Permex Petroleum Corporation, listed on the Canadian Securities Exchange and active in oil and gas exploration and production in the Permian Basin, has entered into an option agreement with a group of owners including Navidad Petroleum and TMR Exploration. This agreement gives Permex the possibility to acquire more than 50 producing wells as well as gathering facilities and 20,000 net acres of undeveloped mineral rights.
In exchange for an initial payment of $75,000, Permex obtains a six-month option to acquire the group’s entire interest in these assets for a total amount of $3 million, including at least $1.75 million in cash. The agreement also provides for a full refund of the option as well as $50,000 in compensation if the seller terminates the deal.
A strategic lever to expand gas production
The agreement aims to strengthen Permex’s natural gas production, currently concentrated on predominantly oil-weighted reserves. The assets in question produce about 4 megawatts of energy, a capacity the company considers exploitable to directly power on-site Bitcoin mining operations.
Permex Petroleum Corporation Chief Executive Officer Brad Taillon stated that the assets provide a “turnkey” solution for implementing cryptocurrency mining projects while diversifying the company’s energy production streams. “We believe this acquisition would allow us to simultaneously develop oil and gas reserves while supporting our strategy of deploying Bitcoin from our energy assets,” he said.
Ongoing partnership with 360 Energy for mining
Permex plans to collaborate with its current partner, 360 Energy, Inc., to plan the potential installation of mining units on the newly acquired sites. This partnership is part of a broader strategy to optimise the use of energy assets through industrial applications with high electricity demand.
The company has not yet confirmed whether it will exercise the option, but the contract terms provide strategic flexibility and financial protection in case of withdrawal by the selling group. No final decision date has been specified.
