Renowned Industry Veterans, Including Former President and CEO of Gulf Canada Resources Ltd., Collectively Bring Over 90 Years of International Oil and Gas Experience to Company's Leadership Team

Vancouver, British Columbia--(Newsfile Corp. - October 12, 2021) - Permex Petroleum Corporation (CSE: OIL) (OTCQB: OILCF) ("Permex" or the "Company"), a leading junior oil and gas company, today appointed John Perry ("J.P.") Bryan, Jr. and John James ("Jay") Lendrum, III to its Board of Directors (the "Board").

Mr. Bryan joins Permex with more than 50 years of management experience at some of the most recognizable and successful oil and gas companies in the world. Bryan has built a legacy throughout his career which notably includes serving as President and CEO of Gulf Canada Resources Ltd., one of the "big four" oil companies that existed prior to its acquisition by Conoco Inc. Bryan served as Chairman and CEO of numerous oil and gas companies in addition to leadership positions in the financial services industry.

Since 2015, Mr. Lendrum has served as the Chairman of Nuevo Midstream Dos, LLC, a company actively pursuing midstream projects in the primary energy basins of the U.S. Previously, Lendrum served as President, CEO and Director of Nuevo Midstream Company and Chairman of Torch Energy Advisors, Inc., in addition to various executive and board-level positions in the oil and gas industry.

"J.P. and Jay's exceptional international oil and gas backgrounds make them highly valuable additions to our board as we prepare for our next stage of growth as a public company," said Mehran Ehsan, President and CEO of Permex Petroleum. "Their deep experience in managing public companies at the executive and board levels, as well as their combined expertise in restructuring and go-to-market strategy, will prove to be invaluable as we scale our operations. We look forward to their presence on our leadership team through Permex's acceleration, growth and speed adoption in drilling programs to realize the true potential of our expanding footprint of reserves."

Mr. Bryan commented: "Permex stands to greatly benefit from its evolving position within the North American oil and gas market. I believe the experience I gained working at the forefront of the industry, including my tenure at Gulf Canada, will enable me to effectively advise the Permex management team through what I anticipate will be a prosperous era for the company."

Mr. Lendrum commented: "I look forward to the opportunity to working closely with the Permex management team as the company advances its operational strategy. Leveraging my experience in leading public companies through acquisition and development of oil and gas producing properties, as well as my deep knowledge of the Permian Basin in particular, I hope to provide valuable guidance to this well-equipped leadership team."

About Permex Petroleum Corporation

Permex Petroleum (CSE: OIL) (OTCQB: OILCF) is a uniquely positioned junior oil & gas company with assets and operations across the Permian Basin of West Texas and the Delaware Sub-Basin of New Mexico. The company focuses on combining its low-cost development of Held by Production assets for sustainable growth with its current and future Blue-Sky projects for scale growth. The company, through its wholly owned subsidiary, Permex Petroleum US Corporation, is a licensed operator in both states; and owns and operates on Private, State and Federal land. For more information, please visit www.permexpetroleum.com.

CONTACT INFORMATION

Permex Petroleum Corporation
Mehran Ehsan
President, Chief Executive Officer & Director
(214) 459-2782

Scott Kelly
CFO, Corporate Secretary & Director
(778) 373-5421

Or for Investor Relations, please contact:
Brooks Hamilton
OILCF@mzgroup.us

CAUTIONARY DISCLAIMER STATEMENT:

Neither Canadian Securities Exchange, OTCMarkets nor their Regulation Services Providers (as that term is defined in their respective policies) accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE, OTC Markets nor their Regulation Services Providers (as that term is defined in the policies of either exchange) accepts responsibility for the adequacy or accuracy of this release.

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