Permex Petroleum Corporation Announces Entry Into Option Agreement For Right To Acquire Energy Producing Assets In Connection With Bitcoin Mining Strategy

(MENAFN- Newsfile Corp) Vancouver, British Columbia--(Newsfile Corp. - September 2, 2025) - Permex Petroleum Corporation (CSE: OIL) (FSE: 75P) (" Permex " or the " Company "), a publicly traded oil and gas exploration and production company with assets in the Permian Basin, is pleased to announce it has entered into an option agreement (the "Option Agreement") to purchase producing oil and natural gas wells from an ownership group including Navidad Petroleum and TMR Exploration (the "Group"). The assets include over 50 producing wells, gathering facilities as well as over 20,000 net mineral acres of undeveloped leasehold interests.

Pursuant to the terms of the Option Agreement, in consideration of a US$75,000 cash payment, Permex received a 6-month option (the "Option") to acquire all of the Group's interest in certain producing oil and natural gas assets for total consideration of US$3 million in a combination of cash and stock, including a minimum of US$1.75 million in cash. If the Group terminates the Option, Permex will receive a refund of the US$75,000 option payment as s well as the break-fee payment of US$50,000 from the Group.

"We believe this Option gives Permex the ability to not only potentially expand its gas production and behind pipe reserves but could also further Permex's strategy of co-developing hydrocarbon and Bitcoin assets across producing oil and gas properties. The assets covered by this Option currently produce approx. ~4 MW of power and we believe that if we decide to exercise this Option that the underlying assets will be turn-key prepared for the deployment of in-field Bitcoin mining operations," said Permex CEO Brad Taillon.

"Since Permex's existing asset base reserves are weighted heavily towards oil, in our opinion diversifying our asset base with the possible acquisition of an additional source of stable gas production with significant behind pipe gas reserves makes fiscal sense as such acquisition could give the Company the opportunity to develop significant reserves across both hydrocarbon categories," Mr. Taillon added.

Permex intends to work with its Bitcoin mining partner, 360 Energy, Inc., to continue the planning process for the potential deployment of Bitcoin mining across the assets the Company currently holds as well as assets the Company may acquire in the future.

About Permex Petroleum Corporation

Permex Petroleum Corporation (CSE: OIL) (FSE: 75P) is a uniquely positioned junior oil & gas company with assets and operations across the Permian Basin. The Company is focused on the development of oil and gas assets with a strategic emphasis on assets for Bitcoin mining operations alongside hydrocarbon production.

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