Permex Petroleum (CSE: OIL) or OILCF on the OTCQB announced this morning that they have completed a transformational acquisition that is expected to increase OIL's proven and probable crude oil reserves by 240%. OIL now holds 100% working interest in the Mabee Breedlove Clearfork Unit, Mallard Breedlove lease, Carter Clearfork lease and Erwin Eoff lease located in Martin County, Texas. OIL's newly acquired leasehold interests in the Permian Basin are surrounded by leasehold interests owned by Diamondback Energy (FANG) a $27 billion enterprise value company!
If you read FANG's April 2014 press release by clicking here it says, "On February 28, 2014 Diamondback closed another accretive acquisition of 6,450 gross (4,785 net) acres in Martin County for an asset purchase price of $294.4 million from private sellers."
FANG paid $294.4 million for 4,785 net acres adjacent to OIL!
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