- Permex Petroleum Corporation (OIL) announced results from five recently recompleted oil and gas wells located in New Mexico and Texas
- The recompletions were successful and came online at a combined initial production rate of 50 barrels of oil equivalent per day
- Permex has started its Enhanced Oil Recovery (EOR) study on the Clearfork formation for its Martin County asset
- Mehran Ehsan, President & CEO of Permex Petroleum, sat down with Daniella Atkinson to discuss the news
- Permex Petroleum is a junior oil & gas company with assets and operations across West Texas and the Delaware Sub-Basin of New Mexico
- Permex Petroleum Corp. opened trading at C$0.14
Permex Petroleum Corporation (OIL) announced results from five recently recompleted oil and gas wells in New Mexico and Texas.
In August, Permex continued its re-entry and stimulation program on its Henshaw Premier Unit and Oxy Yates properties in Eddy County, New Mexico. The company also recompleted the Mabee Breedlove Clearfork Unit #12 (MBCU) on its Breedlove field within the Clearfork formation in Martin County.
The recompletions were successful and came online at a combined initial production rate of 50 barrels of oil equivalent per day and have stabilized at a rate of 35 barrels of oil equivalent per day, increasing the Company’s total production to 71 barrels of oil equivalent per day.
Permex has an additional 62 shut-in oil, gas and saltwater disposal wells remaining to be brought online. The company believes these wells will have the potential to yield similar results, increasing the company’s total daily production solely by re-entering shut-in wells.
In addition to the re-entry and stimulation of the wells, Permex has started its Enhanced Oil Recovery (EOR) study on the Clearfork formation for its Martin County asset.
Mehran Ehsan, President & CEO of Permex Petroleum, sat down with Daniella Atkinson to discuss the news.
“The results obtained through the minor stimulation and treatment of the recent wells are inline with our strategy to add sustainable marginal production through low risk, low-cost recompletions while preparing for drilling programs for continued growth. We have increased our production by as much as 48% compared to the June 30th, 2022, quarterly filings. Our plan has always been to take a methodical approach to our operations, and we believe we are setting realistic operational goals and are meeting our targets.”
Permex Petroleum is a junior oil & gas company with assets and operations across the Permian Basin of West Texas and the Delaware Sub-Basin of New Mexico.
Permex Petroleum Corp. (OIL) opened trading at C$0.14.