Permex Petroleum CEO Mehran Ehsan on hitting every milestone since becoming public
“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 Southeast New Mexico.
Permex Petroleum – Oil and Gas Company
Firstly, Permex was in a hawkish position during this most recent down cycle. We acquired assets at a discount typically 20 cents, 30 cents on the dollar, creating immediate shareholder value.
Second, would be the actual geography and the geology. We’re located in the Permian Basin with the large caps. This area was the only area in 2014, 15 and 16 that flourished. Geology and the formations we’re targeting and we have under our fields are the same geological formations that all the large caps target, the Bone Springs, Wolfcamp’s and the San Andres.
The third thing, every entrepreneur thinks they have a nimble structure; we have 35 million shares outstanding, no debt and 11 percent management ownership, making it truly tightly held.
Since we’ve been public, we’ve achieved every single milestone. From a land standpoint, we stated that we want to grow our land scale. We have done so, we went from 5,200 to 6,500 net acres. From a reserve standpoint, we’ve increased our reserves from 115 million USD to 150 million USD. From our production standpoint, we have doubled our production over the past while. We’re actually targeting horizontal drilling programs which assist in the cash flow of the company significantly and we can expect that to come into play over the next couple months.
The timing when we entered the market was the best time. I always say don’t let a good disaster go to waste. We took advantage of a disaster.” – Mehran Ehsan, President & CEO of Permex Petroleum
About Permex Petroleum
Permex Petroleum is a uniquely positioned junior Oil & 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 (“HBP”) 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.
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