Permex Petroleum (OILCF) S-1/A 14 Mar 23 IPO registration (amended) Financial data

Cover

Cover	3 Months Ended
	Dec. 31, 2022
Cover [Abstract]
Document Type	S-1/A
Amendment Flag	true
Amendment Description	AMENDMENT NO. 3
Entity Registrant Name	PERMEX PETROLEUM CORPORATION
Entity Central Index Key	0001922639
Entity Primary SIC Number	1381
Entity Tax Identification Number	98-1384682
Entity Incorporation, State or Country Code	A1
Entity Address, Address Line One	2911 Turtle Creek Blvd
Entity Address, Address Line Two	Suite 925
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75219
City Area Code	(469)
Local Phone Number	804-1306
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false

Condensed Interim Consolidated

Condensed Interim Consolidated Balance Sheets (Unaudited) - USD ($)	Dec. 31, 2022	Sep. 30, 2022	Sep. 30, 2021
Current assets
Cash and cash equivalents	$ 1,693,664	$ 3,300,495	$ 25,806
Trade and other receivables, net	185,466	137,214	12,984
Prepaid expenses and deposits	204,958	317,277	46,151
Total current assets	2,084,088	3,754,986	84,941
Non-current assets
Reclamation deposits	145,000	145,000	144,847
Property and equipment, net of accumulated depreciation and depletion	9,874,776	8,426,776	6,638,975
Right of use asset, net	212,486	240,796	72,539
Total assets	12,316,350	12,567,558	6,941,302
Current liabilities
Trade and other payables	2,699,225	1,561,344	402,979
Amounts due to related party			16,628
Convertible debenture		38,291	78,500
Lease liability – current portion	91,665	104,224	51,963
Total current liabilities	2,790,890	1,703,859	550,070
Non-current liabilities
Asset retirement obligations	244,406	236,412	552,594
Lease liability, less current portion	126,799	140,682	26,986
Loan payable			31,400
Warrant liability	166	23,500
Total liabilities	3,162,261	2,104,453	1,161,050
Equity
Common stock value	14,337,739	14,337,739	8,976,747
Additional paid-in capital	4,513,369	4,513,194	2,476,717
Accumulated other comprehensive loss	(127,413)	(127,413)	(127,413)
Deficit	(9,569,606)	(8,260,415)	(5,545,799)
Total equity	9,154,089	10,463,105	5,780,252
Total liabilities and equity	$ 12,316,350	$ 12,567,558	$ 6,941,302

Condensed Interim Consolidate_2

Condensed Interim Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares		3 Months Ended			12 Months Ended
	Oct. 26, 2022	Dec. 31, 2022		Dec. 31, 2021	Sep. 30, 2022		Sep. 30, 2021
Statement of Financial Position [Abstract]
Common Stock, No Par Value		$ 0			$ 0		$ 0
Common stock shares authorized unlimited		Unlimited			Unlimited		Unlimited
Common stock, shares issued		1,932,604	[1]		1,932,604	[1]	1,103,010
Common stock, shares outstanding		1,932,604	[1]		1,932,604	[1]	1,103,010
Stockholders' Equity, Reverse Stock Split	1 for 60 ratio	60:1 reverse stock split		60:1 reverse stock split	60:1 reverse stock split
[1]The number of shares has been restated to reflect the 60:1 reverse stock split

Condensed Interim Consolidate_3

Condensed Interim Consolidated Statements of Loss (Unaudited) - USD ($)	3 Months Ended				12 Months Ended
	Dec. 31, 2022		Dec. 31, 2021		Sep. 30, 2022	Sep. 30, 2021
Revenues
Oil and gas sales	$ 213,754		$ 89,990		$ 815,391	$ 46,703
Royalty income	8,188		16,459		63,068	37,922
Total revenues	221,942		106,449		878,459	84,625
Operating expenses
Production	292,679		81,879		829,194	59,671
General and administrative	1,215,106		809,606		2,796,395	496,381
Depletion and depreciation	40,196		32,011		105,503	60,479
Accretion on asset retirement obligations	7,994		8,253		55,030	19,907
Foreign exchange gain (loss)	3,310		4,970		(7,429)	24,301
Forfeiture of reclamation deposit						50,165
Loss on disposal of property and equipment						613,457
Total operating expenses	(1,559,285)		(936,719)		(3,778,693)	(1,324,361)
Loss from operations	(1,337,343)		(830,270)		(2,900,234)	(1,239,736)
Other income (expense)
Interest income					5,895
Other income	6,000				24,000
Forgiveness of loan					7,800
Finance expense	(1,182)		(23,468)		(30,586)	(13,506)
Change in fair value of warrant liability	23,334		102,550		178,509
Total other income (expense)	28,152		79,082		185,618	(13,506)
Net loss and comprehensive loss	$ (1,309,191)		$ (751,188)		(2,714,616)	(1,253,242)
Other comprehensive income
Foreign currency translation adjustment						142,889
Comprehensive loss					$ (2,714,616)	$ (1,110,353)
Basic and diluted loss per common share	$ (0.68)		$ (0.66)		$ (1.76)	$ (1.84)
Weighted average number of common shares outstanding	1,932,604	[1]	1,130,344	[1]	1,543,021	678,958
[1]The number of shares has been restated to reflect the 60:1 reverse stock split

Condensed Interim Consolidate_4

Condensed Interim Consolidated Statements of Loss (Unaudited) (Parenthetical)		3 Months Ended		12 Months Ended
	Oct. 26, 2022	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022
Equity [Abstract]
Stockholders' equity, reverse stock split	1 for 60 ratio	60:1 reverse stock split	60:1 reverse stock split	60:1 reverse stock split

Condensed Consolidated Statemen

Condensed Consolidated Statements of Equity (Unaudited) - USD ($)		Total	Share Capital [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]
Balance at Sep. 30, 2020		$ 3,312,657	$ 6,453,039	$ 1,422,477	$ (270,302)	$ (4,292,557)
Balance, shares at Sep. 30, 2020	[1],[2]		667,073
Acquisition of property		2,468,750	$ 2,468,750
Acquisition of property, shares	[1],[2]		416,666
Acquisition of property - warrants		1,051,370		1,051,370
Shares issued for services		54,958	$ 54,958
Shares issued for services, shares	[1],[2]		19,271
Share-based payments		2,870		2,870
Net loss		(1,253,242)				(1,253,242)
Other comprehensive income		142,889			142,889
Balance at Sep. 30, 2021		5,780,252	$ 8,976,747	2,476,717	(127,413)	(5,545,799)
Balance, shares at Sep. 30, 2021	[1],[2],[3]		1,103,010
Share-based payments		607,325		607,325
Net loss		(751,188)				(751,188)
Private placements		369,751	$ 369,751
Private placements, shares	[3]		44,117
Share issuance costs		(14,307)	$ (38,850)	24,543
Balance at Dec. 31, 2021		5,991,833	$ 9,307,648	3,108,585	(127,413)	(6,296,987)
Balance, shares at Dec. 31, 2021	[3]		1,147,127
Balance at Sep. 30, 2021		5,780,252	$ 8,976,747	2,476,717	(127,413)	(5,545,799)
Balance, shares at Sep. 30, 2021	[1],[2],[3]		1,103,010
Share-based payments		546,335		546,335
Net loss		(2,714,616)				(2,714,616)
Private placements		7,910,331	$ 7,303,161	607,170
Private placements, shares	[1],[2]		829,594
Share issuance costs		(1,059,197)	$ (1,942,169)	882,972
Balance at Sep. 30, 2022		10,463,105	$ 14,337,739	4,513,194	(127,413)	(8,260,415)
Balance, shares at Sep. 30, 2022	[1],[2],[3]		1,932,604
Share-based payments		175		175
Net loss		(1,309,191)				(1,309,191)
Balance at Dec. 31, 2022		$ 9,154,089	$ 14,337,739	$ 4,513,369	$ (127,413)	$ (9,569,606)
Balance, shares at Dec. 31, 2022	[3]		1,932,604
[1] The number of shares has been restated to reflect the 60:1 share consolidation (Note 1). 60:1 reverse stock split 60:1 reverse stock split

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical)		3 Months Ended		12 Months Ended
	Oct. 26, 2022	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022
Equity [Abstract]
Stockholders' equity, reverse stock split	1 for 60 ratio	60:1 reverse stock split	60:1 reverse stock split	60:1 reverse stock split

Condensed Interim Consolidate_5

Condensed Interim Consolidated Statements of Cash Flows (Unaudited)	3 Months Ended		12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (1,309,191)	$ (751,188)	$ (2,714,616)	$ (1,253,242)
Adjustments to reconcile net loss to net cash from operating activities:
Accretion on asset retirement obligations	7,994	8,253	55,030	19,907
Depletion and depreciation	40,196	32,011	105,503	60,479
Foreign exchange loss (gain)		474	(7,168)	87,747
Forfeiture of reclamation bond				50,165
Forgiveness of loan payable			(7,800)
Finance expense		11,073	18,031	13,506
Change in fair value of warrant liability	(23,334)	(102,550)	(178,509)
Loss on disposal of property and equipment				613,457
Extinguishment of trade and other payables			(4,368)	(9,682)
Share-based payments	175	607,325	546,335	2,870
Shares issued for services				54,958
Changes in operating assets and liabilities:
Trade and other receivables	(48,252)	(118,432)	(124,230)	34,092
Prepaid expenses and deposits	112,319	(2,994)	(271,126)	(29,977)
Trade and other payables	514,733	(13,583)	584,216	(234,475)
Amounts due to related parties			(24,536)	(162,598)
Right of use asset and lease liability	1,868	318	(785)	3,010
Net cash used in operating activities	(703,492)	(329,293)	(2,024,023)	(749,783)
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures on property and equipment	(865,048)	(8,777)	(1,685,999)	(265,717)
Proceeds from sale of oil and gas interests				1,123,244
Net cash provided by (used in) investing activities	(865,048)	(8,777)	(1,685,999)	857,527
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of private placement units		571,760
Proceeds from issuance of share capital			8,112,340
Share issuance costs		(22,978)	(1,067,868)
Convertible debenture repayment	(38,291)		(34,709)	(79,000)
Loan from related party			(1,452)	(8,455)
Loan from related party		3,095
Loan repayment			(23,600)
Net cash provided by (used in) financing activities	(38,291)	551,877	6,984,711	(87,455)
Change in cash and cash equivalents during the period	(1,606,831)	213,807	3,274,689	20,289
Cash and cash equivalents, beginning of the period	3,300,495	25,806	25,806	5,517
Cash and cash equivalents, end of the period	1,693,664	239,613	3,300,495	25,806
Supplemental disclosures of non-cash investing and financing activities:
Common stock issued in connection with property acquisition agreement				2,468,750
Share purchase warrants issued in connection with private placements and property acquisition			1,692,151	1,051,370
Share purchase warrants issued in connection with private placements		226,552
Trade and other payables related to property and equipment	1,270,400	109,888	647,252	68,735
Adjustments to asset retirement obligations			(371,212)	376,647
Supplemental cash flow disclosures:
Interest paid	$ 1,182		$ 24,536	$ 13,090

BACKGROUND

BACKGROUND	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BACKGROUND	1. BACKGROUND Permex Petroleum Corporation (the “Company”) was incorporated on April 24, 2017 th On October 26, 2022, the Company’s board of directors approved a reverse stock split of the Company’s issued and outstanding common stock at a 1 for 60 ratio	1. BACKGROUND Permex Petroleum Corporation (the “Company”) was incorporated on April 24, 2017 under the laws of British Columbia, Canada and maintains its head office at Suite 925, 2911 Turtle Creek Blvd, Dallas, Texas, 75219. Its registered office is located at 10 th On October 26, 2022, the Company’s board of directors approved a reverse stock split of the Company’s issued and outstanding common stock at a 1 for 60 ratio

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) and applicable rules and regulations of the United States Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of the Company’s financial position and of the results of operations and cash flows for the periods presented. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending September 30, 2023 or for any other interim period or for any other future fiscal year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and footnotes for the fiscal year ended September 30, 2022. Principles of Consolidation The accompanying consolidated financial statements include the assets, liabilities, revenue and expenses of the Company’s wholly-owned subsidiary, Permex Petroleum US Corporation PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED) 2. Significant Accounting Policies Going concern of operations These consolidated financial statements have been prepared on a going concern basis which assumes that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. The Company has incurred losses since inception in the amount of $ 9,569,606 Management plans to fund operations of the Company with its current working capital and through increasing production from its oil and gas leases. The Company also expects to raise additional funds through equity financings. There are no written agreements in place for such funding or issuance of securities and there can be no assurance that such will be available in the future. Management believes that this plan provides an opportunity for the Company to continue as a going concern. In view of these matters, continuation as a going concern is dependent upon continued operations of the Company, which in turn is dependent upon the Company’s ability to meet its financial requirements, raise additional capital, and the success of its future operations. The financial statements do not include any adjustments to the amount and classification of assets and liabilities that may be necessary should the Company not continue as a going concern. Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Management evaluates these estimates and judgments on an ongoing basis and bases its estimates on experience, current and expected future conditions, third-party evaluations and various other assumptions that management believes are reasonable under the circumstances. Significant estimates have been used by management in conjunction with the following: (i) amounts subject to allowances and returns; (ii) the fair value of assets when determining the existence of impairment factors and the amount of impairment, if any; (iii) the costs of site restoration when determining decommissioning liabilities; (iv) income taxes receivable or payable; (v) the useful lives of assets for the purposes of depreciation; (vi) petroleum and natural gas reserves; and (vii) share-based payments. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ from those estimates. New accounting standards There are not currently any new or pending accounting standards that are expected to have a significant impact on the Company’s consolidated financial statements. PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED)	2. SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The Company’s consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) Principles of Consolidation These consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Permex Petroleum US Corporation. All intercompany balances and transactions have been eliminated. Going concern of operations These consolidated financial statements have been prepared on a going concern basis which assumes that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. The Company has incurred losses since inception in the amount of $ 8,260,415 and has not yet achieved profitable operations. The Company has been relying on equity financing and loans from related parties to fund its operation in the past. While the Company has been successful in securing financing to date, there can be no assurances that it will be able to do so in the future. The aforementioned factors raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. Management plans to fund operations of the Company with its current working capital and through increasing productions from its oil and gas leases. The Company also expects to raise additional funds through equity financings. There are no written agreements in place for such funding or issuance of securities and there can be no assurance that such will be available in the future. Management believes that this plan provides an opportunity for the Company to continue as a going concern. In view of these matters, continuation as a going concern is dependent upon continued operations of the Company, which in turn is dependent upon the Company’s ability to, meets its financial requirements, raise additional capital, and the success of its future operations. The financial statements do not include any adjustments to the amount and classification of assets and liabilities that may be necessary should the Company not continue as a going concern. PERMEX PETROLEUM CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2022 AND 2021 2. Significant Accounting Policies Use of Estimates The preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Management evaluates these estimates and judgments on an ongoing basis and bases its estimates on experience, current and expected future conditions, third-party evaluations and various other assumptions that management believes are reasonable under the circumstances. Significant estimates have been used by management in conjunction with the following: (i) petroleum and natural gas reserves; (ii) the fair value of assets when determining the existence of impairment factors and the amount of impairment, if any; (iii) the costs of site restoration when determining asset retirement obligations; (iv) income taxes receivable or payable; (v) the useful lives of assets for the purposes of depreciation; (vi) general credit risk associated with receivables and other assets; and (vii) share-based payments. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ from those estimates. Cash and cash equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash and cash equivalents. Cash and cash equivalents are recorded at cost, which approximates fair value. Trade and other receivables Trade and other receivables are stated at net realizable value. The majority of customers are not extended credit and the majority of the receivables has payment terms of 30 days or less. On a periodic basis, management evaluates its accounts receivable and determines whether to provide an allowance or if any accounts should be written off based on a past history of write-offs, collections, and current credit conditions. A receivable is considered past due if the Company has not received payments based on agreed-upon terms. Given the nature and balances of the Company’s receivables the Company has no material loss allowance as at September 30, 2022 and September 30, 2021. Property and equipment The Company follows the successful efforts method of accounting for its oil and gas properties. All costs for development wells along with related acquisition costs, the costs of drilling development wells, and related asset retirement obligation (ARO) assets are capitalized. Exploration costs, such as exploratory geological and geophysical costs, and costs associated with non-productive exploratory wells, delay rentals and exploration overhead are expensed. Costs of drilling exploratory wells are capitalized pending determination of whether the wells found proved reserves. Costs of wells that are assigned proved reserves remain capitalized. Costs also are capitalized for exploratory wells that have found crude oil and natural gas reserves even if the reserves cannot be classified as proved when the drilling is completed, provided the exploratory well has found a sufficient quantity of reserves to justify its completion as a producing well and the Company is making sufficient progress assessing the reserves and the economic and operating viability of the project. The Company groups its oil and gas properties with a common geological structure or stratigraphic condition (“common operating field”) for purposes of computing depletion expenses, assessing proved property impairments and accounting for asset dispositions. Capitalized costs of proved oil and gas properties are depleted by individual field using a unit-of-production method based on proved and probable developed reserves. Proved reserves are estimated using reserve engineer reports and represent the estimated quantities of crude oil, natural gas and natural gas liquids, which geological, geophysical and engineering data demonstrate with a specified degree of certainty to be recoverable in future years from known reservoirs and which are considered commercially producible. PERMEX PETROLEUM CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2022 AND 2021 2. Significant Accounting Policies Property and equipment Proved oil and natural gas properties are assessed for possible impairment by comparing their carrying values with their associated undiscounted, future net cash flows. Events that can trigger assessments for possible impairments include write-downs of proved reserves based on field performance, significant decreases in the market value of an asset (including changes to the commodity price forecast or carbon costs), significant change in the extent or manner of use of or a physical change in an asset, and a more-likely-than-not expectation that a long-lived asset or asset group will be sold or otherwise disposed of significantly sooner than the end of its previously estimated useful life. Impaired assets are written down to their estimated fair values, generally their discounted, future net cash flows. For proved oil and natural gas properties, the Company performs impairment reviews on a field basis, annually or as appropriate. Other corporate property and equipment consist primarily of leasehold improvements, vehicle, and office furniture and equipment and are stated at cost less accumulated depreciation. The capitalized costs are generally depreciated on a straight line basis over their estimated useful lives ranging from three to five years . For property dispositions, measurement is at fair value, unless the transaction lacks commercial substance or fair value cannot be reliably measured. Where the exchange is measured at fair value, a gain or loss is recognized in net income. Any deferred consideration recorded on property dispositions are recognized as revenue in the statement of loss and comprehensive loss over the reserve life. Gains or losses are recorded for sales or dispositions of oil and gas properties which constitute an entire common operating field or which result in a significant alteration of the common operating field’s depletion rate. These gains and losses are classified as asset dispositions in the accompanying consolidated statements of loss and comprehensive loss. Partial common operating field sales or dispositions deemed not to significantly alter the depletion rates are generally accounted for as adjustments to capitalized costs with no gain or loss recognized. Impairment of long-lived assets The Company assesses long-lived assets for impairment in accordance with the provisions of the Financial Account Standards Board Accounting Standards Codification (“ASC”) regarding long-lived assets. It requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through the estimated undiscounted cash flows expected to result from the use and eventual disposition of the assets. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value. As of September 30, 2022 and September 30, 2021, no impairment charge has been recorded. Asset retirement obligations The Company recognizes asset retirement obligations (“ARO”) associated with tangible assets such as well sites when there is a legal obligation associated with the retirement of such assets and the amount can be reasonably estimated. The ARO are measured at the present value of management’s best estimate of the future remediation expenditures at the reporting date. The initial measurement of an ARO is recorded as a liability at its fair value, with an offsetting asset retirement cost recorded as an increase to the associated property and equipment on the consolidated balance sheet. When the assumption used to estimate a recorded ARO change, a revision is recorded to both the ARO and the asset retirement cost. The ARO is accreted to its then present value each period, and the asset retirement cost is depreciated using a systematic and rational method similar to that used for the associated property and equipment. PERMEX PETROLEUM CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2022 AND 2021 2. SIGNIFICANT ACCOUNTING POLICIES Fair value measurement Fair value accounting is applied for all assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company follows the established framework for measuring fair value and expands disclosures about fair value measurements. The Company categorizes its assets and liabilities measured at fair value into a three-level hierarchy based on the priority of the inputs to the valuation technique used to determine fair value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used in the determination of the fair value measurement fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement. Assets and liabilities valued at fair value are categorized based on the inputs to the valuation techniques as follows: Level 1 Level 2 Level 3 ’ The carrying values of cash and cash equivalents, trade receivable, other current receivables, due from/to related parties, trade payable, other current payables, accrued expenses, convertible debenture and lease liability included in the accompanying consolidated balance sheets approximated fair value at September 30, 2022 and September 30, 2021. The financial statements as of and for the years ended September 30, 2022 and September 30, 2021, do not include any recurring or nonrecurring fair value measurements relating to assets or liabilities. Subsequent to initial recognition, the Company may re-measure the carrying value of assets and liabilities measured on a nonrecurring basis to fair value. Adjustments to fair value usually result when certain assets are impaired. Such assets are written down from their carrying amounts to their fair value. Professional standards allow entities the irrevocable option to elect to measure certain financial instruments and other items at fair value for the initial and subsequent measurement on an instrument-by-instrument basis. The Company has not elected to measure any existing financial instruments at fair value. However, it may elect to measure newly acquired financial instruments at fair value in the future. Earnings (loss) per share Basic earnings (loss) per share (“EPS”) is calculated by dividing net income (loss) attributable to common shareholders by the weighted average number of common shares outstanding in the period. The diluted EPS reflects all dilutive potential common share equivalents, in the weighted average number of common shares outstanding during the period, if dilutive. All of the outstanding convertible securities, stock options and warrants were anti-dilutive for the years ended September 30, 2022 and 2021. PERMEX PETROLEUM CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2022 AND 2021 2. SIGNIFICANT ACCOUNTING POLICIES Leases At inception of a contract, the Company assesses whether a contract is, or contains a lease based on whether the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date. The lease obligation is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate. Variable lease payments that do not depend on an index or rate are not included in the measurement of the lease liability. The lease liability is subsequently measured at amortized cost using the effective interest rate method. Share capital The Company records proceeds from the issuance of its common shares as equity. Incremental costs directly attributable to the issue of new common shares are shown in equity as a deduction, net of tax, from the proceeds. Common shares issued for consideration other than cash are valued based on their market value at the date that the shares are issued. Share purchase warrants The fair value of warrants issued with private placement units is determined using the Black-Scholes option pricing model. Proceeds from the issuance of private placement units are allocated between the private placement warrants and common shares on a relative fair value basis. Share purchase warrants with exercise prices denominated in a currency other than its functional currency are classified as a liability. Proceeds from the issuance of private placement units are first allocated to the warrant liability based on their fair value and the residual is allocated to common shares issued while for equity warrants, proceeds are allocated on a relative fair value basis. The changes in fair value of the warrant liability are recorded in the statement of loss and comprehensive loss. Warrants issued for oil and gas interests and warrants issued as finder’s fees are share-based payments and are measured at fair value on the date of the grant as determined using the Black-Scholes option pricing model. Share-based payments The Company issues stock options and other share-based compensation to directors, employees and others service providers. Equity awards including stock options and share purchase warrants are measured at grant date at the fair value of the instruments issued and amortized over the vesting periods using a graded vesting approach. The number of options expected to vest is reviewed and adjusted at the end of each reporting period such that the amount ultimately recognized as an expense is based on the number of options that eventually vest. The Company has elected to account for forfeitures as they occur rather than estimate expected forfeitures. The fair value of the equity awards is determined using the Black-Scholes option pricing model. Measurement inputs include share price on measurement date, exercise price of the instrument, expected volatility (based on weighted average historic volatility), weighted average expected life of the instruments (based on historical experience), expected dividends, and the risk-free interest rate (based on government bonds). PERMEX PETROLEUM CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2022 AND 2021 2. SIGNIFICANT ACCOUNTING POLICIES Revenue In accordance with ASC 606, Revenue from Contracts with Customers, The Company records revenue in the month production is delivered to the purchaser. However, production statements for oil and gas sales may not be received until the following month end after the products are purchased, and as a result, the Company is required to estimate the amount of revenue to be received. The Company records the differences between its estimates and the actual amounts received for revenue in the month that payment is received from the customer. Identified differences between the Company’s revenue estimates and actual revenue received are $ 1,395 and $ nil for years ended September 30, 2022 and September 30, 2021, respectively. The Company believes that the pricing provisions of its oil, natural gas and natural gas liquids contracts are customary in the industry. To the extent actual volumes and prices of oil and natural gas sales are unavailable for a given reporting period because of timing or information not received from third parties, the revenue related to sales volumes and prices for those good sold are estimated and recorded. The Company does not have any contract assets or liabilities, or capitalized contract costs. Foreign Currency These consolidated financial statements are presented in United States dollars (“U.S. dollar”). The functional currency of the Company and the subsidiary of the Company is the U.S. dollar. The Company changed its functional currency from Canadian dollars (“CAD”) to the U.S. dollars as at October 1, 2021. The change in functional currency from Canadian dollars to U.S. dollars is accounted for prospectively from October 1, 2021. Management determined that the Company’s functional currency had changed based on the assessment related to significant changes of the Company’s economic facts and circumstances. These significant changes included the fact that the Company’s equity financings and the primary economic environment are now in the U.S. as well as the expectation of the majority of the Company’s expenses will be denominated in U.S. dollars. Moreover, the Company’s place of business and management are now located in the United States. Foreign currency transactions are translated into the functional currency using exchange rates prevailing at the dates of the transactions. At the end of each reporting period, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at that date. Non-monetary assets and liabilities are translated using the historical rate on the date of the transaction. Non-monetary assets and liabilities that are stated at fair value are translated using the historical rate on the date that the fair value was determined. All gains and losses on translation of these foreign currency transactions are charged to profit or loss. PERMEX PETROLEUM CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2022 AND 2021 2. SIGNIFICANT ACCOUNTING POLICIES Income taxes Current taxes receivable or payable are estimated on taxable income or loss for the current year at the statutory tax rates enacted or substantively enacted at the reporting date. Deferred income tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax assets and liabilities are measured at the tax rates that have been enacted or substantially enacted at the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets also result from unused loss carry forwards, resource related pools and other deductions. At the end of each reporting year the Company reassesses unrecognized deferred tax assets. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred income tax assets and deferred income tax liabilities are offset if a legally enforceable right exists to offset current tax assets against current tax liabilities and the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority. New accounting standards There are not currently any new or pending accounting standards that have a significant impact on the Company’s consolidated financial statements.

REVENUE

REVENUE	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
REVENUE	3. REVENUE Revenue from contracts with customers is presented in “Oil and gas sales” on the Consolidated Statements of Loss. As of December 31, 2022 and September 30, 2022, receivable from contracts with customers, included in trade and other receivables, were $ 78,802 56,639 The following table present our revenue from contracts with customers disaggregated by product type and geographic areas. SCHEDULE OF REVENUE DISAGGREGATED BY PRODUCT TYPE AND GEOGRAPHIC AREAS 1 2 3 Three months ended December 31, 2022 Texas New Mexico Total Crude oil $ 173,961 $ 39,512 $ 213,473 Natural gas 281 - 281 Revenue from contracts with customers $ 174,242 $ 39,512 $ 213,754 Three months ended December 31, 2021 Texas New Mexico Total Crude oil $ 70,161 $ - $ 70,161 Natural gas 19,829 - 19,829 Revenue from contracts with customers $ 89,990 $ - $ 89,990	3. REVENUE Revenue from contracts with customers is presented in “Oil and gas sales” on the Consolidated Statement of Loss and Comprehensive Loss. As of September 30, 2022 and September 30, 2021, receivable from contracts with customers, included in trade and other receivables, were $ 56,639 and $ nil , respectively. The following table present our revenue from contracts with customers disaggregated by product type and geographic areas. SCHEDULE OF REVENUE DISAGGREGATED BY PRODUCT TYPE AND GEOGRAPHIC AREAS 1 2 3 Year ended September 30, 2022 Texas New Mexico Total Crude oil $ 621,275 $ 140,236 $ 761,511 Natural gas 53,880 - 53,880 Revenue from contracts with customers $ 675,155 $ 140,236 $ 815,391 1 2 3 Year ended September 30, 2021 Texas New Mexico Total Crude oil $ 44,425 $ - $ 44,425 Natural gas 2,278 - 2,278 Revenue from contracts with customers $ 46,703 $ - $ 46,703

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022
Risks and Uncertainties [Abstract]
CONCENTRATION OF CREDIT RISK	4. CONCENTRATION OF CREDIT RISK The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of its cash equivalents and trade receivables. The Company’s cash balances sometimes exceed the United States’ Federal Deposit Insurance Corporation insurance limits. The Company mitigates this risk by placing its cash and cash equivalents with high credit quality financial institutions and attempts to limit the amount of credit exposure with any one institution. To date, the Company has not recognized any losses caused by uninsured balances. The majority of the Company’s receivable balance is concentrated in trade receivables, with a balance of $ 140,497 91,928 78,451 56 44,969 PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED)	4. CONCENTRATION OF CREDIT RISK The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of its cash equivalents and trade receivables. The Company’s cash balances sometimes exceed the United States’ Federal Deposit Insurance Corporation insurance limits. The Company mitigates this risk by placing its cash and cash equivalents with high credit quality financial institutions and attempts to limit the amount of credit exposure with any one institution. To date, the Company has not recognized any losses caused by uninsured balances. The majority of the Company’s receivable balance is concentrated in trade receivables, with a balance of $ 91,928 as of September 30, 2022. Three customers represented $ 79,942 ( 87 %) of the trade receivable balance. The Company routinely assesses the financial strength of its customers. The non-trade receivable balance consists of GST recoverable of $ 39,770 and interest receivable of $ 5,516 . GST recoverable is due from the Canadian Government. Interest receivable is due from a financial institution with high credit rating. It is in management’s opinion that the Company is not exposed to significant credit risk. To date, the Company has not recognized any credit losses on its receivables. PERMEX PETROLEUM CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2022 AND 2021

ACQUISITION AND DISPOSITION

ACQUISITION AND DISPOSITION	12 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
ACQUISITION AND DISPOSITION	5. ACQUISITION AND DISPOSITION Acquisition During the year ended September 30, 2021, the Company and its wholly owned subsidiary, Permex Petroleum US Corporation, acquired a 100 % Working Interest and a 81.75 % Net Revenue Interest in the Breedlove “B” Clearfork leases located in Martin County, Texas. The Company issued 416,666 common shares and 208,333 share purchase warrants as consideration for this acquisition. The Company valued the 416,666 common shares issued at a fair value of $ 2,468,750 . The share purchase warrants were valued at $ 1,051,370 using the Black-Scholes option pricing model (assuming a risk-free interest rate of 1.51 %, an expected life of 10 -years, annualized volatility of 96.56 % and a dividend rate of 0 %). The warrants have an exercise price $ 8.76 per share (CAD$ 12.00 ) and are exercisable until September 30, 2031. Disposition During the year ended September 30, 2021, the Company sold its interests in the Peavy leases together with reclamation obligations for $ 10,000 and recognized a loss of $ 604,687 from the sale. The Company also recognized a loss of $ 8,770 from the disposal of equipment.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	5. PROPERTY AND EQUIPMENT Property and equipment consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT December 31, 2022 September 30, 2022 Oil and natural gas properties, at cost $ 9,903,713 $ 8,029,234 Construction in progress - 460,306 Less: accumulated depletion (212,853 ) (184,658 ) Oil and natural gas properties, net 9,690,860 8,304,882 Other property and equipment, at cost 201,565 127,542 Less: accumulated depreciation (17,649 ) (5,648 ) Other property and equipment, net 183,916 121,894 Property and equipment, net $ 9,874,776 $ 8,426,776 Depletion and depreciation expense was $ 40,196 32,011	6. PROPERTY AND EQUIPMENT Property and equipment consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT September 30, September 30, 2021 Oil and natural gas properties, at cost $ 8,029,234 $ 6,723,778 Construction in progress 460,306 - Less: accumulated depletion (184,658 ) (84,803 ) Oil and natural gas properties, net 8,304,882 6,638,975 Other property and equipment, at cost 127,542 - Less: accumulated depreciation (5,648 ) - Other property and equipment, net 121,894 - Property and equipment, net $ 8,426,776 $ 6,638,975 Depletion and depreciation expense was $ 105,503 and $ 60,479 for the years ended September 30, 2022 and September 30, 2021, respectively.

LEASES

LEASES	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022
Leases
LEASES	6. LEASES All of the Company’s right-of-use assets are operating leases related to its office premises. Details of the Company’s right-of-use assets and lease liabilities are as follows: SCHEDULE OF RIGHT OF USE OPERATING LEASES December 31, 2022 September 30, 2022 Right-of-use assets $ 212,486 $ 240,796 Lease liabilities Balance, beginning of the year $ 244,906 $ 78,949 Addition - 220,368 Liability accretion 7,088 9,042 Lease payments (33,530 ) (63,453 ) Balance, end of the year $ 218,464 $ 244,906 Current lease liabilities $ 91,665 $ 104,224 Long-term lease liabilities $ 126,799 $ 140,682 The following table presents the Company’s total lease cost. SCHEDULE OF LEASE COST Three months ended Three months ended Operating lease cost $ 35,398 $ 13,961 Variable lease expense 7,175 7,557 Sublease income (10,004 ) (4,868 ) Rent subsidy - (1,674 ) Net lease cost $ 32,569 $ 14,976 As of December 31, 2022, maturities of the Company’s operating lease liabilities are as follows: SCHEDULE OF FUTURE LEASE PAYMENTS Year 2023 $ 77,294 2024 82,190 2025 84,664 2026 14,180 Total lease payments 258,328 Less: imputed interest (39,864 ) Total lease liabilities $ 218,464 PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED)	7. LEASES All of the Company’s right-of-use assets are operating leases related to its office premises. Details of the Company’s right-of-use assets and lease liabilities are as follows: SCHEDULE OF RIGHT OF USE OPERATING LEASES 2022 2021 Right-of-use assets $ 240,796 $ 72,539 Lease liabilities Balance, beginning of the year $ 78,949 $ 53,128 Addition 220,368 57,357 Interest expense 9,042 9,812 Liability accretion 7,088 9,042 Lease payments (63,453 ) (43,932 ) Foreign exchange movement - 2,584 Balance, end of the year $ 244,906 $ 78,949 Current lease liabilities $ 104,224 $ 51,963 Long-term lease liabilities $ 140,682 $ 26,986 The following table presents the Company’s total lease cost. SCHEDULE OF LEASE COST 2022 2021 Operating lease cost $ 35,398 $ 13,961 Amortization of right-of-use assets $ 52,111 $ 37,129 Interest on lease liabilities 9,042 9,812 Variable lease expense 36,216 16,564 Sublease income (36,633 ) (10,191 ) Rent subsidy (1,644 ) (9,169 ) Net lease cost $ 59,092 $ 44,145 As of September 30, 2022, maturities of the Company’s operating lease liabilities are as follows: SCHEDULE OF FUTURE LEASE PAYMENTS Year 2023 $ 110,593 2024 82,190 2025 84,664 2026 14,180 Total lease payments 291,627 Less: imputed interest (46,721 ) Total lease liabilities $ 244,906 PERMEX PETROLEUM CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2022 AND 2021

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022
Asset Retirement Obligation Disclosure [Abstract]
ASSET RETIREMENT OBLIGATIONS	7. ASSET RETIREMENT OBLIGATIONS Asset retirement obligations reflects the estimated present value of the amount of dismantlement, removal, site reclamation, and similar activities associated with the Company’s oil and gas properties. Changes to the asset retirement obligations are as follows: SCHEDULE OF ASSET RETIREMENT OBLIGATIONS December 31, 2022 September 30, 2022 Asset retirement obligations, beginning of the year $ 236,412 $ 552,594 Revisions of estimates - (371,212 ) Accretion expense 7,994 55,030 Asset retirement obligations, ending of the year $ 244,406 $ 236,412 During the year ended September 30, 2022, the Company had revision of estimates totaling $ 371,212 Reclamation deposits As of December 31, 2022, the Company held reclamation deposits of $ 145,000 145,000 PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED)	8. ASSET RETIREMENT OBLIGATIONS Asset retirement obligations reflects the estimated present value of the amount of dismantlement, removal, site reclamation, and similar activities associated with the Company’s oil and gas properties. Changes to the asset retirement obligations are as follows: SCHEDULE OF ASSET RETIREMENT OBLIGATIONS 2022 2021 Decommissioning obligations, beginning of the year $ 552,594 $ 271,402 Obligations recognized - 258,726 Obligations derecognized - (125,511 ) Revisions of estimates (371,212 ) 117,921 Accretion expense 55,030 19,907 Foreign exchange movement - 10,149 Decommissioning obligations, ending of the year $ 236,412 $ 552,594 During the year ended September 30, 2022, the Company had revision of estimates totaling $ 371,212 (2021 - increase of $ 117,921 ) primarily due to changes in future cost estimates and retirement dates for its oil and gas assets. Reclamation bonds As of September 30, 2022, the Company held reclamation bonds of $ 145,000 (September 30, 2021 - $ 144,847 ), which are expected to be released after all reclamation work has been completed with regard to its oil and natural gas interests. During the year ended September 30, 2021, the Company wrote off $ 50,165 of a reclamation deposit forfeited by the Texas State government due to a violation on a previously owned property.

DEBT

DEBT	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022
Debt Disclosure [Abstract]
DEBT	8. DEBT Convertible debenture – Related party As of September 30, 2022, the Company had a debenture loan of $ 73,000 100,000 12 December 20, 2022 6.57 9.00 three years 8.76 12.00 During the year ended September 30, 2022, the Company repaid $ 34,709 47,546 38,291 52,454 During the three months ended December 31, 2022 and the year ended September 30, 2022, the Company recorded interest of $ 1,182 9,360 Loan payable In May 2020, the Company opened a Canada Emergency Business Account (“CEBA”) and received a loan of $ 28,640 40,000 60,000 23,600 30,000 7,800 10,000	9. DEBT Convertible debenture As of September 30, 2022, the Company had a debenture loan of $ 73,000 (CAD$ 100,000 ) (September 30, 2021 - $ 78,500 ) from the CEO of the Company outstanding. The debenture loan is secured by an interest in all of the Company’s right, title, and interest in all of its oil and gas assets, bears interest at a rate of 12 % per annum and has a maturity date of December 20, 2022 . The debenture is convertible at the holder’s option into units of the Company at $ 6.57 (CAD$ 9.00 ) per unit. Each unit will be comprised of one common share of the Company and one share purchase warrant; each warrant entitles the holder to acquire one additional common share for a period of three years at an exercise price of $ 8.76 (CAD$ 12.00 ). During the year ended September 30, 2022, the Company repaid $ 34,709 of the loan (CAD$ 47,546 ). Subsequent to September 30, 2022, the Company repaid the remaining principal loan amount of CAD$ 52,454 . During the years ended September 30, 2022 and September 30, 2021, the Company recorded interest of $ 9,360 and $ 13,506 , respectively. Loan payable In May 2020, the Company opened a Canada Emergency Business Account (“CEBA”) and received a loan of $ 28,640 (CAD$ 40,000 ) from the Canadian Government. The CEBA program was established to provide interest-free loans of up to CAD$ 60,000 to small businesses to help them cover operating costs during the COVID-19 pandemic. The loan was unsecured and non-interest bearing with a repayment deadline of December 31, 2023. During the year ended September 30, 2022, the Company repaid the loan balance of $ 23,600 (CAD$ 30,000 ) and recognized a gain of $ 7,800 (CAD$ 10,000 ) on the forgiven amount. PERMEX PETROLEUM CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2022 AND 2021

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	9. RELATED PARTY TRANSACTIONS i) The convertible debenture loan from the CEO of the Company mentioned in Note 8 was paid off during the three months ended December 31, 2022. ii) The Company has an employment agreement with the CEO of the Company for an annual base salary of $ 250,000 The CEO is also eligible on an annual basis for a cash bonus of up to 100% of annual salary. The employment agreement may be terminated with a termination payment equal to three years of base salary and a bonus equal to 20% of the annual base salary iii) On May 1, 2022, the Company entered into an employment agreement with the CFO of the Company for an annual base salary of $ 50,000 The CFO is also eligible on an annual basis for a cash bonus of up to 100% of annual salary. The employment agreement may be terminated with a termination payment equal to two months of base salary.	10. RELATED PARTY TRANSACTIONS i) In October 2019, the Company issued $ 76,000 (CAD$ 100,000 ) in convertible debenture to a director of the Company for cash. The debenture loan was secured by an interest in all of the Company’s right, title, and interest in all of its oil and gas assets, bore interest at a rate of 12 % per annum and had a maturity date of September 30, 2021 . During the year ended September 30, 2021, the Company repaid the principal loan amount of CAD$ 100,000 together with accrued interest of $ 13,090 . During the year ended September 30, 2021, the Company recorded interest of $ 4,026 . ii) In February 2020, the Company issued $ 76,000 (CAD$ 100,000 ) in convertible debenture to the CEO of the Company for cash. The debenture loan is secured by an interest in all of the Company’s right, title, and interest in all of its oil and gas assets, bears interest at a rate of 12 % per annum and has an original maturity date of February 20, 2022. During the year ended September 30, 2022, the Company extended the maturity date to December 20, 2022 and repaid $ 34,709 of the loan (CAD$ 47,546 ). During the years ended September 30, 2022 and September 30, 2021, the Company recorded interest of $ 9,360 and $ 9,480 , respectively. As at September 30, 2021, accrued interest of $ 15,176 was included in amounts due to related parties. iii) The Company has an employment agreement with the CEO of the Company for an annual base salary of $ 250,000 , with no specified term. The CEO is also eligible on an annual basis for a cash bonus of up to 100% of annual salary. The employment agreement may be terminated with a termination payment equal to three years of base salary and a bonus equal to 20% of the annual base salary . During the years ended September 30, 2022 and September 30, 2021, the Company incurred management fees of $ 220,834 and $ 149,806 , respectively, to the CEO of the Company. The Company considers this a related party transaction, as it relates to key management personnel and entities over which it has control or significant influence. iv) On May 1, 2022, the Company entered into an employment agreement with the CFO of the Company for an annual base salary of $ 50,000 , with no specified term. The CFO is also eligible on an annual basis for a cash bonus of up to 100% of annual salary. The employment agreement may be terminated with a termination payment equal to two months of base salary . During the years ended September 30, 2022, the Company incurred salaries of $ 20,835 to the CFO of the Company. The Company considers this a related party transaction, as it relates to key management personnel and entities over which it has control or significant influence. Included in amounts due to related parties are $ nil (2021 - $ 1,321 ) related to accrued management fee to a director of the Company and $ nil ( 2021 - $ 131 ) in advances from the CEO of the Company. Amounts due to related parties are unsecured, non-interest bearing, and have no specific terms of repayment.

LOSS PER SHARE

LOSS PER SHARE	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022
Earnings Per Share [Abstract]
LOSS PER SHARE	10. LOSS PER SHARE The calculation of basic and diluted loss per share for the three month periods ended December 31, 2022 and 2021 was based on the net losses attributable to common shareholders. The following table sets forth the computation of basic and diluted loss per share: SCHEDULE OF BASIC AND DILUTED LOSS PER SHARE Three months ended December 31, 2022 Three months ended December 31, 2021 Net loss $ (1,309,191 ) $ (751,188 ) Weighted average common shares outstanding 1,932,604 1,130,344 Basic and diluted loss per share $ (0.68 ) $ (0.66 ) As of December 31, 2022, 84,583 (2021 - 92,917 ) stock options and 1,097,096 (2021 - 1,097,096 ) warrants were excluded from the diluted weighted average number of common shares calculation as their effect would have been anti-dilutive. PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED)	11. LOSS PER SHARE The calculation of basic and diluted loss per share for the years ended September 30, 2022 and 2021 was based on the net losses attributable to common shareholders. The following table sets forth the computation of basic and diluted loss per share: SCHEDULE OF BASIC AND DILUTED LOSS PER SHARE 2022 2021 Net loss $ (2,714,616 ) $ (1,253,242 ) Weighted average common shares outstanding 1,543,021 678,958 Basic and diluted loss per share $ (1.76 ) $ (1.84 ) As of September 30, 2022, $ 73,000 (CAD$ 100,000 ) of convertible debentures convertible into 11,111 common shares, 84,583 (2021 - 37,917 ) stock options and 1,097,096 (2021 - 208,333 ) warrants were excluded from the diluted weighted average number of common shares calculation as their effect would have been anti-dilutive. PERMEX PETROLEUM CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2022 AND 2021

EQUITY

EQUITY	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022
Equity [Abstract]
EQUITY	11. EQUITY Common stock The Company has authorized an unlimited no 1,932,604 There were no share issuance transactions during the three months ended December 31, 2022. During the year ended September 30, 2022, the Company: a) Completed a non-brokered private placement of 44,117 12.96 16.20 571,760 714,700 25.80 32.40 202,009 34,733 2,680 24,543 0.98 2 153.02 0 800 8,671 b) Completed a brokered private placement of 785,477 9.60 7,540,580 5 12.60 607,170 754,058 78,548 131,560 858,429 2.45 5 134.66 0 159,271 Share-based payments Stock options The Company has a stock option plan (the “Plan”) in place under which it is authorized to grant options to executive officers and directors, employees and consultants. Pursuant to the Plan, the Company may issue aggregate stock options totaling up to 10 10 PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED) 11. EQUITY Share-based payments Stock option transactions are summarized as follows: SCHEDULE OF STOCK OPTION TRANSACTIONS Number Weighted Average Balance, September 30, 2021 37,917 $ 19.51 Granted 55,000 10.51 Cancelled (8,334 ) 17.34 Balance, September 30, 2022 and December 31, 2022 84,583 $ 13.26 Exercisable at December 31, 2022 83,333 $ 13.61 The aggregate intrinsic value of options outstanding and exercisable as at December 31, 2022 was $ nil nil The options outstanding as of December 31, 2022 have exercise prices in the range of $ 2.22 22.20 7.46 During the three months ended December 31, 2022 and 2021, the Company recognized share-based payment expense of $ 175 607,325 SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS USED IN THE FAIR VALUE 2022 2021 Risk-free interest rate - 1.5 % Expected life of options - 10 Expected annualized volatility - 96.56 % Dividend rate - Nil Weighted average fair value of options granted - $ 10.17 As December 31, 2022, the following stock options were outstanding: SCHEDULE OF STOCK OPTIONS OUTSTANDING Number Exercise Price Issuance Date Expiry Date 27,917 $ 22.20 December 4, 2017 December 4, 2027 5,000 $ 13.32 November 1, 2018 November 1, 2028 5,000 $ 2.22 March 16, 2020 March 16, 2030 51,666 $ 10.66 October 6, 2021 October 6, 2031 84,583 PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED) 11. EQUITY Warrants Warrant transactions are summarized as follows: SCHEDULE OF WARRANTS TRANSACTIONS Number Weighted Balance, September 30, 2021 208,333 $ 9.42 Granted 888,763 12.91 Balance, September 30, 2022 and December 31, 2022 1,097,096 $ 12.12 As December 31, 2022, the following warrants were outstanding: SCHEDULE OF WARRANTS OUTSTANDING Number Exercise Price Issuance Date Expiry Date 24,739 $ 23.98 November 4, 2021 November 4, 2023 864,024 $ 12.60 March 29, 2022 March 29, 2027 208,333 $ 8.88 September 30, 2021 September 30, 2031 1,097,096 22,059 202,009 0.98 2 153.02 0 178,509 23,334 102,550 The following weighted average assumptions were used for the Black-Scholes valuation of warrants as at December 31, 2022 and September 30, 2022: SCHEDULE OF VALUATION OF WARRANTS December 31, 2022 September 30, 2022 Risk-free interest rate 4.06 % 3.79 % Warrant measurement input 4.06 % 3.79 % Expected life of options 0.75 Year 1 Year Expected annualized volatility 110.97 % 135.59 % Dividend rate Nil Nil Weighted average fair value of options granted $ 0.01 $ 1.46	12. EQUITY Common stock The Company has authorized an unlimited number of common shares with no par value. At September 30, 2022 and September 30, 2021, the Company had 1,932,604 and 1,103,010 common shares issued and outstanding, respectively. During the year ended September 30, 2022, the Company: a) Completed a non-brokered private placement of 44,117 units at a price of $ 12.96 (CAD$ 16.20 ) per unit for gross proceeds of $ 571,760 (CAD$ 714,700 ). Each unit is comprised of one common share and one half of one share purchase warrant; each whole warrant entitles the holder to acquire one additional common share for a period of 24 months at an exercise price of $ 25.80 (CAD$ 32.40 ). $ 202,009 of the proceeds was allocated to the warrants and recorded as a warrant liability. The Company paid $ 34,733 and issued 2,680 agent’s warrants as a finders’ fee. The finder’s warrants have the same terms as the warrants issued under the private placement. The finder’s warrants were valued at $ 24,543 using the Black-Scholes option pricing model (assuming a risk-free interest rate of 0.98 %, an expected life of 2 years, annualized volatility of 153.02 % and a dividend rate of 0 %). The Company also incurred filing and other expenses of $ 800 in connection with the private placement. $ 8,671 of issuance costs related to the warrants was recorded in the statement of loss and comprehensive loss. b) Completed a brokered private placement of 785,477 units at a price of $ 9.60 per unit for gross proceeds of $ 7,540,580 . Each unit is comprised of one common share and one common share purchase warrant; each warrant entitles the holder to acquire one additional common share for a period of 5 years at an exercise price of $ 12.60 . $ 607,170 of the proceeds was allocated to the warrants. ThinkEquity LLC acted as sole placement agent for the private placement. In connection with the private placement, ThinkEquity received a cash commission of $ 754,058 , 78,548 broker warrants and expense reimbursement of $ 131,560 . The broker’s warrants have the same terms as the warrants issued under the private placement. The broker’s warrants were valued at $ 858,429 using the Black-Scholes option pricing model (assuming a risk-free interest rate of 2.45 %, an expected life of 5 years, annualized volatility of 134.66 % and a dividend rate of 0 %). The Company also incurred filing and other expenses of $ 159,271 in connection with the private placement. During the year ended September 30, 2021, the Company: a) Issued 19,271 common shares of the Company for a fair value of $ 54,958 pursuant to service agreements. b) Issued 416,666 common shares of the Company for a value of $ 2,468,750 pursuant to a property acquisition agreement. Share-based payments Stock options The Company has a stock option plan (the “Plan”) in place under which it is authorized to grant options to executive officers and directors, employees and consultants. Pursuant to the Plan, the Company may issue aggregate stock options totaling up to 10 % of the issued and outstanding common stock of the Company. Further, the Plan calls for the exercise price of each option to be equal to the market price of the Company’s stock as calculated on the date of grant. The options can be granted for a maximum term of 10 years and vest at the discretion of the Board of Directors at the time of grant. PERMEX PETROLEUM CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2022 AND 2021 12. EQUITY Share-based payments Stock option transactions are summarized as follows: SCHEDULE OF STOCK OPTION TRANSACTIONS Number Weighted Balance, September 30, 2020 39,003 $ 18.75 Cancelled (1,086 ) 23.70 Balance, September 30, 2021 37,917 $ 19.51 Granted 55,000 10.51 Cancelled (8,334 ) 17.34 Balance, September 30, 2022 84,583 $ 13.26 Exercisable at September 30, 2022 83,333 $ 13.42 The aggregate intrinsic value of options outstanding and exercisable as at September 30, 2022 was $ nil (2021 - $ nil ). The options outstanding as of September 30, 2022 have exercise prices in the range of $ 2.19 to $ 21.90 and a weighted average remaining contractual life of 7.72 years. There were no options granted during the year ended September 30, 2021. During the years ended September 30, 2022 and 2021, the Company recognized share-based payment expense of $ 546,335 and $ 2,870 , respectively, for the portion of stock options that vested during the year. The following weighted average assumptions were used for the Black-Scholes valuation of stock options granted: SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS USED IN THE FAIR VALUE 2022 2021 Risk-free interest rate 1.50 % - Expected life of options 10 Years - Expected annualized volatility 96.56 % - Dividend rate Nil - Weighted average fair value of options granted $ 10.17 $ - PERMEX PETROLEUM CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2022 AND 2021 12. EQUITY Share-based payments As September 30, 2022, the following stock options were outstanding: SCHEDULE OF STOCK OPTIONS OUTSTANDING Number Exercise Price Expiry Date 27,917 $ 21.90 December 4, 2027 5,000 $ 13.14 November 1, 2028 5,000 $ 2.19 March 16, 2030 51,666 $ 10.51 October 6, 2031 84,583 Warrants Warrant transactions are summarized as follows: SCHEDULE OF WARRANTS TRANSACTIONS Number Weighted Balance, September 30, 2020 80,087 $ 12.77 Granted 208,333 9.48 Warrants expired (80,087 ) 13.46 Balance, September 30, 2021 208,333 $ 9.42 Granted 888,763 12.91 Balance, September 30, 2022 1,097,096 $ 12.12 As September 30, 2022, the following warrants were outstanding: SCHEDULE OF WARRANTS OUTSTANDING Number Exercise Price Expiry Date 24,739 $ 23.65 November 4, 2023 864,024 $ 12.60 March 29, 2027 208,333 $ 8.76 October 1, 2031 1,097,096 22,059 warrants issued with private placement units during fiscal 2022 have an exercise price denominated in CAD. These warrants were initially valued at $ 202,009 using the Black-Scholes option pricing model (assuming a risk-free interest rate of 0.98% , an expected life of 2 years, annualized volatility of 153.02% and a dividend rate of 0% ) and recorded as a warrant liability. These warrants were subsequently revaluated and a gain on fair value adjustment of $ 178,509 was recorded during the year ended September 30, 2022. The following weighted average assumptions were used for the Black-Scholes valuation of warrants as at September 30, 2022 and November 4, 2021: SCHEDULE OF VALUATION OF WARRANTS September 30,2022 November 4, 2021 Risk-free interest rate 3.79 % 0.98 % Expected life of options 1 Year 2 Years Expected annualized volatility 135.59 % 153.02 % Dividend rate Nil Nil Weighted average fair value of options granted $ 1.46 $ 11.45 PERMEX PETROLEUM CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2022 AND 2021

INCOME TAXES

INCOME TAXES	12 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	13. INCOME TAXES SCHEDULE OF RECONCILIATION OF INCOME TAX 2022 2021 Loss before income taxes $ (2,714,616 ) $ (1,253,242 ) Expected income tax recovery at statutory rates $ (407,000 ) $ (188,000 ) Provincial income tax (244,000 ) (137,000 ) Effect of income taxes from US operations (42,000 ) (7,000 ) Change in statutory, foreign tax, foreign exchange rates and other (32,000 ) (59,000 ) Permanent differences 103,000 1,000 Adjustment to prior years provision versus statutory tax returns (53,000 ) (11,000 ) Change in valuation allowance 675,000 401,000 Deferred income tax recovery $ - $ - Components of the Company’s pre-tax loss and income taxes are as follows: SCHEDULE OF PRE TAX LOSS AND INCOME TAXES 2022 2021 Loss for the year Canada $ (2,030,281 ) $ (1,144,350 ) US (684,335 ) (108,892 ) $ (2,714,616 ) $ (1,253,242 ) Expected income tax (recovery) Canada $ (549,000 ) $ (309,000 ) US (102,000 ) (29,000 ) $ (651,000 ) $ (338,000 ) Deferred income tax (recovery) Canada $ 548,000 $ 309,000 US 103,000 29,000 $ 651,000 $ 338,000 Deferred income tax recovery $ - $ - The significant components of the Company’s deferred tax assets and liabilities are as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES 2022 2021 Tax loss carryforwards $ 1,342,000 $ 780,000 Property and equipment (74,000 ) (9,000 ) Financing fees 216,000 38,000 Total gross deferred tax assets 1,484,000 809,000 Deferred tax assets valuation allowance (1,484,000 ) (809,000 ) Net deferred tax assets $ - $ - The significant components of the Company’s temporary differences include unamortized financing fees and tax loss carryforwards. The valuation allowance reduces the deferred tax assets to amounts that are, in management’s assessment, more likely than not to be realized. For the years ended September 30, 2022 and 2021, the Company had financing fees of $ 801,000 and $ 140,000 , respectively, with expiration dates between 2042 and 2047. The Company also had tax loss carryforwards of approximately $ 4,832,000 in Canada and the United States. For the years ended September 30, 2022 and 2021, the Canada tax losses totaled $ 4,028,000 and $ 2,707,000 , respectively, with expiration dates ranging from 2037 to 2042 and 2037 to 2041 , respectively. The United States tax losses for the years ended September 30, 2022 and 2021 totaled $ 804,000 and $ 213,000 , respectively, and had no expiration dates.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
SEGMENT INFORMATION	14. SEGMENT INFORMATION Operating segments The Company operates in a single reportable segment – the acquisition, development and production of oil and gas properties in the United States. PERMEX PETROLEUM CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2022 AND 2021

SUPPLEMENTAL INFORMATION ON OIL

SUPPLEMENTAL INFORMATION ON OIL AND GAS OPERATIONS	12 Months Ended
	Sep. 30, 2022
Supplemental Information On Oil And Gas Operations
SUPPLEMENTAL INFORMATION ON OIL AND GAS OPERATIONS	15. SUPPLEMENTAL INFORMATION ON OIL AND GAS OPERATIONS (UNAUDITED) Supplemental unaudited information regarding Permex’s oil and gas activities is presented in this note. All of Permex’s reserves are located within the U.S. Costs Incurred in Oil and Gas Producing Activities SCHEDULE OF COST INCURRED IN PRODUCING ACTIVITIES 12 Months Ended 12 Months Ended September 30, 2022 September 30, 2021 Acquisition of proved properties $ — $ 3,699,215 Acquisition of unproved properties — — Development costs 1,676,668 9,403 Exploration costs — — Total costs incurred $ 1,676,668 $ 3,708,618 Results of Operations from Oil and Gas Producing Activities 12 Months Ended 12 Months Ended September 30, 2022 September 30, 2021 Oil and gas revenues $ 815,391 $ 46,703 Production costs (829,194 ) (59,671 ) Exploration expenses — — Depletion, depreciation and amortization (99,855 ) (52,439 ) Impairment of oil and gas properties — — Result of oil and gas producing operations before income taxes (113,658 ) (65,407 ) Provision for income taxes — — Results of oil and gas producing activities $ (113,658 ) $ (65,407 ) PERMEX PETROLEUM CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2022 AND 2021 15. SUPPLEMENTAL INFORMATION ON OIL AND GAS OPERATIONS (UNAUDITED) Proved Reserves The Company’s proved oil and natural gas reserves have been estimated by the certified independent engineering firm, MKM Engineering. Proved reserves are the estimated quantities that geologic and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions. Proved developed reserves are the quantities expected to be recovered through existing wells with existing equipment and operating methods when the estimates were made. Due to the inherent uncertainties and the limited nature of reservoir data, such estimates are subject to change as additional information becomes available. The reserves actually recovered and the timing of production of these reserves may be substantially different from the original estimate. Revisions result primarily from new information obtained from development drilling and production history; acquisitions of oil and natural gas properties; and changes in economic factors. Our proved reserves are summarized in the table below: SCHEDULE OF PROVED RESERVES Oil (Barrels) Natural Gas (Mcf) BOE (Barrels) Proved developed and undeveloped reserves: September 30, 2020 3,706,360 740,180 3,829,723 Revisions (1) (88,263 ) 38,640 (81,823 ) Purchase of proved reserves (2) 5,408,560 2,859,590 5,885,158 Sale of reserves (3) (2,826,290 ) (618,650 ) (2,929,398 ) Production (947 ) (1,410 ) (1,182 ) September 30, 2021 6,199,420 3,018,350 6,702,478 Revisions 48,320 (5,613 ) 47,385 Purchase of proved reserves - - - Sale reserves - - - Production (10,670 ) (11,567 ) (12,598 ) September 30, 2022 6,237,070 3,001,170 6,737,265 Proved developed reserves: September 30, 2020 549,390 82,430 563,128 September 30, 2021 587,450 411,910 656,102 September 30, 2022 1,153,870 864,770 1,297,998 Proved undeveloped reserves: September 30, 2020 3,156,970 657,750 3,266,595 September 30, 2019 5,611,970 2,606,440 6,046,377 September 30, 2022 5,083,200 2,136,400 5,439,267 (1) Revisions in 2021 included 120,850 bbls in proved undeveloped reserves being reclassified as probable in the 2021 reserve report, net of other immaterial revisions in several properties. (2) During 2021, the Company purchased 1,246 net acres in Martin County, Texas. (3) During 2021, the Company sold ODC and Taylor properties. PERMEX PETROLEUM CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2022 AND 2021 15. SUPPLEMENTAL INFORMATION ON OIL AND GAS OPERATIONS (UNAUDITED) Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves The following information is based on the Company’s best estimate of the required data for the Standardized Measure of Discounted Future Net Cash Flows as of September 30, 2022 and September 30, 2021 in accordance with ASC 932, “Extractive Activities – Oil and Gas” which requires the use of a 10% discount rate. This information is not the fair market value, nor does it represent the expected present value of future cash flows of the Company’s proved oil and gas reserves. Future cash inflows for the years ended September 30, 2022 and September 30, 2021 were estimated as specified by the SEC through calculation of an average price based on the 12-month unweighted arithmetic average of the first-day-of-the-month price for the period from October through September during each respective fiscal year. The resulting net cash flow are reduced to present value by applying a 10% discount factor. SCHEDULE OF NET CASH FLOWS RELATING TO PROVED OIL AND GAS RESERVES September 30, 2022 September 30, 2021 12 Months Ended September 30, 2022 September 30, 2021 Future cash inflows $ 589,481,000 $ 355,958,000 Future production costs(1) (91,630,000 ) (69,683,000 ) Future development costs (71,700,000 ) (71,700,000 ) Future income tax expenses (113,873,000 ) (57,206,000 ) Future net cash flows 312,278,000 157,369,000 10% annual discount for estimated timing of cash flows (167,549,000 ) (84,100,000 ) Standardized measure of discounted future net cash flows at the end of the fiscal year $ 144,729,000 $ 73,269,000 (1) Production costs include crude oil and natural gas operations expense, production ad valorem taxes, transportation costs and G&A expense supporting the Company’s crude oil and natural gas operations. Average hydrocarbon prices are set forth in the table below. SCHEDULE OF AVERAGE HYDROCARBON PRICES Average Price Natural Crude Oil (Bbl) Gas (Mcf) Year ended September 30, 2020 (1) $ 40.30 $ 1.77 Year ended September 30, 2021 (1) $ 55.98 $ 2.95 Year ended September 30, 2022 (1) $ 91.72 $ 5.79 (1) Average prices were based on 12-month unweighted arithmetic average of the first-day-of-the-month prices for the period from October through September during each respective fiscal year. Future production and development costs, which include dismantlement and restoration expense, are computed by estimating the expenditures to be incurred in developing and producing the Company’s proved crude oil and natural gas reserves at the end of the year, based on year-end costs, and assuming continuation of existing economic conditions. PERMEX PETROLEUM CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2022 AND 2021 15. SUPPLEMENTAL INFORMATION ON OIL AND GAS OPERATIONS (UNAUDITED) Sources of Changes in Discounted Future Net Cash Flows Principal changes in the aggregate standardized measure of discounted future net cash flows attributable to the Company’s proved crude oil and natural gas reserves, as required by ASC 932, at fiscal year-end are set forth in the table below. SCHEDULE OF CHANGES IN DISCOUNTED FUTURE NET CASH FLOWS September 30, 2022 September 30, 2021 12 Months Ended September 30, 2022 September 30, 2021 Standardized measure of discounted future net cash flows at the beginning of the year $ 73,269,000 $ 20,797,000 Extensions, discoveries and improved recovery, less related costs — — Sales of minerals in place — (62,682,000 ) Purchase of minerals in place — 125,927,000 Revisions of previous quantity estimates 1,674,000 (1,751,000 ) Net changes in prices and production costs 88,333,000 32,573,000 Accretion of discount 10,077,000 1,498,000 Sales of oil produced, net of production costs (49,000 ) 13,000 Changes in future development costs 911,000 (21,339,000 ) Changes in timing of future production (3,099,000 ) (2,580,000 ) Net changes in income taxes (26,387,000 ) (19,187,000 ) Standardized measure of discounted future net cash flows at the end of the year $ 144,729,000 $ 73,269,000

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) and applicable rules and regulations of the United States Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of the Company’s financial position and of the results of operations and cash flows for the periods presented. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending September 30, 2023 or for any other interim period or for any other future fiscal year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and footnotes for the fiscal year ended September 30, 2022.	Basis of presentation The Company’s consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”)
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the assets, liabilities, revenue and expenses of the Company’s wholly-owned subsidiary, Permex Petroleum US Corporation PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED) 2. Significant Accounting Policies	Principles of Consolidation These consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Permex Petroleum US Corporation. All intercompany balances and transactions have been eliminated.
Going concern of operations	Going concern of operations These consolidated financial statements have been prepared on a going concern basis which assumes that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. The Company has incurred losses since inception in the amount of $ 9,569,606 Management plans to fund operations of the Company with its current working capital and through increasing production from its oil and gas leases. The Company also expects to raise additional funds through equity financings. There are no written agreements in place for such funding or issuance of securities and there can be no assurance that such will be available in the future. Management believes that this plan provides an opportunity for the Company to continue as a going concern. In view of these matters, continuation as a going concern is dependent upon continued operations of the Company, which in turn is dependent upon the Company’s ability to meet its financial requirements, raise additional capital, and the success of its future operations. The financial statements do not include any adjustments to the amount and classification of assets and liabilities that may be necessary should the Company not continue as a going concern.	Going concern of operations These consolidated financial statements have been prepared on a going concern basis which assumes that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. The Company has incurred losses since inception in the amount of $ 8,260,415 and has not yet achieved profitable operations. The Company has been relying on equity financing and loans from related parties to fund its operation in the past. While the Company has been successful in securing financing to date, there can be no assurances that it will be able to do so in the future. The aforementioned factors raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. Management plans to fund operations of the Company with its current working capital and through increasing productions from its oil and gas leases. The Company also expects to raise additional funds through equity financings. There are no written agreements in place for such funding or issuance of securities and there can be no assurance that such will be available in the future. Management believes that this plan provides an opportunity for the Company to continue as a going concern. In view of these matters, continuation as a going concern is dependent upon continued operations of the Company, which in turn is dependent upon the Company’s ability to, meets its financial requirements, raise additional capital, and the success of its future operations. The financial statements do not include any adjustments to the amount and classification of assets and liabilities that may be necessary should the Company not continue as a going concern. PERMEX PETROLEUM CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2022 AND 2021 2. Significant Accounting Policies
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Management evaluates these estimates and judgments on an ongoing basis and bases its estimates on experience, current and expected future conditions, third-party evaluations and various other assumptions that management believes are reasonable under the circumstances. Significant estimates have been used by management in conjunction with the following: (i) amounts subject to allowances and returns; (ii) the fair value of assets when determining the existence of impairment factors and the amount of impairment, if any; (iii) the costs of site restoration when determining decommissioning liabilities; (iv) income taxes receivable or payable; (v) the useful lives of assets for the purposes of depreciation; (vi) petroleum and natural gas reserves; and (vii) share-based payments. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ from those estimates.	Use of Estimates The preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Management evaluates these estimates and judgments on an ongoing basis and bases its estimates on experience, current and expected future conditions, third-party evaluations and various other assumptions that management believes are reasonable under the circumstances. Significant estimates have been used by management in conjunction with the following: (i) petroleum and natural gas reserves; (ii) the fair value of assets when determining the existence of impairment factors and the amount of impairment, if any; (iii) the costs of site restoration when determining asset retirement obligations; (iv) income taxes receivable or payable; (v) the useful lives of assets for the purposes of depreciation; (vi) general credit risk associated with receivables and other assets; and (vii) share-based payments. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ from those estimates.
Cash and cash equivalents		Cash and cash equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash and cash equivalents. Cash and cash equivalents are recorded at cost, which approximates fair value.
Trade and other receivables		Trade and other receivables Trade and other receivables are stated at net realizable value. The majority of customers are not extended credit and the majority of the receivables has payment terms of 30 days or less. On a periodic basis, management evaluates its accounts receivable and determines whether to provide an allowance or if any accounts should be written off based on a past history of write-offs, collections, and current credit conditions. A receivable is considered past due if the Company has not received payments based on agreed-upon terms. Given the nature and balances of the Company’s receivables the Company has no material loss allowance as at September 30, 2022 and September 30, 2021.
Property and equipment		Property and equipment The Company follows the successful efforts method of accounting for its oil and gas properties. All costs for development wells along with related acquisition costs, the costs of drilling development wells, and related asset retirement obligation (ARO) assets are capitalized. Exploration costs, such as exploratory geological and geophysical costs, and costs associated with non-productive exploratory wells, delay rentals and exploration overhead are expensed. Costs of drilling exploratory wells are capitalized pending determination of whether the wells found proved reserves. Costs of wells that are assigned proved reserves remain capitalized. Costs also are capitalized for exploratory wells that have found crude oil and natural gas reserves even if the reserves cannot be classified as proved when the drilling is completed, provided the exploratory well has found a sufficient quantity of reserves to justify its completion as a producing well and the Company is making sufficient progress assessing the reserves and the economic and operating viability of the project. The Company groups its oil and gas properties with a common geological structure or stratigraphic condition (“common operating field”) for purposes of computing depletion expenses, assessing proved property impairments and accounting for asset dispositions. Capitalized costs of proved oil and gas properties are depleted by individual field using a unit-of-production method based on proved and probable developed reserves. Proved reserves are estimated using reserve engineer reports and represent the estimated quantities of crude oil, natural gas and natural gas liquids, which geological, geophysical and engineering data demonstrate with a specified degree of certainty to be recoverable in future years from known reservoirs and which are considered commercially producible. PERMEX PETROLEUM CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2022 AND 2021 2. Significant Accounting Policies Property and equipment Proved oil and natural gas properties are assessed for possible impairment by comparing their carrying values with their associated undiscounted, future net cash flows. Events that can trigger assessments for possible impairments include write-downs of proved reserves based on field performance, significant decreases in the market value of an asset (including changes to the commodity price forecast or carbon costs), significant change in the extent or manner of use of or a physical change in an asset, and a more-likely-than-not expectation that a long-lived asset or asset group will be sold or otherwise disposed of significantly sooner than the end of its previously estimated useful life. Impaired assets are written down to their estimated fair values, generally their discounted, future net cash flows. For proved oil and natural gas properties, the Company performs impairment reviews on a field basis, annually or as appropriate. Other corporate property and equipment consist primarily of leasehold improvements, vehicle, and office furniture and equipment and are stated at cost less accumulated depreciation. The capitalized costs are generally depreciated on a straight line basis over their estimated useful lives ranging from three to five years . For property dispositions, measurement is at fair value, unless the transaction lacks commercial substance or fair value cannot be reliably measured. Where the exchange is measured at fair value, a gain or loss is recognized in net income. Any deferred consideration recorded on property dispositions are recognized as revenue in the statement of loss and comprehensive loss over the reserve life. Gains or losses are recorded for sales or dispositions of oil and gas properties which constitute an entire common operating field or which result in a significant alteration of the common operating field’s depletion rate. These gains and losses are classified as asset dispositions in the accompanying consolidated statements of loss and comprehensive loss. Partial common operating field sales or dispositions deemed not to significantly alter the depletion rates are generally accounted for as adjustments to capitalized costs with no gain or loss recognized.
Impairment of long-lived assets		Impairment of long-lived assets The Company assesses long-lived assets for impairment in accordance with the provisions of the Financial Account Standards Board Accounting Standards Codification (“ASC”) regarding long-lived assets. It requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through the estimated undiscounted cash flows expected to result from the use and eventual disposition of the assets. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value. As of September 30, 2022 and September 30, 2021, no impairment charge has been recorded.
Asset retirement obligations		Asset retirement obligations The Company recognizes asset retirement obligations (“ARO”) associated with tangible assets such as well sites when there is a legal obligation associated with the retirement of such assets and the amount can be reasonably estimated. The ARO are measured at the present value of management’s best estimate of the future remediation expenditures at the reporting date. The initial measurement of an ARO is recorded as a liability at its fair value, with an offsetting asset retirement cost recorded as an increase to the associated property and equipment on the consolidated balance sheet. When the assumption used to estimate a recorded ARO change, a revision is recorded to both the ARO and the asset retirement cost. The ARO is accreted to its then present value each period, and the asset retirement cost is depreciated using a systematic and rational method similar to that used for the associated property and equipment. PERMEX PETROLEUM CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2022 AND 2021 2. SIGNIFICANT ACCOUNTING POLICIES
Fair value measurement		Fair value measurement Fair value accounting is applied for all assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company follows the established framework for measuring fair value and expands disclosures about fair value measurements. The Company categorizes its assets and liabilities measured at fair value into a three-level hierarchy based on the priority of the inputs to the valuation technique used to determine fair value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used in the determination of the fair value measurement fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement. Assets and liabilities valued at fair value are categorized based on the inputs to the valuation techniques as follows: Level 1 Level 2 Level 3 ’ The carrying values of cash and cash equivalents, trade receivable, other current receivables, due from/to related parties, trade payable, other current payables, accrued expenses, convertible debenture and lease liability included in the accompanying consolidated balance sheets approximated fair value at September 30, 2022 and September 30, 2021. The financial statements as of and for the years ended September 30, 2022 and September 30, 2021, do not include any recurring or nonrecurring fair value measurements relating to assets or liabilities. Subsequent to initial recognition, the Company may re-measure the carrying value of assets and liabilities measured on a nonrecurring basis to fair value. Adjustments to fair value usually result when certain assets are impaired. Such assets are written down from their carrying amounts to their fair value. Professional standards allow entities the irrevocable option to elect to measure certain financial instruments and other items at fair value for the initial and subsequent measurement on an instrument-by-instrument basis. The Company has not elected to measure any existing financial instruments at fair value. However, it may elect to measure newly acquired financial instruments at fair value in the future.
Earnings (loss) per share		Earnings (loss) per share Basic earnings (loss) per share (“EPS”) is calculated by dividing net income (loss) attributable to common shareholders by the weighted average number of common shares outstanding in the period. The diluted EPS reflects all dilutive potential common share equivalents, in the weighted average number of common shares outstanding during the period, if dilutive. All of the outstanding convertible securities, stock options and warrants were anti-dilutive for the years ended September 30, 2022 and 2021. PERMEX PETROLEUM CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2022 AND 2021 2. SIGNIFICANT ACCOUNTING POLICIES
Leases		Leases At inception of a contract, the Company assesses whether a contract is, or contains a lease based on whether the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date. The lease obligation is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate. Variable lease payments that do not depend on an index or rate are not included in the measurement of the lease liability. The lease liability is subsequently measured at amortized cost using the effective interest rate method.
Share capital		Share capital The Company records proceeds from the issuance of its common shares as equity. Incremental costs directly attributable to the issue of new common shares are shown in equity as a deduction, net of tax, from the proceeds. Common shares issued for consideration other than cash are valued based on their market value at the date that the shares are issued.
Share purchase warrants		Share purchase warrants The fair value of warrants issued with private placement units is determined using the Black-Scholes option pricing model. Proceeds from the issuance of private placement units are allocated between the private placement warrants and common shares on a relative fair value basis. Share purchase warrants with exercise prices denominated in a currency other than its functional currency are classified as a liability. Proceeds from the issuance of private placement units are first allocated to the warrant liability based on their fair value and the residual is allocated to common shares issued while for equity warrants, proceeds are allocated on a relative fair value basis. The changes in fair value of the warrant liability are recorded in the statement of loss and comprehensive loss. Warrants issued for oil and gas interests and warrants issued as finder’s fees are share-based payments and are measured at fair value on the date of the grant as determined using the Black-Scholes option pricing model.
Share-based payments		Share-based payments The Company issues stock options and other share-based compensation to directors, employees and others service providers. Equity awards including stock options and share purchase warrants are measured at grant date at the fair value of the instruments issued and amortized over the vesting periods using a graded vesting approach. The number of options expected to vest is reviewed and adjusted at the end of each reporting period such that the amount ultimately recognized as an expense is based on the number of options that eventually vest. The Company has elected to account for forfeitures as they occur rather than estimate expected forfeitures. The fair value of the equity awards is determined using the Black-Scholes option pricing model. Measurement inputs include share price on measurement date, exercise price of the instrument, expected volatility (based on weighted average historic volatility), weighted average expected life of the instruments (based on historical experience), expected dividends, and the risk-free interest rate (based on government bonds). PERMEX PETROLEUM CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2022 AND 2021 2. SIGNIFICANT ACCOUNTING POLICIES
Revenue		Revenue In accordance with ASC 606, Revenue from Contracts with Customers, The Company records revenue in the month production is delivered to the purchaser. However, production statements for oil and gas sales may not be received until the following month end after the products are purchased, and as a result, the Company is required to estimate the amount of revenue to be received. The Company records the differences between its estimates and the actual amounts received for revenue in the month that payment is received from the customer. Identified differences between the Company’s revenue estimates and actual revenue received are $ 1,395 and $ nil for years ended September 30, 2022 and September 30, 2021, respectively. The Company believes that the pricing provisions of its oil, natural gas and natural gas liquids contracts are customary in the industry. To the extent actual volumes and prices of oil and natural gas sales are unavailable for a given reporting period because of timing or information not received from third parties, the revenue related to sales volumes and prices for those good sold are estimated and recorded. The Company does not have any contract assets or liabilities, or capitalized contract costs.
Foreign Currency		Foreign Currency These consolidated financial statements are presented in United States dollars (“U.S. dollar”). The functional currency of the Company and the subsidiary of the Company is the U.S. dollar. The Company changed its functional currency from Canadian dollars (“CAD”) to the U.S. dollars as at October 1, 2021. The change in functional currency from Canadian dollars to U.S. dollars is accounted for prospectively from October 1, 2021. Management determined that the Company’s functional currency had changed based on the assessment related to significant changes of the Company’s economic facts and circumstances. These significant changes included the fact that the Company’s equity financings and the primary economic environment are now in the U.S. as well as the expectation of the majority of the Company’s expenses will be denominated in U.S. dollars. Moreover, the Company’s place of business and management are now located in the United States. Foreign currency transactions are translated into the functional currency using exchange rates prevailing at the dates of the transactions. At the end of each reporting period, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at that date. Non-monetary assets and liabilities are translated using the historical rate on the date of the transaction. Non-monetary assets and liabilities that are stated at fair value are translated using the historical rate on the date that the fair value was determined. All gains and losses on translation of these foreign currency transactions are charged to profit or loss. PERMEX PETROLEUM CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2022 AND 2021 2. SIGNIFICANT ACCOUNTING POLICIES
Income taxes		Income taxes Current taxes receivable or payable are estimated on taxable income or loss for the current year at the statutory tax rates enacted or substantively enacted at the reporting date. Deferred income tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax assets and liabilities are measured at the tax rates that have been enacted or substantially enacted at the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets also result from unused loss carry forwards, resource related pools and other deductions. At the end of each reporting year the Company reassesses unrecognized deferred tax assets. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred income tax assets and deferred income tax liabilities are offset if a legally enforceable right exists to offset current tax assets against current tax liabilities and the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority.
New accounting standards	New accounting standards There are not currently any new or pending accounting standards that are expected to have a significant impact on the Company’s consolidated financial statements.	New accounting standards There are not currently any new or pending accounting standards that have a significant impact on the Company’s consolidated financial statements.

REVENUE (Tables)

REVENUE (Tables)	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
SCHEDULE OF REVENUE DISAGGREGATED BY PRODUCT TYPE AND GEOGRAPHIC AREAS	The following table present our revenue from contracts with customers disaggregated by product type and geographic areas. SCHEDULE OF REVENUE DISAGGREGATED BY PRODUCT TYPE AND GEOGRAPHIC AREAS 1 2 3 Three months ended December 31, 2022 Texas New Mexico Total Crude oil $ 173,961 $ 39,512 $ 213,473 Natural gas 281 - 281 Revenue from contracts with customers $ 174,242 $ 39,512 $ 213,754 Three months ended December 31, 2021 Texas New Mexico Total Crude oil $ 70,161 $ - $ 70,161 Natural gas 19,829 - 19,829 Revenue from contracts with customers $ 89,990 $ - $ 89,990	The following table present our revenue from contracts with customers disaggregated by product type and geographic areas. SCHEDULE OF REVENUE DISAGGREGATED BY PRODUCT TYPE AND GEOGRAPHIC AREAS 1 2 3 Year ended September 30, 2022 Texas New Mexico Total Crude oil $ 621,275 $ 140,236 $ 761,511 Natural gas 53,880 - 53,880 Revenue from contracts with customers $ 675,155 $ 140,236 $ 815,391 1 2 3 Year ended September 30, 2021 Texas New Mexico Total Crude oil $ 44,425 $ - $ 44,425 Natural gas 2,278 - 2,278 Revenue from contracts with customers $ 46,703 $ - $ 46,703

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
SCHEDULE OF PROPERTY AND EQUIPMENT	Property and equipment consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT December 31, 2022 September 30, 2022 Oil and natural gas properties, at cost $ 9,903,713 $ 8,029,234 Construction in progress - 460,306 Less: accumulated depletion (212,853 ) (184,658 ) Oil and natural gas properties, net 9,690,860 8,304,882 Other property and equipment, at cost 201,565 127,542 Less: accumulated depreciation (17,649 ) (5,648 ) Other property and equipment, net 183,916 121,894 Property and equipment, net $ 9,874,776 $ 8,426,776	Property and equipment consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT September 30, September 30, 2021 Oil and natural gas properties, at cost $ 8,029,234 $ 6,723,778 Construction in progress 460,306 - Less: accumulated depletion (184,658 ) (84,803 ) Oil and natural gas properties, net 8,304,882 6,638,975 Other property and equipment, at cost 127,542 - Less: accumulated depreciation (5,648 ) - Other property and equipment, net 121,894 - Property and equipment, net $ 8,426,776 $ 6,638,975

LEASES (Tables)

LEASES (Tables)	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022
Leases
SCHEDULE OF RIGHT OF USE OPERATING LEASES	All of the Company’s right-of-use assets are operating leases related to its office premises. Details of the Company’s right-of-use assets and lease liabilities are as follows: SCHEDULE OF RIGHT OF USE OPERATING LEASES December 31, 2022 September 30, 2022 Right-of-use assets $ 212,486 $ 240,796 Lease liabilities Balance, beginning of the year $ 244,906 $ 78,949 Addition - 220,368 Liability accretion 7,088 9,042 Lease payments (33,530 ) (63,453 ) Balance, end of the year $ 218,464 $ 244,906 Current lease liabilities $ 91,665 $ 104,224 Long-term lease liabilities $ 126,799 $ 140,682	SCHEDULE OF RIGHT OF USE OPERATING LEASES 2022 2021 Right-of-use assets $ 240,796 $ 72,539 Lease liabilities Balance, beginning of the year $ 78,949 $ 53,128 Addition 220,368 57,357 Interest expense 9,042 9,812 Liability accretion 7,088 9,042 Lease payments (63,453 ) (43,932 ) Foreign exchange movement - 2,584 Balance, end of the year $ 244,906 $ 78,949 Current lease liabilities $ 104,224 $ 51,963 Long-term lease liabilities $ 140,682 $ 26,986
SCHEDULE OF LEASE COST	The following table presents the Company’s total lease cost. SCHEDULE OF LEASE COST Three months ended Three months ended Operating lease cost $ 35,398 $ 13,961 Variable lease expense 7,175 7,557 Sublease income (10,004 ) (4,868 ) Rent subsidy - (1,674 ) Net lease cost $ 32,569 $ 14,976	SCHEDULE OF LEASE COST 2022 2021 Operating lease cost $ 35,398 $ 13,961 Amortization of right-of-use assets $ 52,111 $ 37,129 Interest on lease liabilities 9,042 9,812 Variable lease expense 36,216 16,564 Sublease income (36,633 ) (10,191 ) Rent subsidy (1,644 ) (9,169 ) Net lease cost $ 59,092 $ 44,145
SCHEDULE OF FUTURE LEASE PAYMENTS	As of December 31, 2022, maturities of the Company’s operating lease liabilities are as follows: SCHEDULE OF FUTURE LEASE PAYMENTS Year 2023 $ 77,294 2024 82,190 2025 84,664 2026 14,180 Total lease payments 258,328 Less: imputed interest (39,864 ) Total lease liabilities $ 218,464	SCHEDULE OF FUTURE LEASE PAYMENTS Year 2023 $ 110,593 2024 82,190 2025 84,664 2026 14,180 Total lease payments 291,627 Less: imputed interest (46,721 ) Total lease liabilities $ 244,906

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022
Asset Retirement Obligation Disclosure [Abstract]
SCHEDULE OF ASSET RETIREMENT OBLIGATIONS	SCHEDULE OF ASSET RETIREMENT OBLIGATIONS December 31, 2022 September 30, 2022 Asset retirement obligations, beginning of the year $ 236,412 $ 552,594 Revisions of estimates - (371,212 ) Accretion expense 7,994 55,030 Asset retirement obligations, ending of the year $ 244,406 $ 236,412	SCHEDULE OF ASSET RETIREMENT OBLIGATIONS 2022 2021 Decommissioning obligations, beginning of the year $ 552,594 $ 271,402 Obligations recognized - 258,726 Obligations derecognized - (125,511 ) Revisions of estimates (371,212 ) 117,921 Accretion expense 55,030 19,907 Foreign exchange movement - 10,149 Decommissioning obligations, ending of the year $ 236,412 $ 552,594

LOSS PER SHARE (Tables)

LOSS PER SHARE (Tables)	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022
Earnings Per Share [Abstract]
SCHEDULE OF BASIC AND DILUTED LOSS PER SHARE	The calculation of basic and diluted loss per share for the three month periods ended December 31, 2022 and 2021 was based on the net losses attributable to common shareholders. The following table sets forth the computation of basic and diluted loss per share: SCHEDULE OF BASIC AND DILUTED LOSS PER SHARE Three months ended December 31, 2022 Three months ended December 31, 2021 Net loss $ (1,309,191 ) $ (751,188 ) Weighted average common shares outstanding 1,932,604 1,130,344 Basic and diluted loss per share $ (0.68 ) $ (0.66 )	SCHEDULE OF BASIC AND DILUTED LOSS PER SHARE 2022 2021 Net loss $ (2,714,616 ) $ (1,253,242 ) Weighted average common shares outstanding 1,543,021 678,958 Basic and diluted loss per share $ (1.76 ) $ (1.84 )

EQUITY (Tables)

EQUITY (Tables)	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022
Equity [Abstract]
SCHEDULE OF STOCK OPTION TRANSACTIONS	Stock option transactions are summarized as follows: SCHEDULE OF STOCK OPTION TRANSACTIONS Number Weighted Average Balance, September 30, 2021 37,917 $ 19.51 Granted 55,000 10.51 Cancelled (8,334 ) 17.34 Balance, September 30, 2022 and December 31, 2022 84,583 $ 13.26 Exercisable at December 31, 2022 83,333 $ 13.61	Stock option transactions are summarized as follows: SCHEDULE OF STOCK OPTION TRANSACTIONS Number Weighted Balance, September 30, 2020 39,003 $ 18.75 Cancelled (1,086 ) 23.70 Balance, September 30, 2021 37,917 $ 19.51 Granted 55,000 10.51 Cancelled (8,334 ) 17.34 Balance, September 30, 2022 84,583 $ 13.26 Exercisable at September 30, 2022 83,333 $ 13.42
SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS USED IN THE FAIR VALUE	SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS USED IN THE FAIR VALUE 2022 2021 Risk-free interest rate - 1.5 % Expected life of options - 10 Expected annualized volatility - 96.56 % Dividend rate - Nil Weighted average fair value of options granted - $ 10.17	SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS USED IN THE FAIR VALUE 2022 2021 Risk-free interest rate 1.50 % - Expected life of options 10 Years - Expected annualized volatility 96.56 % - Dividend rate Nil - Weighted average fair value of options granted $ 10.17 $ -
SCHEDULE OF STOCK OPTIONS OUTSTANDING	As December 31, 2022, the following stock options were outstanding: SCHEDULE OF STOCK OPTIONS OUTSTANDING Number Exercise Price Issuance Date Expiry Date 27,917 $ 22.20 December 4, 2017 December 4, 2027 5,000 $ 13.32 November 1, 2018 November 1, 2028 5,000 $ 2.22 March 16, 2020 March 16, 2030 51,666 $ 10.66 October 6, 2021 October 6, 2031 84,583	As September 30, 2022, the following stock options were outstanding: SCHEDULE OF STOCK OPTIONS OUTSTANDING Number Exercise Price Expiry Date 27,917 $ 21.90 December 4, 2027 5,000 $ 13.14 November 1, 2028 5,000 $ 2.19 March 16, 2030 51,666 $ 10.51 October 6, 2031 84,583
SCHEDULE OF WARRANTS TRANSACTIONS	Warrant transactions are summarized as follows: SCHEDULE OF WARRANTS TRANSACTIONS Number Weighted Balance, September 30, 2021 208,333 $ 9.42 Granted 888,763 12.91 Balance, September 30, 2022 and December 31, 2022 1,097,096 $ 12.12	Warrant transactions are summarized as follows: SCHEDULE OF WARRANTS TRANSACTIONS Number Weighted Balance, September 30, 2020 80,087 $ 12.77 Granted 208,333 9.48 Warrants expired (80,087 ) 13.46 Balance, September 30, 2021 208,333 $ 9.42 Granted 888,763 12.91 Balance, September 30, 2022 1,097,096 $ 12.12
SCHEDULE OF WARRANTS OUTSTANDING	As December 31, 2022, the following warrants were outstanding: SCHEDULE OF WARRANTS OUTSTANDING Number Exercise Price Issuance Date Expiry Date 24,739 $ 23.98 November 4, 2021 November 4, 2023 864,024 $ 12.60 March 29, 2022 March 29, 2027 208,333 $ 8.88 September 30, 2021 September 30, 2031 1,097,096	As September 30, 2022, the following warrants were outstanding: SCHEDULE OF WARRANTS OUTSTANDING Number Exercise Price Expiry Date 24,739 $ 23.65 November 4, 2023 864,024 $ 12.60 March 29, 2027 208,333 $ 8.76 October 1, 2031 1,097,096
SCHEDULE OF VALUATION OF WARRANTS	The following weighted average assumptions were used for the Black-Scholes valuation of warrants as at December 31, 2022 and September 30, 2022: SCHEDULE OF VALUATION OF WARRANTS December 31, 2022 September 30, 2022 Risk-free interest rate 4.06 % 3.79 % Warrant measurement input 4.06 % 3.79 % Expected life of options 0.75 Year 1 Year Expected annualized volatility 110.97 % 135.59 % Dividend rate Nil Nil Weighted average fair value of options granted $ 0.01 $ 1.46	The following weighted average assumptions were used for the Black-Scholes valuation of warrants as at September 30, 2022 and November 4, 2021: SCHEDULE OF VALUATION OF WARRANTS September 30,2022 November 4, 2021 Risk-free interest rate 3.79 % 0.98 % Expected life of options 1 Year 2 Years Expected annualized volatility 135.59 % 153.02 % Dividend rate Nil Nil Weighted average fair value of options granted $ 1.46 $ 11.45

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
SCHEDULE OF RECONCILIATION OF INCOME TAX	SCHEDULE OF RECONCILIATION OF INCOME TAX 2022 2021 Loss before income taxes $ (2,714,616 ) $ (1,253,242 ) Expected income tax recovery at statutory rates $ (407,000 ) $ (188,000 ) Provincial income tax (244,000 ) (137,000 ) Effect of income taxes from US operations (42,000 ) (7,000 ) Change in statutory, foreign tax, foreign exchange rates and other (32,000 ) (59,000 ) Permanent differences 103,000 1,000 Adjustment to prior years provision versus statutory tax returns (53,000 ) (11,000 ) Change in valuation allowance 675,000 401,000 Deferred income tax recovery $ - $ -
SCHEDULE OF PRE TAX LOSS AND INCOME TAXES	Components of the Company’s pre-tax loss and income taxes are as follows: SCHEDULE OF PRE TAX LOSS AND INCOME TAXES 2022 2021 Loss for the year Canada $ (2,030,281 ) $ (1,144,350 ) US (684,335 ) (108,892 ) $ (2,714,616 ) $ (1,253,242 ) Expected income tax (recovery) Canada $ (549,000 ) $ (309,000 ) US (102,000 ) (29,000 ) $ (651,000 ) $ (338,000 ) Deferred income tax (recovery) Canada $ 548,000 $ 309,000 US 103,000 29,000 $ 651,000 $ 338,000 Deferred income tax recovery $ - $ -
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES	The significant components of the Company’s deferred tax assets and liabilities are as follows: SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES 2022 2021 Tax loss carryforwards $ 1,342,000 $ 780,000 Property and equipment (74,000 ) (9,000 ) Financing fees 216,000 38,000 Total gross deferred tax assets 1,484,000 809,000 Deferred tax assets valuation allowance (1,484,000 ) (809,000 ) Net deferred tax assets $ - $ -

SUPPLEMENTAL INFORMATION ON O_2

SUPPLEMENTAL INFORMATION ON OIL AND GAS OPERATIONS (Tables)	12 Months Ended
	Sep. 30, 2022
Supplemental Information On Oil And Gas Operations
SCHEDULE OF COST INCURRED IN PRODUCING ACTIVITIES	SCHEDULE OF COST INCURRED IN PRODUCING ACTIVITIES 12 Months Ended 12 Months Ended September 30, 2022 September 30, 2021 Acquisition of proved properties $ — $ 3,699,215 Acquisition of unproved properties — — Development costs 1,676,668 9,403 Exploration costs — — Total costs incurred $ 1,676,668 $ 3,708,618 Results of Operations from Oil and Gas Producing Activities 12 Months Ended 12 Months Ended September 30, 2022 September 30, 2021 Oil and gas revenues $ 815,391 $ 46,703 Production costs (829,194 ) (59,671 ) Exploration expenses — — Depletion, depreciation and amortization (99,855 ) (52,439 ) Impairment of oil and gas properties — — Result of oil and gas producing operations before income taxes (113,658 ) (65,407 ) Provision for income taxes — — Results of oil and gas producing activities $ (113,658 ) $ (65,407 )
SCHEDULE OF PROVED RESERVES	Our proved reserves are summarized in the table below: SCHEDULE OF PROVED RESERVES Oil (Barrels) Natural Gas (Mcf) BOE (Barrels) Proved developed and undeveloped reserves: September 30, 2020 3,706,360 740,180 3,829,723 Revisions (1) (88,263 ) 38,640 (81,823 ) Purchase of proved reserves (2) 5,408,560 2,859,590 5,885,158 Sale of reserves (3) (2,826,290 ) (618,650 ) (2,929,398 ) Production (947 ) (1,410 ) (1,182 ) September 30, 2021 6,199,420 3,018,350 6,702,478 Revisions 48,320 (5,613 ) 47,385 Purchase of proved reserves - - - Sale reserves - - - Production (10,670 ) (11,567 ) (12,598 ) September 30, 2022 6,237,070 3,001,170 6,737,265 Proved developed reserves: September 30, 2020 549,390 82,430 563,128 September 30, 2021 587,450 411,910 656,102 September 30, 2022 1,153,870 864,770 1,297,998 Proved undeveloped reserves: September 30, 2020 3,156,970 657,750 3,266,595 September 30, 2019 5,611,970 2,606,440 6,046,377 September 30, 2022 5,083,200 2,136,400 5,439,267 (1) Revisions in 2021 included 120,850 bbls in proved undeveloped reserves being reclassified as probable in the 2021 reserve report, net of other immaterial revisions in several properties. (2) During 2021, the Company purchased 1,246 net acres in Martin County, Texas. (3) During 2021, the Company sold ODC and Taylor properties.
SCHEDULE OF NET CASH FLOWS RELATING TO PROVED OIL AND GAS RESERVES	SCHEDULE OF NET CASH FLOWS RELATING TO PROVED OIL AND GAS RESERVES September 30, 2022 September 30, 2021 12 Months Ended September 30, 2022 September 30, 2021 Future cash inflows $ 589,481,000 $ 355,958,000 Future production costs(1) (91,630,000 ) (69,683,000 ) Future development costs (71,700,000 ) (71,700,000 ) Future income tax expenses (113,873,000 ) (57,206,000 ) Future net cash flows 312,278,000 157,369,000 10% annual discount for estimated timing of cash flows (167,549,000 ) (84,100,000 ) Standardized measure of discounted future net cash flows at the end of the fiscal year $ 144,729,000 $ 73,269,000 (1) Production costs include crude oil and natural gas operations expense, production ad valorem taxes, transportation costs and G&A expense supporting the Company’s crude oil and natural gas operations.
SCHEDULE OF AVERAGE HYDROCARBON PRICES	Average hydrocarbon prices are set forth in the table below. SCHEDULE OF AVERAGE HYDROCARBON PRICES Average Price Natural Crude Oil (Bbl) Gas (Mcf) Year ended September 30, 2020 (1) $ 40.30 $ 1.77 Year ended September 30, 2021 (1) $ 55.98 $ 2.95 Year ended September 30, 2022 (1) $ 91.72 $ 5.79 (1) Average prices were based on 12-month unweighted arithmetic average of the first-day-of-the-month prices for the period from October through September during each respective fiscal year.
SCHEDULE OF CHANGES IN DISCOUNTED FUTURE NET CASH FLOWS	SCHEDULE OF CHANGES IN DISCOUNTED FUTURE NET CASH FLOWS September 30, 2022 September 30, 2021 12 Months Ended September 30, 2022 September 30, 2021 Standardized measure of discounted future net cash flows at the beginning of the year $ 73,269,000 $ 20,797,000 Extensions, discoveries and improved recovery, less related costs — — Sales of minerals in place — (62,682,000 ) Purchase of minerals in place — 125,927,000 Revisions of previous quantity estimates 1,674,000 (1,751,000 ) Net changes in prices and production costs 88,333,000 32,573,000 Accretion of discount 10,077,000 1,498,000 Sales of oil produced, net of production costs (49,000 ) 13,000 Changes in future development costs 911,000 (21,339,000 ) Changes in timing of future production (3,099,000 ) (2,580,000 ) Net changes in income taxes (26,387,000 ) (19,187,000 ) Standardized measure of discounted future net cash flows at the end of the year $ 144,729,000 $ 73,269,000

BACKGROUND (Details Narrative)

BACKGROUND (Details Narrative)		3 Months Ended		12 Months Ended
	Oct. 26, 2022	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Date of incorporation		Apr. 24, 2017		Apr. 24, 2017
Stockholders equity reverse stock split	1 for 60 ratio	60:1 reverse stock split	60:1 reverse stock split	60:1 reverse stock split
Board of Directors Chairman [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Stockholders equity reverse stock split	1 for 60 ratio

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Retained earnings accumulated deficit	$ 8,260,415	$ 5,545,799	$ 9,569,606
Impairment charge	0	0
Revenue	$ 1,395
Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years

SCHEDULE OF REVENUE DISAGGREGAT

SCHEDULE OF REVENUE DISAGGREGATED BY PRODUCT TYPE AND GEOGRAPHIC AREAS (Details) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 213,754	$ 89,990	$ 815,391	$ 46,703
TEXAS
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	174,242	89,990	675,155	46,703
NEW MEXICO
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	39,512		140,236
Crude Oil [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	213,473	70,161	761,511	44,425
Crude Oil [Member] | TEXAS
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	173,961	70,161	621,275	44,425
Crude Oil [Member] | NEW MEXICO
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	39,512		140,236
Natural Gas [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	281	19,829	53,880	2,278
Natural Gas [Member] | TEXAS
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	281	19,829	53,880	2,278
Natural Gas [Member] | NEW MEXICO
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers

REVENUE (Details Narrative)

REVENUE (Details Narrative) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue	$ 213,754	$ 89,990	$ 815,391	$ 46,703
Accounts Receivable [Member]
Revenue	$ 78,802		$ 56,639

CONCENTRATION OF CREDIT RISK (D

CONCENTRATION OF CREDIT RISK (Details Narrative) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Concentration Risk [Line Items]
Revenue	$ 213,754	$ 89,990	$ 815,391	$ 46,703
Non trade receivables current	44,969		39,770
Interest receivable			$ 5,516
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Three Customer [Member]
Concentration Risk [Line Items]
Concentration risk percentage			87%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer [Member]
Concentration Risk [Line Items]
Trade receivables	140,497		$ 91,928
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two Customer [Member]
Concentration Risk [Line Items]
Revenue	$ 78,451
Concentration risk percentage	56%
Accounts Receivable [Member] | Three Customer [Member]
Concentration Risk [Line Items]
Revenue			$ 79,942

ACQUISITION AND DISPOSITION (De

ACQUISITION AND DISPOSITION (Details Narrative)	3 Months Ended			12 Months Ended
	Dec. 31, 2022 USD ($) shares		Dec. 31, 2021	Sep. 30, 2022 USD ($) shares		Sep. 30, 2021 USD ($) $ / shares shares	Sep. 30, 2021 $ / shares
Business Acquisition [Line Items]
Number of common stock issued | shares	1,932,604	[1]		1,932,604	[1]	1,103,010
Fair value of common stock	$ 14,337,739			$ 14,337,739		$ 8,976,747
Risk-free interest rate			1.50%	1.50%
Expected life			10 years	10 years
Annualized volatility			96.56%	96.56%
Dividend rate	(0.00%)			0%
Reclamation obligations						$ 10,000
Loss on sale of lease						604,687
Disposal of equipment						$ 8,770
Permex Petroleum US Corporation [Member]
Business Acquisition [Line Items]
Acquired percentage						100%
Net revenue interest rate						81.75%
Number of common stock issued | shares						416,666
Number of shares purchase warrants | shares						208,333
Fair value of common stock						$ 2,468,750
Risk-free interest rate						1.51%
Expected life						10 years
Annualized volatility						96.56%
Dividend rate						0%
Exercise price | (per share)						$ 8.76	$ 12
Permex Petroleum US Corporation [Member] | Valuation Technique, Option Pricing Model [Member]
Business Acquisition [Line Items]
Share purchase warrants						$ 1,051,370
[1]The number of shares has been restated to reflect the 60:1 reverse stock split

SCHEDULE OF PROPERTY AND EQUIPM

SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)	Dec. 31, 2022	Sep. 30, 2022	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Oil and natural gas properties, at cost	$ 9,903,713	$ 8,029,234	$ 6,723,778
Construction in progress		460,306
Less: accumulated depletion	(212,853)	(184,658)	(84,803)
Oil and natural gas properties, net	9,690,860	8,304,882	6,638,975
Other property and equipment, at cost	201,565	127,542
Less: accumulated depreciation	(17,649)	(5,648)
Other property and equipment, net	183,916	121,894
Property and equipment, net	$ 9,874,776	$ 8,426,776	$ 6,638,975

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Depletion and depreciation	$ 40,196	$ 32,011	$ 105,503	$ 60,479

SCHEDULE OF RIGHT OF USE OPERAT

SCHEDULE OF RIGHT OF USE OPERATING LEASES (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Sep. 30, 2021
Property, Plant and Equipment [Line Items]
Right-of-use assets	$ 212,486	$ 240,796	$ 72,539
Beginning balance	244,906
Ending balance	218,464	244,906
Current lease liabilities	91,665	104,224	51,963
Long-term lease liabilities	126,799	140,682	26,986
Office Premises [Member]
Property, Plant and Equipment [Line Items]
Right-of-use assets	212,486	240,796	72,539
Beginning balance	244,906	78,949	53,128
Addition		220,368	57,357
Interest expense		9,042	9,812
Liability accretion	7,088	9,042
Lease payments	(33,530)	(63,453)	(43,932)
Foreign exchange movement			2,584
Ending balance	218,464	244,906	78,949
Current lease liabilities	91,665	104,224	51,963
Long-term lease liabilities	$ 126,799	$ 140,682	$ 26,986

SCHEDULE OF LEASE COST (Details

SCHEDULE OF LEASE COST (Details) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases
Operating lease cost	$ 35,398	$ 13,961	$ 35,398	$ 13,961
Amortization of right-of-use assets			52,111	37,129
Interest on lease liabilities			9,042	9,812
Variable lease expense	7,175	7,557	36,216	16,564
Sublease income	(10,004)	(4,868)	(36,633)	(10,191)
Rent subsidy		(1,674)	(1,644)	(9,169)
Net lease cost	$ 32,569	$ 14,976	$ 59,092	$ 44,145

SCHEDULE OF FUTURE LEASE PAYMEN

SCHEDULE OF FUTURE LEASE PAYMENTS (Details) - USD ($)	Dec. 31, 2022	Sep. 30, 2022
Leases
2023	$ 77,294	$ 110,593
2024	82,190	82,190
2025	84,664	84,664
2026	14,180	14,180
Total lease payments	258,328	291,627
Less: imputed interest	(39,864)	(46,721)
Total lease liabilities	$ 218,464	$ 244,906

SCHEDULE OF ASSET RETIREMENT OB

SCHEDULE OF ASSET RETIREMENT OBLIGATIONS (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Sep. 30, 2021
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations, beginning of the year	$ 236,412	$ 552,594	$ 271,402
Obligations recognized			258,726
Obligations derecognized			(125,511)
Revisions of estimates		(371,212)	117,921
Accretion expense	7,994	55,030	19,907
Foreign exchange movement			10,149
Asset retirement obligations, ending of the year	$ 244,406	$ 236,412	$ 552,594

ASSET RETIREMENT OBLIGATIONS (D

ASSET RETIREMENT OBLIGATIONS (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Sep. 30, 2021
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligation, revision of estimate		$ (371,212)	$ 117,921
Reclamation deposits	$ 145,000	145,000	144,847
Forfeiture of reclamation deposit			$ 50,165

DEBT (Details Narrative)

DEBT (Details Narrative)	1 Months Ended				3 Months Ended		12 Months Ended
	May 31, 2020 USD ($)	May 31, 2020 CAD ($)	May 30, 2020 USD ($)	May 30, 2020 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2022 USD ($) $ / shares	Sep. 30, 2022 CAD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2022 CAD ($)	Sep. 30, 2022 CAD ($) $ / shares
Short-Term Debt [Line Items]
Repayments of loan					$ 38,291		$ 34,709	$ 47,546	$ 79,000
Principal loan amount					38,291		52,454			$ 52,454
Interest expenses					$ 1,182		9,360		13,506
Repayments of short term debt							23,600	30,000
Forgiveness of loan payable							$ 7,800	$ 10,000
Loans Payable [Member]
Short-Term Debt [Line Items]
Loans payable to bank, current		$ 60,000
Loans Payable [Member] | CEBA [Member]
Short-Term Debt [Line Items]
Proceeds from loans	$ 28,640	$ 40,000	$ 28,640	$ 40,000
Convertible Debt [Member]
Short-Term Debt [Line Items]
Interest rate							12%				12%
Maturity date							Dec. 20, 2022	Dec. 20, 2022
Debt conversion price | (per share)							$ 6.57				$ 9
Debt instrument term							3 years	3 years
Exercise price | (per share)							$ 8.76				$ 12
Repayments of loan							$ 34,709	$ 47,546
Debt instrument, maturity date, description							December 20, 2022	December 20, 2022
CEO [Member] | Convertible Debt [Member]
Short-Term Debt [Line Items]
Debenture loan							$ 73,000		$ 78,500		$ 100,000
Chief Executive Officer [Member] | Convertible Debt [Member]
Short-Term Debt [Line Items]
Debenture loan							$ 73,000				$ 100,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative)

1 Months Ended

3 Months Ended

12 Months Ended

May 01, 2022 USD ($)

May 31, 2022

Feb. 29, 2020 USD ($)

Oct. 31, 2019 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Sep. 30, 2022 USD ($)

Sep. 30, 2022 CAD ($)

Sep. 30, 2021 USD ($)

Sep. 30, 2021 CAD ($)

Feb. 29, 2020 CAD ($)

Oct. 31, 2019 CAD ($)

Short-Term Debt [Line Items]

Repayment of short term loan

$ 23,600

$ 30,000

Repayment of debt

$ 38,291

34,709

$ 47,546

79,000

Employee Agreement [Member]

Short-Term Debt [Line Items]

Management fees

220,834

149,806

Director [Member]

Short-Term Debt [Line Items]

Due from related parties

1,321

Chief Executive Officer [Member]

Short-Term Debt [Line Items]

Due from affiliates

131

Chief Executive Officer [Member] | Employee Agreement [Member]

Short-Term Debt [Line Items]

Annual base salary

$ 250,000

$ 250,000

Description of officer annual bonus

The CEO is also eligible on an annual basis for a cash bonus of up to 100% of annual salary. The employment agreement may be terminated with a termination payment equal to three years of base salary and a bonus equal to 20% of the annual base salary

The CEO is also eligible on an annual basis for a cash bonus of up to 100% of annual salary. The employment agreement may be terminated with a termination payment equal to three years of base salary and a bonus equal to 20% of the annual base salary

The CEO is also eligible on an annual basis for a cash bonus of up to 100% of annual salary. The employment agreement may be terminated with a termination payment equal to three years of base salary and a bonus equal to 20% of the annual base salary

Chief Financial Officer [Member] | Employee Agreement [Member]

Short-Term Debt [Line Items]

Annual base salary

$ 50,000

Description of officer annual bonus

The CFO is also eligible on an annual basis for a cash bonus of up to 100% of annual salary. The employment agreement may be terminated with a termination payment equal to two months of base salary.

The CFO is also eligible on an annual basis for a cash bonus of up to 100% of annual salary. The employment agreement may be terminated with a termination payment equal to two months of base salary

Salary

$ 20,835

Convertible Debentures [Member] | Director [Member]

Short-Term Debt [Line Items]

Convertible debt

$ 76,000

$ 100,000

Debt interest rate

12%

12%

Maturity date description

maturity date of September 30, 2021

Repayment of short term loan

$ 100,000

Accrued interest

13,090

4,026

Convertible Debentures [Member] | Chief Executive Officer [Member]

Short-Term Debt [Line Items]

Convertible debt

$ 76,000

$ 100,000

Debt interest rate

12%

12%

Maturity date description

maturity date of February 20, 2022.

Accrued interest

$ 9,360

9,480

Due from related parties

$ 15,176

SCHEDULE OF BASIC AND DILUTED L

SCHEDULE OF BASIC AND DILUTED LOSS PER SHARE (Details) - USD ($)	3 Months Ended				12 Months Ended
	Dec. 31, 2022		Dec. 31, 2021		Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net loss	$ (1,309,191)		$ (751,188)		$ (2,714,616)	$ (1,253,242)
Weighted average common shares outstanding	1,932,604	[1]	1,130,344	[1]	1,543,021	678,958
Basic and diluted loss per share	$ (0.68)		$ (0.66)		$ (1.76)	$ (1.84)
[1]The number of shares has been restated to reflect the 60:1 reverse stock split

LOSS PER SHARE (Details Narrati

LOSS PER SHARE (Details Narrative)	3 Months Ended		12 Months Ended
	Dec. 31, 2022 shares	Dec. 31, 2021 shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2022 CAD ($) shares	Sep. 30, 2021 shares
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	84,583	92,917	84,583	84,583	37,917
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	1,097,096	1,097,096	1,097,096	1,097,096	208,333
Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Conversion of debentures | $			$ 11,111
Convertible Debt [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Conversion of debentures			$ 73,000	$ 100,000

SCHEDULE OF STOCK OPTION TRANSA

SCHEDULE OF STOCK OPTION TRANSACTIONS (Details) - $ / shares	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Sep. 30, 2021
Equity [Abstract]
Number of options, beginning balance	84,583	37,917	39,003
Weighted average exercise price,beginning balance	$ 13.26	$ 19.51	$ 18.75
Cancelled	(8,334)	(8,334)	(1,086)
Weighted average exercise price, cancelled	$ 17.34	$ 17.34	$ 23.70
Granted	55,000	55,000	0
Weighted average exercise price, granted	$ 10.51	$ 10.51
Number of options, ending balance	84,583	84,583	37,917
Weighted average exercise price, ending balance	$ 13.26	$ 13.26	$ 19.51
Exercisable	83,333	83,333
Weighted average exercise price, exercisable	$ 13.61	$ 13.42

SCHEDULE OF WEIGHTED AVERAGE AS

SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS USED IN THE FAIR VALUE (Details) - $ / shares	3 Months Ended		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Equity [Abstract]
Risk-free interest rate		1.50%	1.50%
Expected life of options		10 years	10 years
Expected annualized volatility		96.56%	96.56%
Dividend rate	(0.00%)		0%
Weighted average fair value of options granted		$ 10.17	$ 10.17

SCHEDULE OF STOCK OPTIONS OUTST

SCHEDULE OF STOCK OPTIONS OUTSTANDING (Details) - $ / shares	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Offsetting Assets [Line Items]
Number of options	84,583	84,583	37,917	39,003
Exercise Price	$ 13.26	$ 13.26	$ 19.51	$ 18.75
Stock Option One [Member]
Offsetting Assets [Line Items]
Number of options	27,917	27,917
Exercise Price	$ 22.20	$ 21.90
Expiry Date	Dec. 04, 2027	Dec. 04, 2027
Issuance Date	Dec. 04, 2017
Stock Option Two [Member]
Offsetting Assets [Line Items]
Number of options	5,000	5,000
Exercise Price	$ 13.32	$ 13.14
Expiry Date	Nov. 01, 2028	Nov. 01, 2028
Issuance Date	Nov. 01, 2018
Stock Option Three [Member]
Offsetting Assets [Line Items]
Number of options	5,000	5,000
Exercise Price	$ 2.22	$ 2.19
Expiry Date	Mar. 16, 2030	Mar. 16, 2030
Issuance Date	Mar. 16, 2020
Stock Option Four [Member]
Offsetting Assets [Line Items]
Number of options	51,666	51,666
Exercise Price	$ 10.66	$ 10.51
Expiry Date	Oct. 06, 2031	Oct. 06, 2031
Issuance Date	Oct. 06, 2021

SCHEDULE OF WARRANTS TRANSACTIO

SCHEDULE OF WARRANTS TRANSACTIONS (Details) - $ / shares	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Sep. 30, 2021
Equity [Abstract]
Number of warrants, beginning balance	1,097,096	208,333	80,087
Weighted Average Exercise Price, beginning balance	$ 12.12	$ 9.42	$ 12.77
Granted	888,763	888,763	208,333
Weighted average exercise price, granted	$ 12.91	$ 12.91	$ 9.48
Warrants expired			(80,087)
Weighted average exercise price, warrants expired			$ 13.46
Number of warrants, ending balance	1,097,096	1,097,096	208,333
Weighted Average Exercise Price, ending balance	$ 12.12	$ 12.12	$ 9.42

SCHEDULE OF WARRANTS OUTSTANDIN

SCHEDULE OF WARRANTS OUTSTANDING (Details) - $ / shares	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022
Class of Warrant or Right [Line Items]
Number of warrants	1,097,096	1,097,096
Warrant One [Member]
Class of Warrant or Right [Line Items]
Number of warrants	24,739	24,739
Exercise price	$ 23.98	$ 23.65
Expiry Date	Nov. 04, 2023	Nov. 04, 2023
Issuance Date	Nov. 04, 2021
Warrant Two [Member]
Class of Warrant or Right [Line Items]
Number of warrants	864,024	864,024
Exercise price	$ 12.60	$ 12.60
Expiry Date	Mar. 29, 2027	Mar. 29, 2027
Issuance Date	Mar. 29, 2022
Warrant Three [Member]
Class of Warrant or Right [Line Items]
Number of warrants	208,333	208,333
Exercise price	$ 8.88	$ 8.76
Expiry Date	Sep. 30, 2031	Oct. 01, 2031
Issuance Date	Sep. 30, 2021

SCHEDULE OF VALUATION OF WARRAN

SCHEDULE OF VALUATION OF WARRANTS (Details)	Dec. 31, 2022 $ / shares	Sep. 30, 2022 $ / shares	Nov. 04, 2021 $ / shares
Measurement Input, Risk Free Interest Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Dividend rate	4.06	3.79	0.98
Measurement Input, Expected Term [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected life of options	9 months	1 year	2 years
Measurement Input, Price Volatility [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Dividend rate	110.97	135.59	153.02
Measurement Input, Expected Dividend Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Dividend rate		0	0
Measurement Input, Share Price [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Dividend rate	0.01	1.46	11.45

EQUITY (Details Narrative)

EQUITY (Details Narrative)					3 Months Ended			12 Months Ended				24 Months Ended
	Mar. 29, 2022 USD ($) $ / shares shares	Nov. 04, 2021 USD ($) $ / shares shares	Nov. 04, 2021 CAD ($) shares	Nov. 04, 2021 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares shares		Dec. 31, 2021 USD ($)	Sep. 30, 2022 USD ($) $ / shares shares		Sep. 30, 2022 CAD ($) shares	Sep. 30, 2021 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	Sep. 30, 2022 $ / shares	Nov. 04, 2021 $ / shares
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized					Unlimited			Unlimited		Unlimited	Unlimited
Common stock, par value | $ / shares					$ 0			$ 0			$ 0
Common stock, shares outstanding | shares					1,932,604	[1]		1,932,604	[1]		1,103,010
Warrants issued							$ (14,307)	$ (1,059,197)
Risk free interest rate							1.50%	1.50%		1.50%
Expected life							10 years	10 years		10 years
Volatility rate							96.56%	96.56%		96.56%
Dividend rate					(0.00%)			0%		0%
Issuance costs							$ 22,978	$ 1,067,868
Fair value of common stock value											54,958
Fair value of common stock issued for acquisitions											2,468,750
Percentage issued and outstanding for common stock					10%			10%
Vested term					10 years			10 years		10 years
Aggregate intrinsic value of options outstanding and exercisable
Exercise price range, minimum | $ / shares					$ 2.22			$ 2.19
Exercise price range, maximum | $ / shares					$ 22.20			$ 21.90
Weighted average remaining contractual life					7 years 5 months 15 days			7 years 8 months 19 days		7 years 8 months 19 days
Option granted | shares					55,000			55,000		55,000	0
Share-based payment expense					$ 175		607,325	$ 546,335			$ 2,870
Warrant liability					(23,334)		(102,550)	(178,509)
Gain on fair value adjustment of warrants					$ 23,334		$ 102,550	$ 178,509				$ 178,509
Common stock, shares issued | shares					1,932,604	[1]		1,932,604	[1]		1,103,010
Service Agreement [Member]
Subsidiary, Sale of Stock [Line Items]
Number of common stock shares | shares											19,271
Fair value of common stock value											$ 54,958
Property Acquisition Agreement [Member]
Subsidiary, Sale of Stock [Line Items]
Number of common stock issued for acquisitions, shares | shares											416,666
Fair value of common stock issued for acquisitions											$ 2,468,750
Think Equity LLC [Member]
Subsidiary, Sale of Stock [Line Items]
Other expenses								$ 131,560
Cash commission								$ 754,058
Broker warrants, shares | shares								78,548
Broker warrants								$ 858,429
Warrant [Member]
Subsidiary, Sale of Stock [Line Items]
Risk free interest rate				0.98%	0.98%
Expected life				2 years	2 years
Volatility rate				153.02%	153.02%
Dividend rate				0%	0%
Non Brokered Private Placement [Member]
Subsidiary, Sale of Stock [Line Items]
Stock shares new issue | shares		44,117	44,117					44,117		44,117
Sale of stock price per share | (per share)		$ 12.96		$ 12.96				$ 12.96					$ 16.20	$ 16.20
Common stock, gross proceeds		$ 571,760	$ 714,700					$ 571,760		$ 714,700
Exercise price | (per share)								$ 25.80					$ 32.40
Proceeds from allocated warrants								$ 202,009
Warrants and rights outstanding								$ 34,733
Risk free interest rate								0.98%		0.98%
Expected life								2 years		2 years
Volatility rate								153.02%		153.02%
Dividend rate								0%		0%
Other expenses								$ 800
Issuance costs								$ 8,671
Non Brokered Private Placement [Member] | Warrant [Member]
Subsidiary, Sale of Stock [Line Items]
Stock shares new issue | shares								2,680		2,680
Warrants issued								$ 24,543
Brokered Private Placement [Member]
Subsidiary, Sale of Stock [Line Items]
Stock shares new issue | shares	785,477							785,477		785,477
Sale of stock price per share | $ / shares	$ 9.60							$ 9.60
Common stock, gross proceeds	$ 7,540,580							$ 7,540,580
Exercise price | $ / shares								$ 12.60
Proceeds from allocated warrants								$ 607,170
Risk free interest rate								2.45%		2.45%
Expected life								5 years		5 years
Volatility rate								134.66%		134.66%
Dividend rate								0%		0%
Other expenses								$ 159,271
Warrants term								5 years
Private Placement [Member]
Subsidiary, Sale of Stock [Line Items]
Number of shares issued with private placement | shares								22,059
Warrant liability				$ 202,009	$ 202,009
[1]The number of shares has been restated to reflect the 60:1 reverse stock split

SCHEDULE OF RECONCILIATION OF I

SCHEDULE OF RECONCILIATION OF INCOME TAX (Details) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Loss before income taxes	$ (1,309,191)	$ (751,188)	$ (2,714,616)	$ (1,253,242)
Expected income tax recovery at statutory rates			(407,000)	(188,000)
Provincial income tax			(244,000)	(137,000)
Effect of income taxes from US operations			(42,000)	(7,000)
Change in statutory, foreign tax, foreign exchange rates and other			(32,000)	(59,000)
Permanent differences			103,000	1,000
Adjustment to prior years provision versus statutory tax returns			(53,000)	(11,000)
Change in valuation allowance			675,000	401,000
Deferred income tax recovery

SCHEDULE OF PRE TAX LOSS AND IN

SCHEDULE OF PRE TAX LOSS AND INCOME TAXES (Details) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Loss for the year	$ (1,309,191)	$ (751,188)	$ (2,714,616)	$ (1,253,242)
Expected income tax (recovery)			(651,000)	(338,000)
Deferred income tax (recovery)			651,000	338,000
Deferred income tax recovery
CANADA
Loss for the year			(2,030,281)	(1,144,350)
Expected income tax (recovery)			(549,000)	(309,000)
Deferred income tax (recovery)			548,000	309,000
UNITED STATES
Loss for the year			(684,335)	(108,892)
Expected income tax (recovery)			(102,000)	(29,000)
Deferred income tax (recovery)			$ 103,000	$ 29,000

SCHEDULE OF DEFERRED TAX ASSETS

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Tax loss carryforwards	$ 1,342,000	$ 780,000
Property and equipment	(74,000)	(9,000)
Financing fees	216,000	38,000
Total gross deferred tax assets	1,484,000	809,000
Deferred tax assets valuation allowance	(1,484,000)	(809,000)
Net deferred tax assets

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($)	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Deferred Tax Asset, Tax Deferred Expense, Reserve and Accrual, Financing Receivable, Allowance for Credit Loss	$ 801,000	$ 140,000
Deferred tax assets non capital loss carryforwards	$ 1,342,000	780,000
Expiration date range description	with expiration dates ranging from 2037 to 2042 and 2037 to 2041
CA and US [Member]
Deferred tax assets non capital loss carryforwards	$ 4,832,000
CANADA
Deferred tax assets non capital loss carryforwards	4,028,000	2,707,000
UNITED STATES
Deferred tax assets non capital loss carryforwards	$ 804,000	$ 213,000

SCHEDULE OF COST INCURRED IN PR

SCHEDULE OF COST INCURRED IN PRODUCING ACTIVITIES (Details) - USD ($)	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Supplemental Information On Oil And Gas Operations
Acquisition of proved properties		$ 3,699,215
Acquisition of unproved properties
Development costs	1,676,668	9,403
Exploration costs
Total costs incurred	1,676,668	3,708,618
Oil and gas revenues	815,391	46,703
Production costs	(829,194)	(59,671)
Exploration expenses
Depletion, depreciation and amortization	(99,855)	(52,439)
Impairment of oil and gas properties
Result of oil and gas producing operations before income taxes	(113,658)	(65,407)
Provision for income taxes
Results of oil and gas producing activities	$ (113,658)	$ (65,407)

SCHEDULE OF PROVED RESERVES (De

SCHEDULE OF PROVED RESERVES (Details)		12 Months Ended
		Sep. 30, 2022 bbl		Sep. 30, 2022 Boe bbl		Sep. 30, 2022 bbl Mcf		Sep. 30, 2021 bbl		Sep. 30, 2021 Boe bbl		Sep. 30, 2021 bbl Mcf		Sep. 30, 2022 Boe	Sep. 30, 2022 Mcf	Sep. 30, 2021 Boe	Sep. 30, 2021 Mcf	Sep. 30, 2020 bbl	Sep. 30, 2020 Boe	Sep. 30, 2020 Mcf	Sep. 30, 2019 bbl	Sep. 30, 2019 Boe	Sep. 30, 2019 Mcf
Supplemental Information On Oil And Gas Operations
Beginning balance		6,199,420				3,018,350		3,706,360				740,180
Beginning balance, BOE (Barrels)				6,702,478						3,829,723
Revisions		48,320	[1]			(5,613)	[1]	(88,263)	[2]			38,640	[2]
Revisions, BOE (Barrels)				47,385	[1]					(81,823)	[2]
Purchase of proved reserves								5,408,560	[3]			2,859,590	[3]
Purchase of proved reserves	[3]									5,885,158
Sale reserves								(2,826,290)	[1]			(618,650)	[1]
Sale reserves, BOE (Barrels)										(2,929,398)	[1]
Production		(10,670)				(11,567)		(947)				(1,410)
Production, BOE (Barrels)				(12,598)						(1,182)
Purchase of proved reserves, BOE (Barrels)
Ending balance		6,237,070				3,001,170		6,199,420				3,018,350
Ending balance, BOE (Barrels)				6,737,265						6,702,478
Proved developed reserves		1,153,870		1,153,870		1,153,870		587,450		587,450		587,450			864,770		411,910	549,390		82,430
Proved developed reserves, BOE (Barrels)														1,297,998		656,102			563,128
Proved undeveloped reserves		5,083,200		5,083,200		5,083,200									2,136,400			3,156,970		657,750	5,611,970		2,606,440
Proved undeveloped reserves, BOE (Barrels)														5,439,267					3,266,595			6,046,377
[1] During 2021, the Company sold ODC and Taylor properties. Revisions in 2021 included 120,850 bbls in proved undeveloped reserves being reclassified as probable in the 2021 reserve report, net of other immaterial revisions in several properties. During 2021, the Company purchased 1,246 net acres in Martin County, Texas.

SCHEDULE OF PROVED RESERVES (_2

SCHEDULE OF PROVED RESERVES (Details) (Paranthetiacal)	Sep. 30, 2022 Boe	Sep. 30, 2021 a Boe	Sep. 30, 2020 Boe	Sep. 30, 2019 Boe
Reserve Quantities [Line Items]
Proved Undeveloped Reserves (Energy)	5,439,267		3,266,595	6,046,377
Area of Land | a		1,246
Other Nonrenewable Natural Resources [Member]
Reserve Quantities [Line Items]
Proved Undeveloped Reserves (Energy)		120,850

SCHEDULE OF NET CASH FLOWS RELA

SCHEDULE OF NET CASH FLOWS RELATING TO PROVED OIL AND GAS RESERVES (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Supplemental Information On Oil And Gas Operations
Future cash inflows	$ 589,481,000	$ 355,958,000
Future production costs(1)	(91,630,000)	(69,683,000)
Future development costs	(71,700,000)	(71,700,000)
Future income tax expenses	(113,873,000)	(57,206,000)
Future net cash flows	312,278,000	157,369,000
10% annual discount for estimated timing of cash flows	(167,549,000)	(84,100,000)
Standardized measure of discounted future net cash flows at the end of the fiscal year	$ 144,729,000	$ 73,269,000	$ 20,797,000

SCHEDULE OF AVERAGE HYDROCARBON

SCHEDULE OF AVERAGE HYDROCARBON PRICES (Details) - $ / shares		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Oil [Member]
Reserve Quantities [Line Items]
Average Price	[1]	$ 91.72	$ 55.98	$ 40.30
Natural Gas [Member]
Reserve Quantities [Line Items]
Average Price	[1]	$ 5.79	$ 2.95	$ 1.77
[1]Average prices were based on 12-month unweighted arithmetic average of the first-day-of-the-month prices for the period from October through September during each respective fiscal year.

SCHEDULE OF CHANGES IN DISCOUNT

SCHEDULE OF CHANGES IN DISCOUNTED FUTURE NET CASH FLOWS (Details) - USD ($)	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Supplemental Information On Oil And Gas Operations
Standardized measure of discounted future net cash flows at the beginning of the year	$ 73,269,000	$ 20,797,000
Extensions, discoveries and improved recovery, less related costs
Sales of minerals in place		(62,682,000)
Purchase of minerals in place		125,927,000
Revisions of previous quantity estimates	1,674,000	(1,751,000)
Net changes in prices and production costs	88,333,000	32,573,000
Accretion of discount	10,077,000	1,498,000
Sales of oil produced, net of production costs	(49,000)	13,000
Changes in future development costs	911,000	(21,339,000)
Changes in timing of future production	(3,099,000)	(2,580,000)
Net changes in income taxes	(26,387,000)	(19,187,000)
Standardized measure of discounted future net cash flows at the end of the year	$ 144,729,000	$ 73,269,000