Permex receives notice of foreclosure sale

• Permex Petroleum Corp. received a notice of foreclosure sale from its secured debenture holders.
• The foreclosure targets the company’s oil and gas leases and related property in Martin County, Texas.
• The sale is scheduled for July 7, 2026, at 10:00 a.m. at the Martin County Courthouse.
• The default stems from $4,276,389 in secured convertible debentures issued November 1, 2024 (10% annual interest).
• Permex failed to make required payments on or before November 2, 2025, triggering default.
• A default notice was received January 28, 2026; the debenture holders accelerated the debt on April 13, 2026, demanding immediate payment of principal, interest, fees and expenses.
• The collateral being foreclosed represents Permex’s rights, title and interest in the Texas leases and related assets.

• The foreclosure notice directly threatens the company’s core operating assets; if the sale proceeds, Permex would lose its principal oil and gas property.
• The company has been in default for over seven months and has been unable to restructure or repay the $4.28 million obligation.
• Equity holders face a near-total wipeout if the asset is sold at auction with no alternative recovery.
• The stock has already declined from $6.75 to $3.81, but the foreclosure announcement likely represents an existential threat that will drive the price far lower.

Permex Petroleum Corp. is a small‑cap oil and gas exploration and production company with assets in Martin County, Texas. Other operational details are not provided. The company’s fortunes appear tied entirely to its Texas lease holdings.