Permex Petroleum Corp. Files Q3 2024 10-Q

TL;DR

Permex Petroleum Corp. 10-Q filed for Q3 2024. Dallas-based oil & gas driller.

AI Summary

Permex Petroleum Corp. filed its 10-Q for the period ending June 30, 2024. The company, operating in the oil and gas drilling sector, is based in Dallas, Texas. The filing details financial information and operational updates for the third quarter of their fiscal year.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational status of Permex Petroleum Corp., crucial for understanding the company's current health and future prospects in the oil and gas industry.

Risk Assessment

Risk Level: medium — As an oil and gas company, Permex Petroleum Corp. is subject to inherent industry risks including commodity price volatility and regulatory changes.

Key Numbers

• 0930 — Fiscal Year End (Indicates the end of the company's annual reporting cycle.)
• 2024-06-30 — Quarter End Date (Marks the end of the reporting period for this 10-Q filing.)

Key Players & Entities

• Permex Petroleum Corp. (company) — Filer of the 10-Q
• Dallas, TX (location) — Company's business and mailing address
• 20240630 (date) — Period of report for the 10-Q

FAQ

Filing Documents

• form10-q.htm (10-Q) — 1213KB
• ex10-1.htm (EX-10.1) — 196KB
• ex31-1.htm (EX-31.1) — 16KB
• ex31-2.htm (EX-31.2) — 16KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 8KB
• 0001493152-24-041940.txt ( ) — 5844KB
• oilcf-20240630.xsd (EX-101.SCH) — 43KB
• oilcf-20240630_cal.xml (EX-101.CAL) — 54KB
• oilcf-20240630_def.xml (EX-101.DEF) — 139KB
• oilcf-20240630_lab.xml (EX-101.LAB) — 376KB
• oilcf-20240630_pre.xml (EX-101.PRE) — 285KB
• form10-q_htm.xml (XML) — 816KB

From the Filing

UNITED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2024 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-41558 Permex Petroleum Corporation (Exact name of registrant as specified in its charter) British Columbia, Canada 98-1384682 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1700 Post Oak Boulevard , 2 Blvd Place Suite 600 Houston Texas 77056 (Address of principal executive offices) (Zip Code) (346) 245-8981 (Registrant's telephone number, including area code) Not applicable (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: None Indicate by checkmark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by checkmark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company. or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large Accelerated Filer Accelerated Reporting Company Emerging Growth Company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No As of October 22, 2024, there were 551,503 common shares of the registrant issued and outstanding. PERMEX PETROLEUM CORPORATION FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2024 TABLE OF CONTENTS Page Explanatory Note 3 Cautionary Notice Regarding Forward Looking Statements 6 PART I. FINANCIAL INFORMATION 7 Item 1. Financial Statements (Unaudited) 7 a) Condensed Interim Consolidated Balance Sheets as of June 30, 2024 and September 30, 2023 7 b) Condensed Interim Consolidated Statements of Operations and Comprehensive Loss – Three and Nine Months Ended June 30, 2024 and 2023 8 c) Condensed Interim Consolidated Statements of Changes in Stockholders' Equity – Three and Nine Months Ended June 30, 2024 and 2023 9 e) Condensed Interim Consolidated Statements of Cash Flows – Nine Months Ended June 30, 2024 and 2023 11 f) Notes to Condensed Interim Consolidated Financial Statements 12 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3. Quantitative and Qualitative Disclosures about Market Risk 33 Item 4. Controls and Procedures 33 PART II. OTHER INFORMATION 34 Item 1. Legal Proceedings 34 Item 1A. Risk Factors 34 Item 5. Other Information 35 Item 6. Exhibits 35 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

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