Permex Petroleum Corporation has announced a non-binding Memorandum of Understanding (MOU) with Chisos Ltd., a Houston-based private oil and gas operator, to potentially secure up to $25 million in development capital. This funding aims to support the development of Permex's core assets in the Permian Basin. Under the terms of the MOU, Chisos will acquire a non-operating working interest of up to 50% in specific wells and leasehold areas to be developed and operated by Permex. The initial financing tranche targets $10 million for drilling eight vertical wells on Permex's 'Breedlove' asset. Chisos' investment is contingent on Permex matching the funds dollar for dollar. Permex CEO Brad Taillon expressed confidence in the partnership, highlighting the strategic alignment with Chisos and its founder, James Perry Bryan, a former Permex director. Chisos CEO Marshall Baker emphasized the potential value of the assets and the shared vision to maximize their development.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Permex Petroleum Corp. published the original content used to generate this news brief via Newsfile (Ref. ID: 265505) on September 08, 2025, and is solely responsible for the information contained therein.
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