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Permex Petroleum sees big jump in fiscal third quarter revenue

It's net loss narrowed 82.37% to C$106,686 in the quarter versus a net loss of C$600,525 in the same period of 2018

Permex Petroleum Corporation -
During Q2/Q3 Permex focused on making efficiencies by adding new stable production in Q1 of 2019

Permex Petroleum Corporation (CSE:OIL) (OTCMKTS:OILCF) posted a third-quarter of strong growth, which saw its revenue increase by 242% compared to the same period a year earlier.

The Vancouver-headquartered oiler, which is producing, has assets across the Permian Basin of west Texas and the Delaware Sub-Basin of New Mexico.

READ: Permex Petroleum hails increased investment by major operators in West Texas basin, validating assets

The company reported revenue for the three months to end June of C$420,941, compared to C$122,911 in the same quarter of 2018, with its net loss narrowed by 82% to C$106,686 in the quarter versus a net loss of C$600,525 in the same period of 2018.

Operating netback - after deducting factors like operating expenses, royalties from revenue - came in at C$26.71 per barrel of oil equivalent (boe), which was 485% better than in the same quarter of fiscal 2018, while general and administration costs fell by 54% to C$294,904.

"During Q2/Q3 Permex focused on operating and corporate efficiencies by adding new stable production in Q1 2019, which have helped Permex to reduce operating expenses and liabilities," the firm said in its statement on Friday.

"In Q3 2019, the company continued its operations on the 7 of its 8 fields in west Texas and southeast New Mexico. This included well cleanouts, chemical treatment, shutting in lower producing wells, and plugging two saltwater disposal wells. Facility upgrades occurred at the Henshaw property in New Mexico and wells placed in operation," it added.

For the rest of the year, Permex told investors it would focus on strengthening the balance sheet while optimizing new production and reducing per barrel costs.  It will also prepare for horizontal drillings of its San Andres assets.

Contact the author at [email protected]

Quick facts: Permex Petroleum Corporation

Price: 0.055 CAD

CSE:OIL
Market: CSE
Market Cap: $2.2 m
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