Permex Petroleum is a small, independent oil and gas E&P company focused entirely on the Permian Basin in West Texas and Southeast New Mexico. Permex operates across roughly 11,700 net acres spanning the Midland Basin, Delaware Basin, and Central Basin Platform. The company owns and operates 97 oil and gas wells, holds royalty interests in 73 additional wells, and has 66 shut-in wells it considers recompletion or re-entry candidates. Permex sells crude oil at prices tied to WTI and natural gas under Henry Hub spot prices, with two purchasers accounting for effectively all revenue. Permex's core strategy is to acquire producing or previously producing Permian Basin assets at a discount, then restore and grow production through recompletions, well re-entries, waterflood secondary recovery, and infill drilling. The business is almost entirely dependent on production volumes and commodity prices, and is heavily capital-constrained — most of Permex's wells are currently shut in due to insufficient capital to operate them, with only the Breedlove property holding active producing wells. Permex estimates it needs roughly $6M in capex in FY25 to develop its proved undeveloped reserves. Growth initiatives include reactivating shut-in wells, waterflood recovery at its Pittcock properties, proved undeveloped drilling at Breedlove, and bolt-on acquisitions of distressed Permian assets — all contingent on raising external capital through debt, equity, or joint ventures. Permex is a micro-cap operator with two employees and limited access to capital markets.