Permex Petroleum (CSE: OIL) or OILCF on the OTCQB has discovered 47 locations to drill new wells beginning in 2022 on its newly acquired 7,741.67 net acres in the core of the Permian Basin.
28 locations contain proven oil reserves and 19 locations contain probable oil reserves!
The property also has 12 currently producing wells and OIL intends to enhance their recoveries through waterfloods!
Diamondback Energy (FANG) is producing daily volumes in excess of 1,200 barrels of oil equivalent per well from the Spraberry formation directly adjacent to OIL's lease.
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