Permex Petroleum Corp. Files Q1 2024 10-Q
Ticker: OILCF · Form: 10-Q · Filed: Oct 21, 2024 · CIK: 1922639
Sentiment: neutral
Topics: 10-Q, oil-and-gas, financial-reporting
TL;DR
Permex Petroleum filed its Q1 2024 10-Q, covering oil & gas drilling operations.
AI Summary
Permex Petroleum Corp. filed its 10-Q for the period ending December 31, 2023. The filing covers the first quarter of their fiscal year, which began on October 1, 2023. The company's principal business is oil and gas well drilling.
Why It Matters
This filing provides investors with an update on Permex Petroleum Corp.'s financial performance and operational status for the first quarter of fiscal year 2024.
Risk Assessment
Risk Level: medium — As an oil and gas drilling company, Permex Petroleum is subject to industry-specific risks including commodity price volatility and operational hazards.
Key Numbers
- Q1 2024 — Fiscal Quarter (Period covered by the 10-Q filing)
- 2023-12-31 — Period End Date (The end date for the financial reporting period)
- 2024-10-18 — Date of Change (Indicates a change in the filing date)
Key Players & Entities
- Permex Petroleum Corp. (company) — Filer of the 10-Q
- 20231231 (date) — End of reporting period
- 20241021 (date) — Filing date
- 1381 (other) — Standard Industrial Classification for Drilling Oil & Gas Wells
- 001-41558 (other) — SEC File Number
FAQ
What is Permex Petroleum Corp.'s primary business activity?
Permex Petroleum Corp.'s primary business activity is Drilling Oil & Gas Wells, as indicated by its Standard Industrial Classification code 1381.
For what fiscal period is this 10-Q filing?
This 10-Q filing is for the first quarter of fiscal year 2024, which ended on December 31, 2023.
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted to the SEC on October 21, 2024.
What is the company's principal business address?
The company's principal business address is 2911 Turtle Creek Blvd, Suite 925, Dallas, TX 75219.
What is the SEC file number for Permex Petroleum Corp.?
The SEC file number for Permex Petroleum Corp. is 001-41558.
Filing Stats: 4,567 words · 18 min read · ~15 pages · Grade level 14.6 · Accepted 2024-10-18 21:06:49
Filing Documents
- form10-q.htm (10-Q) — 710KB
- ex31-1.htm (EX-31.1) — 11KB
- ex31-2.htm (EX-31.2) — 11KB
- ex32-1.htm (EX-32.1) — 4KB
- ex32-2.htm (EX-32.2) — 4KB
- 0001493152-24-041665.txt ( ) — 4314KB
- oilcf-20231231.xsd (EX-101.SCH) — 38KB
- oilcf-20231231_cal.xml (EX-101.CAL) — 49KB
- oilcf-20231231_def.xml (EX-101.DEF) — 139KB
- oilcf-20231231_lab.xml (EX-101.LAB) — 349KB
- oilcf-20231231_pre.xml (EX-101.PRE) — 266KB
- form10-q_htm.xml (XML) — 499KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION 6
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited) 6 a) Condensed Interim Consolidated Balance Sheets as of December 31, 2023 and September 30, 2023 6 b) Condensed Interim Consolidated Statements of Operations and Comprehensive Loss – Three Months Ended December 31, 2023 and 2022 7 c) Condensed Interim Consolidated Statements of Changes in Stockholders' Equity – Three Months Ended December 31, 2023 and 2022 8 e) Condensed Interim Consolidated Statements of Cash Flows – Three Months Ended December 31, 2023 and 2022 9 f) Notes to Condensed Interim Consolidated Financial Statements 10
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 20
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk 26
Controls and Procedures
Item 4. Controls and Procedures 26
OTHER INFORMATION
PART II. OTHER INFORMATION 27
Legal Proceedings
Item 1. Legal Proceedings 27
Risk Factors
Item 1A. Risk Factors 27
Other Information
Item 5. Other Information 27
Exhibits
Item 6. Exhibits 27 2 Table of Contents EXPLANATORY NOTE Unless otherwise indicated or the context otherwise requires, all references in this Quarterly Report on Form 10-Q (this "Report") to "we," "us," "our," "Permex," and the "Company" are to Permex Petroleum Corporation., a corporation existing under the laws of the Province of British Columbia, Canada, and our wholly-owned subsidiary. Unless otherwise indicated in this Report, natural gas volumes are stated at the legal pressure base of the state or geographic area in which the reserves are located at 60 degrees Fahrenheit. Crude oil and natural gas equivalents are determined using the ratio of six Mcf of natural gas to one barrel of crude oil, condensate or natural gas liquids. The following definitions shall apply to the technical terms used in this Report. Terms used to describe quantities of crude oil and natural gas: " Bbl ." One stock tank barrel, of 42 U.S. gallons liquid volume, used herein in reference to crude oil, condensate or NGLs. " Boe ." A barrel of oil equivalent and is a standard convention used to express crude oil, NGL and natural gas volumes on a comparable crude oil equivalent basis. Gas equivalents are determined under the relative energy content method by using the ratio of 6.0 Mcf of natural gas to 1.0 Bbl of crude oil or NGL. " MBoe " One thousand barrels of oil equivalent. " MBbl ." One thousand barrels of crude oil, condensate or NGLs. " Mcf ." One thousand cubic feet of natural gas. " NGLs ." Natural gas liquids. Hydrocarbons found in natural gas that may be extracted as liquefied petroleum gas and natural gasoline. Terms used to describe our interests in wells and acreage: " Basin ." A large natural depression on the earth's surface in which sediments generally brought by water accumulate. " Completion. " The process of treating a drilled well followed by the installation of permanent equipment for the production of crude oil, NGLs, and/or natural ga