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Permex Petroleum Corp (OILCF0.00%) has submitted its Form 10-K filing for the fiscal year ended September 30, 2024.
The filing includes financial statements for the year, showing a net loss of $3,989,276 compared to a net loss of $4,483,195 in the previous year. The decrease in net loss is attributed to reduced operating expenses and other income.
Revenue from oil and gas sales was $100,220, down from $665,623 in the prior year, primarily due to production constraints and field shutdowns during the fiscal year.
Lease operating expenses decreased to $196,428 from $879,471, reflecting reduced production activities and cost management efforts.
General and administrative expenses were $2,718,975, down from $3,536,118, due to decreased property development and corporate activities.
The company reported a working capital deficiency of $5,857,870 as of September 30, 2024, compared to a deficiency of $3,142,916 the previous year. The increase in deficiency is mainly due to outstanding payables and the need for additional funding.
Permex raised $1,365,000 through convertible debenture financings during the year and received $2,250,000 from debt financing subscriptions.
The company plans to raise additional funds through equity and debt financings to meet its operating and capital requirements over the next 12 months.
Permex's oil and gas reserves were revised, with proved reserves reported at 1,695,400 barrels of oil and 1,138,200 Mcf of natural gas as of September 30, 2024.
The company continues to focus on acquiring producing assets and increasing production through recompletion and re-entries, secondary recovery, and infill drilling.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Permex Petroleum Corp annual 10-K report dated January 14, 2025. To report an error, please email earnings@qz.com.