CONSERVATIVE PLAN AGGRESSIVE APPROACH LEGAL DISCLAIMER VALUE - PowerPoint PPT Presentation

(CSE: OIL)(OTCQB:OILCF) Q2 2019 ASSETS A portfolio of low cost producing oil assets in Texas and New Mexico SCALE UPSIDE Horizontal leg conversion and lateral drilling programs in the San Andres formation SUSTAINABLE UPSIDE Low cost infill drilling and secondary recovery CONSERVATIVE PLAN – AGGRESSIVE APPROACH

LEGAL DISCLAIMER

VALUE PROPOSITION PERMEX IS A JUNIOR OIL & GAS COMPANY AT AN INFLECTION POINT OF GROWTH (Owns & Operates on Private, State & Federal Land in Texas & New Mexico) o o o o o o o o

PORTFOLIO OF HIGH QUALITY ASSETS GEOGRAPHIC LOCATION SUMMARY OF OIL & GAS ASSETS GEOGRAPHIC LOCATION SUMMARY OF OIL & GAS ASSETS 37 6,500 + 145 + 34 72 2

2018 RESERVES SUMMARY

RESERVES – GROWTH ORIENTED Present Value of 2P Reserves Discounted at 2P Reserves (MBOE) 10% $160 12.0 $140 $142 10.0 $120 $115 9.0 8.0 $100 (M) USD $mm $80 6.0 7.2 $60 4.0 $40 $34 2.0 $20 1.3 $- 0.0 2016 2017 2018 2016 2017 2018 PV of 2P Reserves discounted at 10% 4.2x Reserves Value Growth 2P Reserves (BOE) 7.1x Reserve Growth

DELIVERABLES SINCE IPO (MAY 2018) Since going public in May of 2018, Permex has achieved the following: Gross Production (boepd PV of 2P Reserves Discounted at 10% (US $M) 200 $150 150 $100 (Boepd) 100 240 $USD (M) $142 $115 50 $50 80 0 $0 Pre IPO July 2018 Pre IPO November 2018 Land Scale (acres) 8,000 Partnership 6,000 (Acres) 4,000 6,500 5,200 2,000 0 Pre IPO July 2018

INVESTOR CONSIDERATIONS KEY HIGHLIGHTS: o  o  o   o  o o o o

ASSET ACQUISITION CRITERIA GOAL: TO ACQUIRE PROVEN ASSETS AT AN ATTRACTIVE PRICE o   o   o   o   o 

JUNIOR OIL & GAS PEER COMPARISON $24.00 $20.00 $20.67 o Peer Average: $16.00 $7.35 $12.00 $8.00 $13.18 $12.82 $8.66 $4.00 $5.07 $5.16 $5.21 $4.66 $0.68 $4.01 $0.00 Permex Granite Oil InPlay Oil Leucrotta Delphi Energy Traverse Lilis Energy Strategic Oil & Altura Energy Petroleum Exploration Energy Gas Enterprise Value per 2P Reserves (BOE) Based on Independent PV Valuation Peer Average Peer Average: $100,000 $38,062 $372,040 $80,000 o $60,000 $40,000 $93,997 $50,726 $42,176 $20,000 $12,299 $28,934 $27,634 $22,286 $21,499 o $17,247 $0 Permex Granite Oil InPlay Oil Leucrotta Delphi Energy Traverse Lilis Energy Strategic Oil & Altura Energy Petroleum Exploration Energy Gas Enterprise Value per boepd (2018 Exit Production) Based on Independent PV Valuation Peer Average

TEXAS PROPERTIES • • • • • • •

ODC SAN ANDRES UNIT & TAYLOR PROPERTY (Horizontal well conversion candidate) • • •

PROVEN RESERVOIR PERMEX – BASIN ECONOMICS COMPARISON Break-even Oil Prices (WTI, $/bbl): U.S. Onshore Resource Plays

SAN ANDRES – PERMITTING & HISTORICAL ACTIVITY Regional Map of San Andres Horizontal Drilling Permits (1) San Andres HorizontalDrillingPermits (Yoakum and Cochran) Since 2016 0 & Wright San Andres Horizontal Drilling Permits (Permian Wide) since 2012 (2) Total Measured Depth Less than 6,000ft. PERMEX PETROLEUM CORPORATION More than 6,000ft. All Other Drilling Permits: Operator Apache Corporation E R OperatingCompany Element Petroleum Op III,LLC 30 29 28 0 Elk Meadows Resources LLC Forge Energy, LLC 75 76 77 Riley Exploration OPGCo, LLC Ring Energy Inc. S teward Energy II, LLC 90 89 88 Wishbone Texas OperatingCo, LLC

SAN ANDRES – MARKET RECEPTION Sophisticated Investors Accumulating Acreage Positions in the San Andres - Trend is Accelerating Nov ‘16 Apr 17’ Jul 16’ Dec 15’ Feb 16’ Dec 15’ ept. 15’ Apr 16’ S Oct 16’ Jun 16’ Jan 15’ Dec 16’ Apr 17’ Dec 15’ ept 16’ Aug 13’ Nov 15’ S May 15’ Oct 15’ Mar 16’ Oct 16’ Jan 17’ Dec 15’ May 16’ Jul 16’ 1H 2015 2012-2014 2H 2015 2016 1H 2017 ept 15’ Mar 16’ ept 16’ May 16’ Jun 16’ S S Dec 16’ Feb 17’ Feb 15’ Dec 16’ Oct 16’ May 12’ Dec 14’ Nov 15’ Aug 15’ Dec 15’ Oct 15’ Jun 17’ Dec 16’ Jun 16’ ept 16’ S Apr 16’ Jul 16’ Feb 17’ Ring Energy (REI) has Outperformed Delaware Basin Peers Recent Activity in the Region: by ~25% Transacted and Implied San Andres Acreage Value as of October 05, 2017 price indexed to 100 on (10/5/16) (1) 150 E nergy Hunter Resources, Inc. 3 2 2 25.2% 0 9 8 Monadnock Resources 2.8% 7 7 7 Indexed Prices R iley E xploration Group 5 6 7 100 (3.6)% Ring E nergy Inc. 9 8 8 (11.3)% S teward E 0 9 8 nergy IILLC (18.6)% 50 (28.5)% (40.6)% (54.4)% 0 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 REI Midcon Index RockiesIndex Bakken Index Appalachia Index Midland Index Eagle FordIndex Delaware Index )

TEXAS – GAINES COUNTY ASSET

TEXAS – GAINES COUNTY ASSET (CONT’D) Target Acquisition Areas

SAN ANDRES WELL ECONOMICS (TYPE CURVE)

NEW MEXICO PROPERTIES BLUE SKY UPSIDE • • •

OXY YATES PROPERTY HENSHAW PROPERTY (Horizontal Drilling - Waterflood EOR candidate) (Shallow Infill Drilling - Waterflood EOR candidate) • • • • • • •

MANAGEMENT TEAM • • • • • • • • • • • • • • • •

DIRECTORS & ADVISORY BOARD MEMBERS • • • • • • • • • • • • • • • • • • •

CAPITAL STRUCTURE Management Shares have all been voluntarily locked up Trading Symbol CSE: OIL for 3 years from the listing of the IPO (May 18, 2018): Share Price $0.15 On listing date: No release 52 Week High – Low* $0.60 - $0.115 6 months after listing date: 1/4 of the escrow securities Basic Shares Outstanding 40.02M 12 months after listing date: 1/5 of the remaining escrow securities 1 Options 3.24M 18 months after listing date: 1/4 of the remaining escrow securities 2 Warrants 4.81M 24 months after listing date: 1/3 of the remaining escrow securities Fully Diluted Shares Outstanding 48.07M 30 months after listing date: 1/2 of the remaining escrow securities Market Cap. Basic $6.00M Market Cap. FD 36 months after listing date: The remaining escrow securities $7.21M Cash Balance / AR $250,000 Enterprise Value 5.75M Management % Ownership ~%12 *52 Week High - Low is based on closing price

OIL & GAS DISCLOSURES

CONTACT US admin@permexpetroleum.com CANADIAN OFFICE: U.S. TEXAS OFFICE: U.S. NEW MEXICO OFFICE: Suite 1290 290 Cedar St, Ste. 1000 625 Howe Street Abilene, TX 79601 500 4th St. NW, Vancouver, BC V6C 2T6 Albuquerque, NM 87102

APPENDIX

THE PERMIAN BASIN America’s Most Important Oil And Gas Resource Investor takeaway o BREAK EVEN COSTS o o U.S. LIGHT OIL* Permian (Midland) $24 Eagle Ford $29 Permian (Central) $33 o Permian (Delaware) $33 Other U.S. (shale) $35 Other U.S. (non-shale) $38 o OILSANDS SAGD $60 o SAGD (with solvents) $57 SAGD (solvents only) $49 MEG Energy Inc. $45 Cenovus Energy Inc. $40 o Suncor Energy Inc. $37 o

THE DELAWARE BASIN America’s Hottest Oil And Gas Resource DELAWARE BASIN GEOGRAPHY DELAWARE BASIN, MULTI – STACKED PLAY

UNDERSTANDING THE SAN ANDRES RESERVOIR The San Andres is the gift that keeps on giving. The formation has produced billions of barrels of oil over several decades and it is not finished yet. Pumpjack at Permex’s ODC San Andres Unit #70

PROVEN RESERVOIR San Andres Formation • • • •

PERMIAN BASIN CROSS SECTIONS 2,000’ 3,000’ 4,000’ 5,000’ 6,000’ 7,000’ 8,000’ 9,000’ 10,000’

SAN ANDRES CROSS SECTION

PRIMARY OBJECTIVES Total Reserve Potential Exceeds Three MMBOE 1 from a Single Objective Option 1: Horizontal San Andres Dolomites (Unconventional Oil Play): • • • • • Option 2: Vertical Down-space and implement Waterflood (Conventional Oil Play): • • •

SAN ANDRES WELL ECONOMICS