Permex Petroleum Corp (CSE:OIL) announced Thursday that the Permian basin-focused junior oiler has submitted its application to list on the OTCQB in the United States.
Stocks trading over-the-counter are organized into three groups. The OTCQB, also called "The Venture Market," is the middle tier. It was created in 2010 and consists of early-stage and developing US and international companies.
"This is another evolutionary step for the company as we seek to enhance our reach within the US markets,” Permex Petroleum CEO Mehran Ehsan said in a statement. “We have steadily increased revenues, strengthened our acquisitions, included diverse business growth and development strategies, and we felt like this move was important given all the assets of the company are situated in the United States.”
Permex shares will continue to trade on the Canadian Securities Exchange under the ticker symbol "OIL" after the OTCQB listing, said the company.
Ehsan said the listing on the OTCQB will help broaden the company’s “shareholder base, increase appeal to institutional investors,” and provide better liquidity.
Meets all reqirements for listing
The CEO said the company meets all the requirements linked to stringent reporting standards and increased analyst coverage to be eligible for OTCQB membership.
Permex Petroleum has assets and operations across the Permian Basin of West Texas and the Delaware sub-basin of New Mexico.
The company said it is focused on growing its current revenue streams while benefiting from higher oil prices. Additional acquisitions are in sight for the company to scale its operational footprint in Texas and New Mexico.
"It was about 11 months ago that we launched into the public markets outlining our plan to create a unique oil and gas company with assets in the Permian & Delaware Basin,” said Ehsan. “When you look at how much we have accomplished and how well positioned we are in a variety of market segments, you can really see the possibilities and potential. It was our goal all along to be able to list in the United States."
Contact Uttara Choudhury at [email protected]