Permex Petroleum Corp

Permex's secured debenture holders, acting through collateral agent Jeffrey Eberwein, accelerated the $4,276,389 of 10% convertible debentures in April 2026 after the company failed to pay by 2 November 2025, and on 15 June served notice of a foreclosure sale over its Martin County, Texas oil and gas leases, set for 7 July 2026 at the county courthouse in Stanton.

debt default or forbearance

Permex missed the 1 November 2025 maturity on the 2024 debentures, and the holders - through collateral agent Jeffrey Eberwein - demanded immediate repayment of $4.28 million plus 10% interest and warned they would take the secured assets. Chief executive Bradley Taillon had resigned six weeks earlier, chairman Richard Little took over on an interim basis, and the audited 2025 accounts went unfiled.

debt financing

Permex's 2024 and 2025 secured lenders agreed to rank equally against the same collateral, and the 2024 holders signed a waiver amending their debentures - the first sign on the record that those notes were already in difficulty. The same day the company announced a non-binding understanding with Chisos Ltd over up to $25 million of Permian development funding.

material agreement

For $75,000 Permex bought a six-month option over more than 50 producing wells, gathering facilities and 20,000 net acres held by Navidad Petroleum and TMR Exploration, exercisable at $3 million with at least $1.75 million of it in cash - money the company had no evident way of finding.

material agreement

A single investor put up $2 million for more 10% senior secured debentures, again charged over company assets, three and a half months before the 2024 debentures were due. Permex was borrowing fresh secured money while an earlier secured lender was still waiting to be repaid.

capital raising announcement

Permex closed $4.28 million of 10% senior secured convertible debentures, but a third of that was not new money - just the April debentures rolled over - and the chief executive was among the subscribers. These are the notes due on 1 November 2025 that the company would fail to pay.

capital raising announcement

Permex's shares resumed trading in Canada after the British Columbia regulator lifted a cease-trade order imposed in April for missing a year of financial statements. The company scrapped the February debenture raise and launched a replacement, this time paying 15%.

capital raising announcement

Only $500,000 of the hoped-for $20 million was actually placed, as 10% senior secured debentures ranking ahead of all other debt and backed by a charge over company assets. The first time Permex pledged its assets to lenders.

debt financing

Permex set out to raise up to $20 million in 10% convertible debentures. The terms say more than the headline: the debentures fall due in three months rather than a year unless Permex signs a merger or share-exchange agreement the holders find acceptable, so the lenders were in effect requiring the company to go and find a buyer.

capital raising announcement

the exchange certified Permex Petroleum Corp's securities for listing, clearing them to begin trading.

listing compliance notice

Auditor Davidson & Company resigned with no disagreements reported and Marcum took over. The same filing disclosed a 1-for-60 share consolidation that turned 116 million shares into 1.9 million, ten days before a US exchange certified Permex's shares for listing, and the start of drilling on the Eoff PPC#3 well.

auditor change

Drilling began on the Breedlove prospect in Martin County five weeks after the state permit came through - the first well Permex drilled itself rather than re-entering someone else's.

drilling progress report