shareholders," stated Mr. Taillon.

Additionally, the company announces that, effective May 2, 2025, Gregory Montgomery has resigned from his roles as chief financial officer and corporate secretary. Mr. Taillon, the company's president and chief executive officer, has been appointed interim chief financial officer and corporate secretary and will serve in these capacities until a permanent replacement is appointed. "We thank Greg for his service to Permex over the past years and wish Greg well on his next ventures," stated Mr. Taillon.

About Permex Petroleum Corp.

Permex Petroleum is a uniquely positioned junior oil and gas company with assets and operations across the Permian basin. The company focuses on combining its low-cost development of held-by-production assets for sustainable growth with identifying blue-sky projects for scale growth. The company, through its wholly owned subsidiary, Permex Petroleum U.S. Corp., is a licensed operator in both Texas and New Mexico and owns and operates on private, state and federal land.

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