Oil and gas producer Permex files for NYSE uplisting, $11M offering (OTCMKTS:OILCD)

Oil and gas producer Permex Petroleum (OTCQB:OILCD) has filed to uplist its shares to NYSE and raise around $11M.

Permex said in a filing that it is looking at offering 2M shares at the assumed price of $5.50 per share, which is subject to change. The company expects the deal to generate net proceeds of $11M if the underwriters option is exercised in full, around $10M if it is not. Think Equity is serving as lead bookrunner.

The company’s shares are currently traded OTC under the symbol OILCD and on the Canadian and Frankfurt exchanges. Permex effected a 1-for-60 reverse stock split on Nov. 2 to qualify for the NYSE listing.

Based in Dallas, Permex is engaged in the acquisition, exploration and production of oil and natural gas, primarily in the Permian Basin. The company operates 78 oil and gas wells and has 11,700 net acres of production assets.

For the fiscal year ended Sept. 30, 2021, Permex reported a net loss of $1.2M and revenue of only $47K, which it attributed to the sale of certain assets and an extended production shutdown due to a steep decline in oil prices. The company is currently working to bring certain assets back online.

Last week, Permex announced that it had completed drilling of its first Breedlove Oilfield well in Martin County, Texas.