Permex Petroleum, a junior oil and gas company, has recently doubled their production.Permex Petroleum is a 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 combines its low-cost development of Held by Production assets (HBP) for sustainable growth with its current and future Blue-Sky projects for scale growth. Through its wholly owned subsidiary Permex Petroleum US Corporation, the company is a licensed operator in both states; and owns and operates on Private, State and Federal land.
West Henshaw PropertyThe West Henshaw Property is located in Eddy County, New Mexico in the Delaware basin. Eddy County, in Southeast New Mexico, covers 4,198 square miles and is bounded by Chaves County to the north, Otero County to the east, Loving County to the south and Lea County to the west. The West Henshaw Premier Unit was formed in January 1, 1966, with Mobil Oil Corporation as the operator. At unitization, primary production was 1,735 MBO and included 41 producing oil wells. The waterflood began December 1, 1966 and lasted 14 years. Estimated waterflood production is 2,500 MBO. Currently, there are nine producing wells and four saltwater disposal wells. Plans for the future include:
- restore production from the current producing wells;
- stimulate the wells with acid treatments;
- study the Bone Springs and lower Wolfcamp potential on the West Henshaw Unit;
- drill additional Premier sand wells.