Permex Petroleum Corporation has received an updated independent reserve evaluation from MKM Engineering, effective November 21, 2022, that uses proved and probable reserve classifications that conform to the criteria established by the United States Securities and Exchange Commission. Reserve Evaluation: According to the Reserve Report, the net present value of net future revenues, (net of royalties, operating costs and capital expenditures, including asset retirement obligations) before income tax, discounted at 10% of the total proved plus probable reserves is estimated at $428 million, or $221.53 per outstanding share (basis). Reserves comprised of 93% light oil, and x7% natural gasl; Total Proved Reserves of 9.2 million BOE and PV10 value of $198 million, an increase of 51% Year-over-Year; Total Probable Reserves of 17.8 million BOE and PV10 value of $230 million, an increase of 46% Year-over-Year; Total Proved & Probable Reserves of 27.0 million BOE and PV10 value of $428 million, an increase of 48% Year-over-Year.

The Reserve Report uses prices calculated using oil and natural gas price parameters established by current guidelines of the SEC and accounting rules based on the unweighted arithmetic average of oil and natural gas prices as of the first day of each of the 12 months ended on the given date. A full copy of the Reserve Report was filed with the SEC as an exhibit to the Company's Form 10-K for the year ended September 30, 2022.