Permex Petroleum, a junior oil, and gas company, has received approval for the requested permit application. That permit endorses the company to begin drilling within its property in Martin County, Texas.
“The approval of our permit to drill within the highly sought-after Spraberry Trend Area is very well received, and we are thrilled to get our well operational in short order,” said Mehran Ehsan, CEO of Permex Petroleum. “
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Major oil and gas operators have had prolific success developing and exploiting reserves adjacent to our Martin County assets. We are moving forward with the drilling program while remaining focused on evaluating other potentially lucrative drilling opportunities. All to support revenue growth and ultimately generate value for our shareholders.”
The request submitted in July 2022 by Permex Petroleum included the multiple allocations of acres in the Spraberry area under the state standard.
The Texas Railroad Commission reviewed and approved the request for good rights between 0 feet and 11,100 feet. This opened the way for Permex to begin its operations and to have the possibility of producing multiple zones from scratch.
Permex Petroleum Corporation
As we mentioned, it is a junior oil and gas company with a privileged location. Its assets and operations are located in the Permian Basin of West Texas and the Delaware Sub-Basin of New Mexico.
They focus on combining their development at a low cost of assets in favor of production and thus have sustainable growth with their Blue-Sky projects.
The company has a wholly owned subsidiary, making it a licensed operator in both states. Thanks to them, the company owns and operates on two private lands, state and federal.
