Permex Increases Assets In New West Texas Oil Land Purchase

July 10, 2018

 

Vancouver’s Permex Petroleum is nearly doubling its assets held by production with a West Texas oil land deal.

The company has already announced the acquisition of two producing assets from Energy Properties 2000-1 LLC, and now holds a 41.4% working interest in the ODC San Andres unit and 48% of the W. J. Taylor lease.

The company said that also increases Permex’s oil and gas reserves to around nine million barrels of oil equivalent, an increase of 25.6%, for an overall cash price of nearly $2 million.

Mehran Ehsan, the president and chief executive, said the company is excited to have a working interest partnership on the field with Occidental Petroleum Corporation.

“This not only provides us access to work side by side with one of the world’s elite oil and gas operators, but will also allow us the potential for future synergies.

Offset operators to the property, include Oxy, Devon EnergyHess Corporation and Fasken Oil and Ranch.