Permex Petroleum (OILCF) S-1/A 28 Oct 24 IPO registration (amended) Financial data

Cover

Cover	9 Months Ended
	Jun. 30, 2024
Cover [Abstract]
Document Type	S-1/A
Amendment Flag	true
Amendment Description	AMENDMENT NO. 10
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	1700 Post Oak Boulevard, 2 Blvd Place
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77056
City Area Code	(346)
Local Phone Number	245-8981
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 - USD ($)	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Current assets
Cash	$ 428,385	$ 82,736	$ 3,300,495
Trade and other receivables (net of allowance: June 30, 2024 - $nil; September 30, 2023 - $nil)	20,126	78,441	137,214
Prepaid expenses and deposits	101,389	127,239	317,277
Total current assets	549,900	288,416	3,754,986
Non-current assets
Reclamation deposits	75,000	145,000	145,000
Property and equipment, net of accumulated depletion and depreciation	10,306,590	10,361,419	8,426,776
Right of use asset, net	96,058	146,912	240,796
Total assets	11,027,548	10,941,747	12,567,558
Current liabilities
Trade and other payables	3,774,392	3,228,327	1,561,344
Loans payable	160,936	125,936
Convertible debentures	1,016,444		38,291
Lease liability – current portion	78,791	77,069	104,224
Total current liabilities	5,030,563	3,431,332	1,703,859
Non-current liabilities
Asset retirement obligations	287,761	260,167	236,412
Lease liability, less current portion	30,538	81,456	140,682
Warrant liability			23,500
Total liabilities	5,348,862	3,772,955	2,104,453
Stockholders’ Equity
Common stock, no par value per share; unlimited shares authorized, 551,503 shares* issued and outstanding as of June 30, 2024 and September 30, 2023.	14,947,150	14,947,150	14,337,739
Additional paid-in capital	5,475,316	4,549,431	4,513,194
Accumulated other comprehensive loss	(127,413)	(127,413)	(127,413)
Accumulated deficit	(14,616,367)	(12,200,376)	(8,260,415)
Total stockholders’ equity	5,678,686	7,168,792	10,463,105
Total liabilities and stockholders’ equity	$ 11,027,548	$ 10,941,747	$ 12,567,558

Condensed Interim Consolidate_2

Condensed Interim Consolidated Balance Sheets (Parenthetical) - USD ($)	9 Months Ended		12 Months Ended
	Jun. 30, 2024		Sep. 30, 2023		Sep. 30, 2022
Statement of Financial Position [Abstract]
Trade and other receivables, net of allowance
Common stock, par value	$ 0		$ 0		$ 0
Common stock, shares authorized	Unlimited		Unlimited		Unlimited
Common stock, shares issued	551,503	[1]	551,503	[1],[2]	483,150	[2]
Common stock, shares outstanding	551,503	[1]	551,503	[1],[2]	483,150	[2]
[1]The number of shares has been restated to reflect the 4:1 60:1 4:1

Condensed Interim Consolidate_3

Condensed Interim Consolidated Statements of Operations and Comprehensive Loss	3 Months Ended				9 Months Ended				12 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares		Jun. 30, 2023 USD ($) $ / shares shares		Jun. 30, 2024 USD ($) $ / shares shares		Jun. 30, 2023 USD ($) $ / shares shares		Sep. 30, 2023 USD ($) $ / shares shares		Sep. 30, 2022 USD ($) $ / shares shares		Sep. 30, 2022 CAD ($) shares
Revenues
Oil and gas sales			$ 156,716		$ 75,466		$ 541,459		$ 665,623		$ 815,391
Royalty income	2,671		303		11,190		18,140		23,204		63,068
Total revenues	2,671		157,019		86,656		559,599		688,827		878,459
Operating expenses
Lease operating expense	10,421		235,511		165,305		762,668		879,471		829,194
General and administrative	629,836		788,659		1,674,738		3,014,307		3,536,118		2,796,395
Depletion and depreciation	14,875		37,286		54,829		120,459		154,834		105,503
Accretion on asset retirement obligations	9,198		7,994		27,594		23,982		31,976		55,030
Loss on settlement of asset retirement obligations									66,067
Total operating expenses	(664,330)		(1,069,450)		(1,922,466)		(3,921,416)		(4,668,466)		(3,786,122)
Loss from operations	(661,659)		(912,431)		(1,835,810)		(3,361,817)		(3,979,639)		(2,907,663)
Other income (expense)
Interest income			108				108		108		5,895
Other income			6,000		8,000		18,000		24,000		24,000
Foreign exchange gain (loss)	5,146		(3,310)		5,087		(7,690)		(3,671)		7,429
Interest and debt expense	(97,191)		(1,026)		(98,217)		(2,208)
Loss on debt extinguishment	(495,051)				(495,051)
Forgiveness of loan payable											7,800		$ 10,000
Finance expense									(4,259)		(30,586)
Change in fair value of warrant liability			136				22,570		22,570		178,509
Gain on settlement of warrant liability			930				930		930
Total other income (expense)	(587,096)		2,838		(580,181)		31,710		39,678		193,047
Net loss and comprehensive loss	(1,248,755)		(909,593)		(2,415,991)		(3,330,107)		(3,939,961)		(2,714,616)
Deemed dividend arising from warrant modification			(543,234)				(543,234)		(543,234)
Net loss attributable to common stockholders	$ (1,248,755)		$ (1,452,827)		$ (2,415,991)		$ (3,873,341)		$ (4,483,195)		$ (2,714,616)
Basic loss per common share | $ / shares	$ (2.26)		$ (2.96)		$ (4.38)		$ (7.97)		$ (8.81)		$ (7.04)
Diluted loss per common share | $ / shares	$ (2.26)		$ (2.96)		$ (4.38)		$ (7.97)		$ (8.81)		$ (7.04)
Weighted average number of common shares outstanding - Basic | shares	551,503	[1]	491,036	[1]	551,503	[1]	485,779	[1]	508,813	[2]	385,756	[2]	385,756	[2]
Weighted average number of common shares outstanding - Diluted | shares	551,503	[1]	491,036	[1]	551,503	[1]	485,779	[1]	508,813	[2]	385,756	[2]	385,756	[2]
[1]The number of shares has been restated to reflect the 4:1 60:1 4:1

Condensed Interim Consolidate_4

Condensed Interim Consolidated Statements of Operations and Comprehensive Loss (Parenthetical)	Oct. 23, 2023	Oct. 23, 2023	Nov. 02, 2022
Income Statement [Abstract]
Stockholders equity reverse stock split	4:1	4:1	60:1

Condensed Consolidated Statemen

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)		Share Capital [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance at Sep. 30, 2021		$ 8,976,747	$ 2,476,717	$ (127,413)	$ (5,545,799)	$ 5,780,252
Balance, shares at Sep. 30, 2021	[1]	275,752
Private placements		$ 7,303,161	607,170			7,910,331
Private placements, shares	[1]	207,398
Share issuance costs		$ (1,942,169)	882,972			(1,059,197)
Share-based payments			546,335			546,335
Net loss					(2,714,616)	(2,714,616)
Balance at Sep. 30, 2022		$ 14,337,739	4,513,194	(127,413)	(8,260,415)	10,463,105
Balance, shares at Sep. 30, 2022	[1],[2]	483,150
Share issuance costs		$ (129,780)	35,919			(93,861)
Share-based payments			318			318
Net loss					(3,330,107)	(3,330,107)
Exercise of warrants		$ 781,953				781,953
Exercise of warrants, shares	[2]	68,353
Deemed dividend arising from warrant modification			543,234			543,234
Warrant modification			(543,234)			(543,234)
Balance at Jun. 30, 2023		$ 14,989,912	4,549,431	(127,413)	(11,590,522)	7,821,408
Balance, shares at Jun. 30, 2023	[2]	551,503
Balance at Sep. 30, 2022		$ 14,337,739	4,513,194	(127,413)	(8,260,415)	10,463,105
Balance, shares at Sep. 30, 2022	[1],[2]	483,150
Share issuance costs		$ (172,542)	35,919			(136,623)
Share-based payments			318			318
Net loss					(3,939,961)	(3,939,961)
Exercise of warrants		$ 781,953				781,953
Exercise of warrants, shares	[1]	68,353
Deemed dividend arising from warrant modification			543,234			543,234
Warrant modification			(543,234)			(543,234)
Balance at Sep. 30, 2023		$ 14,947,150	4,549,431	(127,413)	(12,200,376)	7,168,792
Balance, shares at Sep. 30, 2023	[1],[2]	551,503
Balance at Mar. 31, 2023		$ 14,337,739	4,513,512	(127,413)	(10,680,929)	8,042,909
Balance, shares at Mar. 31, 2023	[2]	483,150
Share issuance costs		$ (129,780)	35,919			(93,861)
Net loss					(909,593)	(909,593)
Exercise of warrants		$ 781,953				781,953
Exercise of warrants, shares	[2]	68,353
Deemed dividend arising from warrant modification			543,234			543,234
Warrant modification			(543,234)			(543,234)
Balance at Jun. 30, 2023		$ 14,989,912	4,549,431	(127,413)	(11,590,522)	7,821,408
Balance, shares at Jun. 30, 2023	[2]	551,503
Balance at Sep. 30, 2023		$ 14,947,150	4,549,431	(127,413)	(12,200,376)	7,168,792
Balance, shares at Sep. 30, 2023	[1],[2]	551,503
Net loss					(2,415,991)	(2,415,991)
Warrants issued in private placement			431,666			431,666
Warrants issued for debt amendment			494,219			494,219
Balance at Jun. 30, 2024		$ 14,947,150	5,475,316	(127,413)	(14,616,367)	5,678,686
Balance, shares at Jun. 30, 2024	[2]	551,503
Balance at Mar. 31, 2024		$ 14,947,150	4,549,431	(127,413)	(13,367,612)	6,001,556
Balance, shares at Mar. 31, 2024	[2]	551,503
Net loss					(1,248,755)	(1,248,755)
Warrants issued in private placement			431,666			431,666
Warrants issued for debt amendment			494,219			494,219
Balance at Jun. 30, 2024		$ 14,947,150	$ 5,475,316	$ (127,413)	$ (14,616,367)	$ 5,678,686
Balance, shares at Jun. 30, 2024	[2]	551,503
[1]The number of shares has been restated to reflect the 60:1 4:1 4:1

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical)	Oct. 23, 2023	Oct. 23, 2023	Nov. 02, 2022
Statement of Stockholders' Equity [Abstract]
Stockholders equity reverse stock split	4:1	4:1	60:1

Condensed Interim Consolidate_5

Condensed Interim Consolidated Statements of Cash Flows	9 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (2,415,991)	$ (3,330,107)	$ (3,939,961)	$ (2,714,616)
Adjustments to reconcile net loss to net cash from operating activities:
Accretion on asset retirement obligations	27,594	23,982	31,976	55,030
Depletion and depreciation	54,829	120,459	154,834	105,503
Foreign exchange loss (gain)	(5,087)			(7,168)
Amortization of debt discount	82,278
Loss on debt extinguishment	495,051
Forgiveness of loan payable				(7,800)
Finance expense				18,031
Change in fair value of warrant liability		(22,570)	(22,570)	(178,509)
Gain on settlement of warrant liability		(930)	(930)
Extinguishment of trade and other payables			(263,605)	(4,368)
Loss on settlement of asset retirement obligations			66,067
Share-based payments		318	318	546,335
Changes in operating assets and liabilities:
Trade and other receivables	58,315	40,599	58,773	(124,230)
Prepaid expenses and deposits	25,850	180,877	190,038	(271,126)
Trade and other payables	551,152	1,045,347	1,421,341	584,216
Amounts due to related parties				(24,536)
Right of use asset and lease liability	1,658	5,819	7,503	(785)
Net cash used in operating activities	(1,124,351)	(1,936,206)	(2,296,216)	(2,024,023)
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures on property and equipment		(1,249,704)	(1,445,021)	(1,685,999)
Reclamation deposit redemption	70,000
Net cash provided by (used in) investing activities	70,000	(1,249,704)	(1,445,021)	(1,685,999)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from debenture financing	1,365,000
Proceeds from issuance of private placement units				8,112,340
Proceeds from exercise of warrants		781,953	781,953
Share issuance costs		(93,861)	(136,623)	(1,067,868)
Loan payable proceeds	45,000
Convertible debenture repayment to related party			(38,291)	(34,709)
Loan from related party				(1,452)
Loan payable repayment	(10,000)		(83,561)	(23,600)
Debenture repayment		(38,291)
Net cash provided by financing activities	1,400,000	649,801	523,478	6,984,711
Change in cash during the period	345,649	(2,536,109)	(3,217,759)	3,274,689
Cash, beginning of the period	82,736	3,300,495	3,300,495	25,806
Cash, end of the period	428,385	764,386	82,736	3,300,495
Supplemental cash flow disclosures:
Interest paid	1,026	1,182	4,259	24,536
Taxes paid
Supplemental disclosures of non-cash investing and financing activities:
Share purchase warrants issued in connection with private placements				1,692,151
Share purchase warrants issued in connection with exercise of warrants		579,153	579,153
Share purchase warrants issued in connection with debt issuance	431,666
Trade and other payables related to property and equipment		$ 1,459,667	1,299,929	647,252
Loan payable issued for settlement			209,497
Changes in estimates of asset retirement obligations			$ 7,934	$ 371,212

BACKGROUND

BACKGROUND	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BACKGROUND	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 1700 Post Oak Boulevard, 2 Blvd Place Suite 600, Houston Texas, 77056. Its registered office is located at 10 th On September 12, 2023, the Company’s board of directors approved a reverse stock split of the Company’s issued and outstanding common stock at a 1 for 4 ratio, which was effective October 23, 2023. All issued and outstanding common stock, options, and warrants to purchase common stock and per share amounts contained in the financial statements have been retroactively adjusted to reflect the reverse stock splits for all periods presented.	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 1700 Post Oak Boulevard, 2 Blvd Place Suite 600, Houston Texas, 77056. 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, which was effective November 2, 2022. The par value and authorized shares of common stock were not adjusted as a result of the reverse stock split. On September 12, 2023, the Company’s board of directors approved a reverse stock split of the Company’s issued and outstanding common stock at a 1 for 4 ratio, which was effective October 23, 2023. All issued and outstanding common stock, options, and warrants to purchase common stock and per share amounts contained in the financial statements have been retroactively adjusted to reflect the reverse stock splits for all periods presented.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
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 audited financial statements and footnotes included in Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2023. 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. All intercompany balances and transactions have been eliminated. PERMEX PETROLEUM CORPORATION NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE AND NINE MONTHS ENDED JUNE 30, 2024 (UNAUDITED) 2. Significant Accounting Policies (cont’d…) 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 $ 14,616,367 , has a working capital deficiency of $ 4,480,663 as of June 30, 2024 and has not yet achieved profitable operations. The Company requires equity or debt financings to fund its operation, which it has been unable to secure in sufficient amounts to date, and 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. The Company expects to raise additional funds through equity and debt financings. There is no assurance that such financing will be available in the future. During the quarter ended June 30, 2024, the Company raised $ 1,365,000 through the issuance of convertible debentures. These debentures had a maturity date of September 12, 2024 but are currently in default due to the Company’s failure to repay the principal and accrued interest on the maturity date. The Company is currently negotiating a debt restructuring plan with the debenture holders. Subsequent to June 30, 2024, the Company received $ 2,400,000 in subscription proceeds through additional debt financing. Management believes that this plan provides an opportunity for the Company to continue as a going concern subject to its continued ability to raise funds to maintain its operations and manage its working capital deficiency. 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) the fair value of assets when determining the existence of impairment factors and the amount of impairment, if any; (ii) the costs of site restoration when determining decommissioning liabilities; (iii) the useful lives of assets for the purposes of depletion and depreciation; (iv) petroleum and natural gas reserves; and (v) 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 On October 1, 2023, the Company adopted Accounting Standards Update (ASU) No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In November 2023, the FASB issued ASU 2023 - 07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which becomes effective for fiscal years beginning after December 15, 2024. This update requires public entities to disclose significant expenses for reportable segments in both interim and in annual reporting periods, while entities with only a single reportable segment must now provide all segment disclosures required both in ASC 280 and under the amendments in ASU 2023-07. The Company does not expect the standard to have a material effect on its consolidated financial statements and has begun evaluating disclosure presentation alternatives. In December 2023, the FASB issued ASU 2023 - 09, Income Taxes (Topic740) Improvements to Income Tax Disclosures, which becomes effective for fiscal years beginning after December 15, 2024. The standard requires companies to disclose specific categories in the income tax rate reconciliation table and the amount of income taxes paid per major jurisdiction. The Company does not expect the standard to have a material effect on its consolidated financial statements and has begun evaluating disclosure presentation alternatives. PERMEX PETROLEUM CORPORATION NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE AND NINE MONTHS ENDED JUNE 30, 2024 (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 (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). 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. 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 $ 12,743,610 , has a working capital deficiency of $ 3,142,916 as of September 30, 2023 and has not yet achieved profitable operations. The Company requires equity financings to fund its operation, which it has been unable to secure in sufficient amounts to date, and 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. The Company also expects to raise additional funds through equity and debt 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. Subsequent to September 30, 2023, the Company has raised $ 1,365,000 through the issuance of convertible debentures. Management believes that this plan provides an opportunity for the Company to continue as a going concern subject to its continued ability to raise funds to maintain its operations and manage its working capital deficiency. 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. PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2023 AND 2022 2. Significant Accounting Policies (cont’d…) 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) the fair value of assets when determining the existence of impairment factors and the amount of impairment, if any; (ii) the costs of site restoration when determining decommissioning liabilities; (iii) the useful lives of assets for the purposes of depletion and depreciation; (iv) petroleum and natural gas reserves; and (v) 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 have payment terms of 30 days or less. The Company’s oil and gas revenues are mainly derived from three significant customers. As a result, the Company’s trade receivables are exposed to a concentration of credit risk. The Company routinely assesses the financial strength of its customers. 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, 2023 and 2022. 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 estimated future asset retirement costs 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 CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2023 AND 2022 2. Significant Accounting Policies (cont’d…) 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. 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, 2023 and September 30, 2022, 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 CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2023 AND 2022 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, 2023 and 2022. The financial statements as of and for the years ended September 30, 2023 and 2022, 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, 2023 and 2022. PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2023 AND 2022 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 from the proceeds. Common shares issued for consideration other than cash are valued based on their fair value at the date that the shares are issued. Share purchase warrants The fair value of warrants 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 to common stock and additional paid in capital 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 other 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 CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2023 AND 2022 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 $ nil and $ 1,395 for years ended September 30, 2023 and 2022, 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 CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2023 AND 2022 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. Recently Adopted Accounting Pronouncements On October 1, 2022, the Company adopted Accounting Standards Update (ASU) No. 2016-13, Measurement of Credit Losses on Financial Instruments New accounting standards In December 2023, the FASB issued ASU 2023 - 09, Income Taxes (Topic740) Improvements to Income Tax Disclosures, which becomes effective for fiscal years beginning after December 15, 2024. The standard requires companies to disclose specific categories in the income tax rate reconciliation table and the amount of income taxes paid per major jurisdiction. The Company does not expect the standard to have a material effect on its consolidated financial statements and has begun evaluating disclosure presentation alternatives.

REVENUE

REVENUE	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
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 Operations. As of June 30, 2024 and September 30, 2023, receivable from contracts with customers, included in trade and other receivables, were $ 2,983 and $ 48,165 , respectively. The following tables present our revenue from contracts with customers disaggregated by product type and geographic areas. SCHEDULE OF REVENUE DISAGGREGATED BY PRODUCT TYPE AND GEOGRAPHIC AREAS Three months ended June 30, 2024 Texas New Mexico Total Crude oil $ - $ - $ - Natural gas - - - Revenue $ - $ - $ - Three months ended June 30, 2023 Texas New Mexico Total Crude oil $ 113,471 $ 42,230 $ 155,701 Natural gas 1,015 - 1,015 Revenue $ 114,486 $ 42,230 $ 156,716 Nine months ended June 30, 2024 Texas New Mexico Total Crude oil $ 39,857 $ 35,609 $ 75,466 Natural gas - - - Revenue $ 39,857 $ 35,609 $ 75,466 Nine months ended June 30, 2023 Texas New Mexico Total Crude oil $ 417,050 $ 116,285 $ 533,335 Natural gas 8,124 - 8,124 Revenue $ 425,174 $ 116,285 $ 541,459	3. REVENUE Revenue from contracts with customers is presented in “Oil and gas sales” on the Consolidated Statement of Operations. As of September 30, 2023 and 2022, receivables from contracts with customers, included in trade and other receivables, were $ 48,165 and $ 56,639 , respectively. The following table presents our revenue from contracts with customers disaggregated by product type and geographic areas. SCHEDULE OF REVENUE DISAGGREGATED BY PRODUCT TYPE AND GEOGRAPHIC AREAS Year ended September 30, 2023 Texas New Mexico Total Crude oil $ 501,920 $ 154,700 $ 656,620 Natural gas 9,003 - 9,003 Revenue from contracts with customers $ 510,923 $ 154,700 $ 665,623 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 PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2023 AND 2022

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
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. Trade receivables included in the Company’s receivable balance are $ 6,164 as of June 30, 2024 (September 30, 2023 - $ 73,021 ). For the nine months ended June 30, 2024 and 2023, the Company had two significant customers that accounted for approximately 100 % and 92 %, respectively, of our total oil, and natural gas revenues. For the three months ended June 30, 2024 and 2023, the Company had two significant customers that accounted for approximately nil % and 93 %, respectively, of our total oil, and natural gas revenues. The Company routinely assesses the financial strength of its customers. The non-trade receivable balance consists of goods and services tax (“GST”) recoverable of $ 13,962 . GST recoverable is due from the Canadian Government. Management believes that the Company is not exposed to significant credit risk. During the nine months ended June 30, 2024, the Company recognized $ 9,587 (2023 - $ nil ) in credit losses on its receivables. During the three months ended June 30, 2024, the Company recognized $ nil (2023 - $ nil ) in credit losses on its receivables. PERMEX PETROLEUM CORPORATION NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE AND NINE MONTHS ENDED JUNE 30, 2024 (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 $ 73,021 as of September 30, 2023 (September 30, 2022 - $ 91,928 ). For the years ended September 30, 2023 and 2022, we had three significant customers that accounted for approximately 99 % and 83 %, respectively, of our total oil, and natural gas revenues. Two customers represented $ 42,704 ( 59 %) 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 $ 5,420 . GST recoverable is due from the Canadian Government. 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.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	5. PROPERTY AND EQUIPMENT Property and equipment consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT June 30, 2024 September 30, 2023 Oil and natural gas properties, at cost $ 10,501,244 $ 10,501,244 Less: accumulated depletion (305,706 ) (289,456 ) Oil and natural gas properties, net 10,195,538 10,211,788 Other property and equipment, at cost 205,315 205,315 Less: accumulated depreciation (94,263 ) (55,684 ) Other property and equipment, net 111,052 149,631 Property and equipment, net $ 10,306,590 $ 10,361,419 Depletion and depreciation expense was $ 54,829 and $ 120,459 for the nine month periods ended June 30, 2024 and 2023, respectively. Depletion and depreciation expense was $ 14,875 and $ 37,286 for the three month periods ended June 30, 2024 and 2023, respectively.	5. PROPERTY AND EQUIPMENT Property and equipment consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT September 30, September 30, Oil and natural gas properties, at cost $ 10,501,244 $ 8,029,234 Construction in progress - 460,306 Less: accumulated depletion (289,456 ) (184,658 ) Oil and natural gas properties, net 10,211,788 8,304,882 Other property and equipment, at cost 205,315 127,542 Less: accumulated depreciation (55,684 ) (5,648 ) Other property and equipment, net 149,631 121,894 Property and equipment, net $ 10,361,419 $ 8,426,776 Depletion and depreciation expense was $ 154,834 and $ 105,503 for the years ended September 30, 2023 and 2022, respectively. PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2023 AND 2022

LEASES

LEASES	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
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 June 30, 2024 September 30, 2023 Right-of-use assets $ 96,058 $ 146,912 Lease liabilities Balance, beginning of the year $ 158,525 $ 244,906 Addition - - Liability accretion 12,346 24,221 Lease payments (61,542 ) (110,602 ) Balance, end of the year $ 109,329 $ 158,525 Current lease liabilities $ 78,791 $ 77,069 Long-term lease liabilities $ 30,538 $ 81,456 Weighted-average remaining lease term (in years) 1.42 2.17 Weighted-average discount rate 12 % 12 % The following table presents the Company’s total lease cost. SCHEDULE OF LEASE COST Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended Operating lease cost $ 20,573 $ 27,704 $ 63,200 $ 92,947 Variable lease expense 15,469 22,516 45,905 48,513 Sublease income - (12,367 ) - (32,762 ) Net lease cost $ 36,042 $ 37,853 $ 109,105 $ 108,698 As of June 30, 2024, the Company has one office lease agreement for its office premises for terms ending in November 2025. The maturities of the Company’s operating lease liabilities are as follows: SCHEDULE OF FUTURE LEASE PAYMENTS Year 2024 $ 20,648 2025 84,664 2026 14,180 Total lease payments 119,492 Less: imputed interest (10,163 ) Total lease liabilities $ 109,329 PERMEX PETROLEUM CORPORATION NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE AND NINE MONTHS ENDED JUNE 30, 2024 (UNAUDITED)	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 2023 2022 Right-of-use assets $ 146,912 $ 240,796 Lease liabilities Balance, beginning of the year $ 244,906 $ 78,949 Addition - 220,368 Liability accretion 24,221 9,042 Lease payments (110,602 ) (63,453 ) Balance, end of the year $ 158,525 $ 244,906 Current lease liabilities $ 77,069 $ 104,224 Long-term lease liabilities $ 81,456 $ 140,682 Weighted-average remaining lease term (in years) 2.17 2.87 Weighted-average discount rate 12 % 12 % The following table presents the Company’s total lease cost. SCHEDULE OF LEASE COST 2023 2022 Operating lease cost $ 118,105 $ 61,153 Variable lease expense 65,245 36,216 Sublease income (25,390 ) (36,633 ) Rent subsidy - (1,644 ) Net lease cost $ 157,960 $ 59,092 As of September 30, 2023, the Company has one office lease agreement for its office premises for terms ending in November 2025. The maturities of the Company’s operating lease liabilities are as follows: SCHEDULE OF FUTURE LEASE PAYMENTS Year 2024 82,190 2025 84,664 2026 14,180 Total lease payments 181,034 Less: imputed interest (22,509 ) Total lease liabilities $ 158,525 PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2023 AND 2022

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
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 ASSETS RETIREMENT OBLIGATIONS June 30, 2024 September 30, 2023 Asset retirement obligations, beginning of the year $ 260,167 $ 236,412 Obligations derecognized - (287 ) Revisions of estimates - (7,934 ) Accretion expense 27,594 31,976 $ 287,761 $ 260,167 During the year ended September 30, 2023, the Company had a revision of estimates totaling $ 7,934 primarily due to changes in future cost estimates and retirement dates for its oil and gas assets. During the year ended September 30, 2023, the Company incurred plugging and abandonment costs of $ 66,354 and recognized a loss of $ 66,067 on the settlement. Reclamation deposits As of June 30, 2024, the Company held reclamation deposits of $ 75,000 (September 30, 2023 - $ 145,000 ), which are expected to be released after all reclamation work has been completed with regard to its oil and natural gas interests. During the nine months ended June 30, 2024, the Company redeemed $ 70,000 in reclamation deposits.	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 ASSETS RETIREMENT OBLIGATIONS 2023 2022 Asset retirement obligations, beginning of the year $ 236,412 $ 552,594 Obligations derecognized (287 ) - Revisions of estimates (7,934 ) (371,212 ) Accretion expense 31,976 55,030 $ 260,167 $ 236,412 During the year ended September 30, 2023, the Company had revision of estimates totaling $ 7,934 (2022 - $ 371,212 ) primarily due to changes in future cost estimates and retirement dates for its oil and gas assets. During the year ended September 30, 2023, the Company incurred plugging and abandonment costs of $ 66,354 and recognized a loss of $ 66,067 on the settlement. Reclamation deposits As of September 30, 2023, the Company held reclamation deposits of $ 145,000 (September 30, 2022 - $ 145,000 ), which are expected to be released after all reclamation work has been completed with regard to its oil and natural gas interests.

DEBT

DEBT	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Debt Disclosure [Abstract]
DEBT	8. DEBT Convertible debentures During the three months ended June 30, 2024, the Company completed private placement financings of 1,365 convertible debenture units (each a “Unit”) for gross proceeds of $ 1,365,000 . Each Unit is comprised of one senior secured convertible debenture in the principal amount of $ 1,000 and 294 common share purchase warrants as amended. Each warrant is exercisable for a period of five years from the date of issuance for one common share of the Company at an exercise price of $ 4.08 per share. As a result, the Company issued convertible debentures with an aggregate principal amount of $ 1,365,000 and 401,310 Warrants. Of the 1,365 Units issued, 500 Units were originally comprised of one secured convertible debenture in the principal amount of $ 1,000 and 1 common share purchase warrant. The number of warrants issued with these Units was subsequently modified to 294 warrants per Unit. No other terms of the debt or warrant were modified. This modification was assessed as a debt extinguishment. A loss of $ 495,051 was recognized, consisting of $ 494,219 3.41 5 years 128.69 0 832 PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE AND NINE MONTHS ENDED JUNE 30, 2024 (UNAUDITED) 8. DEBT Convertible debentures The Company allocated the proceeds received from the issuance of the convertible debentures and warrants between the debt and equity components based on their relative fair values at the issuance date. Due to the lack of an active market for the Company’s privately placed debt instruments and the absence of relevant observable inputs, the Company determined that a reliable estimate of the fair value of the convertible debentures could not be obtained. Accordingly, the face value of the debentures is considered to be a reasonable approximation of their fair value at the issuance date. The fair value of the warrants issued was determined using the Black-Scholes option pricing model (assuming a risk-free interest rate of 3.41% , an expected life of 5 years , annualized volatility of 128.69 % and a dividend rate of 0% ). $ 431,666 of the proceeds allocated to the warrants was recorded as additional paid-in capital with a corresponding debt discount, which is being amortized over the term of the debt. The remaining debt discount as of June 30, 2024 is $ 348,556 . The Convertible Debentures will mature on the earlier of: (i) one-year from the date of issuance or (ii) three-months from the date of issuance if the Company does not enter into a securities exchange, unit purchase or merger agreement with a third party to the reasonable satisfaction of a majority of the holders of Debentures. The Convertible Debentures are secured by the Company’s assets, bear simple interest at a rate of 10 per annum, payable on the maturity date or the date on which all or any portion of the Convertible Debenture is repaid, and are convertible into common shares of the Company at a conversion price of $ 3.40 per share. Interest will be paid in cash or Shares based on a conversion price of $ 3.40 . As June 30, 2024, the following Convertible Debentures were outstanding: SCHEDULE OF CONVERTIBLE DEBENTURES Principal Amount Interest rate Maturity Date 500,000 10 % July 12, 2024 (subsequently extended to September 12, 2024 ) 865,000 10 % September 12, 2024 1,365,000 These Convertible Debentures are currently in default due to the Company’s failure to repay the principal and accrued interest on the maturity date. As of the date of this report, the aggregate amount due under these Convertible Debentures, including accrued interest is $ 1,421,829 . The Company is currently negotiating a debt restructuring plan with the debenture holders. Loans payable During the nine months ended June 30, 2024, the Company received a $ 45,000 loan from a former director of the Company. The loan is unsecured, non-interest bearing, and has no specific repayment terms. On April 28, 2023, the Company issued a promissory note with a principal amount of $ 209,497 to a supplier to settle an outstanding trade payable. The promissory note is unsecured and bears interest at 6% per annum, payable on September 30. 2023. At June 30, 2024, the Company has an outstanding unpaid principal amount of $ 115,936 (September 30, 2023 - $ 125,936 ). Debenture loan – Related party During the year ended September 30, 2023, the Company repaid the remaining principal amount of $ 38,291 (CAD$ 52,454 ) on the debenture loan due to the former CEO of the Company. During the years ended September 30, 2023, the Company recorded interest of $ 1,182 . PERMEX PETROLEUM CORPORATION NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE AND NINE MONTHS ENDED JUNE 30, 2024 (UNAUDITED)	8. DEBT Convertible debenture – Related party As of September 30, 2022, the Company had a debenture loan of $ 73,000 (CAD$ 100,000 ) from the CEO of the Company outstanding. 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 December 20, 2022 . The debenture was convertible at the holder’s option into units of the Company at $ 26.28 (CAD$ 36.00 ) per unit. Each unit would be comprised of one common share of the Company and one share purchase warrant; each warrant entitled the holder to acquire one additional common share for a period of three years at an exercise price of $ 35.04 (CAD$ 48.00 ). During the year ended September 30, 2022, the Company repaid $ 34,709 of the loan (CAD$ 47,546 ). During the year ended September 30, 2023, the Company repaid the remaining principal loan amount of $ 38,291 (CAD$ 52,454 ). During the years ended September 30, 2023 and 2022, the Company recorded interest of $ 1,182 and $ 9,360 , respectively. Loan payable On April 28, 2023, the Company issued a promissory note with a principal amount of $ 209,497 to a supplier to settle an outstanding trade payable. The promissory note is unsecured and bears interest at 6 % per annum, payable on September 30. 2023. At September 30, 2023, the Company has an outstanding unpaid principal amount of $ 125,936 . 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 CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2023 AND 2022

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	9. RELATED PARTY TRANSACTIONS i) The Company entered into an employment agreement with Bradley Taillon, the Company’s CEO, on April 29, 2024, for an annual base salary of base salary of $ 250,000 , which shall be reviewed by the Company annually. Subject to the discretion of the board of directors, Mr. Taillon is also eligible on an annual basis for a cash bonus of up to 100% of annual salary and additional performance bonuses ranging from $ 50,000 to $ 750,000 upon the closing of a qualified financing with proceeds to the Company of $1 million or greater . Further, the terms of this employment agreement provide that if Mr. Taillon’s employment with the Company is terminated without “cause” (as defined in the agreement) than Mr. Taillon is entitled to a severance payment equal to two years of base salary and a bonus equal to 50% of his annual base salary. During the three and nine months ended June 30, 2024, the Company incurred management salary of $ 59,812 and a one-time sign-on bonus of $ 50,000 for Mr. Taillon. ii) The Company had an employment agreement with Mehran Ehsan, the former CEO of the Company, for an annual base salary of $ 250,000 , with no specified term. Mr. Ehsan is also eligible on an annual basis for a cash bonus of up to 100% of annual salary, subject to the discretion of the board of directors. During the nine months ended June 30, 2024, the Company incurred management salary of $ 187,500 (2023 - $ 187,500 ), for Mr. Ehsan, with no bonuses incurred in either period. During the three months ended June 30, 2024, the Company incurred management salary of $ 62,500 (2023 - $ 62,500 ), for Mr. Ehsan. Further, the terms of this employment agreement provide that if Mr. Ehsan’s employment with the Company is terminated without “cause” (as defined in the agreement) than Mr. Ehsan is entitled to a severance payment equal to three years of base salary and a bonus equal to 20 of his annual base salary. Mr. Ehsan resigned as President and CEO of the Company on April 29, 2024. On May 15, 2024, the Company amended the employment agreement to change his role to Vice President of Business Development. All other terms and conditions of the employment agreement remained the same. Subsequent to June 30, 2024, the Company signed a separation agreement to terminate Mr. Ehsan’s employment. The settlement includes: i) a lump sum payment of $ 100,000 payable upon the Company’s receipt of capital investment of no less than $1,000,000 or by October 31, 2024, whichever occurs first; ii) six equal monthly payments of $ 7,500 starting October 1, 2024 (with the first payment already made); and iii) the transfer of ownership of a Company vehicle with a fair value of $ 35,155 . 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 , with no specified term. The CFO is also eligible on an annual basis for a cash bonus of up to 100% of annual salary, subject to the discretion of the board of directors. The employment agreement may be terminated with a termination payment equal to two months of base salary. 37,500 (2023 - $ 37,500 ), to the CFO of the Company, with no bonuses incurred in either period. During the three months ended June 30, 2024, the Company incurred management salary of $ 12,500 (2023 - $ 12,500 ). iv) The convertible debenture loan from the former CEO of the Company mentioned in Note 8 was paid off during the nine months ended June 30, 2023.	9. RELATED PARTY TRANSACTIONS (a) The convertible debenture loan from the CEO of the Company mentioned in Note 8 was repaid during the year ended September 30, 2023. (b) The Company has an employment agreement with Mehran Ehsan, the former CEO of the Company, for an annual base salary of $ 250,000 , with no specified term. Mr. Ehsan is also eligible on an annual basis for a cash bonus of up to 100% of annual salary, subject to the discretion of the board of directors. During the years ended September 30, 2023 and 2022, the Company incurred management salary of $ 250,000 and $ 220,834 , respectively, for Mr. Ehsan, with no bonuses incurred in either year. Further, the terms of this employment agreement provide that if Mr. Ehsan’s employment with the Company is terminated without “cause” (as defined in the agreement) than Mr. Ehsan is entitled to a severance payment equal to three years of base salary and a bonus equal to 20 % of his annual base salary. Mr. Ehsan resigned as President and CEO of the Company on April 29, 2024. On May 15, 2024, the Company amended the employment agreement to change his role to Vice President of Business Development. All other terms and conditions of the employment agreement remain the same. 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. c) 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, subject to the discretion of the board of directors. The employment agreement may be terminated with a termination payment equal to two months of base salary. During the years ended September 30, 2023 and 2022, the Company incurred salaries of $ 50,004 and $ 20,835 , respectively to the CFO of the Company, with no bonuses incurred in either year. 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.

LOSS PER SHARE

LOSS PER SHARE	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
LOSS PER SHARE	10. LOSS PER SHARE The calculation of basic and diluted loss per share for the three and nine month periods ended June 30, 2024 and 2023 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 Three Months Ended Nine Months Ended Nine Months Ended Net loss $ (1,248,755 ) $ (1,452,827 ) $ (2,415,991 ) $ (3,873,341 ) Weighted average common shares outstanding 551,503 491,036 551,503 485,779 Basic and diluted loss per share $ (2.26 ) $ (2.96 ) $ (4.38 ) $ (7.97 ) For the three and nine months ended June 30, 2024, 16,980 stock options and 676,663 warrants were excluded from the diluted weighted average number of common shares calculation as their effect would have been anti-dilutive. For the three and nine months ended June 30, 2023, 20,313 stock options and 279,746 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 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE AND NINE MONTHS ENDED JUNE 30, 2024 (UNAUDITED)	10. LOSS PER SHARE The calculation of basic and diluted loss per share for the years ended September 30, 2023 and 2022 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 2023 2022 Net loss $ (4,483,195 ) $ (2,714,616 ) Weighted average common shares outstanding 508,813 385,756 Basic and diluted loss per share $ (8.81 ) $ (7.04 ) For the year ended September 30, 2023, 20,313 stock options and 279,746 warrants were excluded from the diluted weighted average number of common shares calculation as their effect would have been anti-dilutive. For the year ended September 30, 2022, $ 73,000 (CAD$ 100,000 ) of convertible debentures convertible into 2,778 common shares, 21,146 stock options and 274,276 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 CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2023 AND 2022

EQUITY

EQUITY	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Equity [Abstract]
EQUITY	11. EQUITY Common stock The Company has authorized an unlimited number of common shares with no par value. At June 30, 2024 and September 30, 2023, the Company had 551,503 common shares issued and outstanding after giving effect to the 4:1 reverse stock split effective October 23, 2023. All issued and outstanding common stock, options, and warrants to purchase common stock and per share amounts contained in the financial statements have been retroactively adjusted to reflect the reverse stock split. There were no share issuance transactions during the three and nine months ended June 30, 2024. During the year ended September 30, 2023, the Company announced a warrant exercise incentive program (the “Program”) whereby the Company amended the exercise prices of 253,966 warrants (the “Eligible Warrants”) from $ 50.40 per share to $ 11.44 per share if the holders of the Eligible Warrants exercised the Eligible Warrants before June 30, 2023 (the “Program Period”). In addition to the repricing, the Company offered, to each warrant holder who exercised the Eligible Warrants during the Program Period, the issuance of one additional common share purchase warrant for each warrant exercised during the Program Period (each, an “Incentive Warrant”). Each Incentive Warrant entitles the warrant holder to purchase one common share of the Company for a period of 5 years 18.00 per Share. On June 30, 2023, the Company issued 68,353 common shares at a price of $ 11.44 per share from the exercise of the Eligible Warrants pursuant to the Program for gross proceeds of $ 781,953 (net proceeds of $ 645,330 ). In connection with the Program, the Company issued 68,353 Incentive Warrants. The Company also incurred $ 62,556 and issued 5,470 warrants as a finders’ fee to its investment bank. The finder’s warrants are on the same terms as the Incentive Warrants. The Incentive Warrants and finder’s warrants were valued at $ 449,005 and $ 35,919 , respectively, using the Black-Scholes option pricing model (assuming a risk-free interest rate of 3.68% , an expected life of 5 years, annualized volatility of 128.81% and a dividend rate of 0% ). The repricing of the Eligible Warrants is accounted for as a modification under ASC 815-40-35-14 through 18. The effect of the modification is $ 544,164 , measured as the excess of the fair value of the repriced warrants over the fair value of the original warrants immediately before it was modified and the fair value of the incentive warrants issued as an additional inducement to exercise the warrants. The fair values were measured using the Black-Scholes option pricing model (assuming a risk-free interest rate of 4.21% , an expected life of 3.75 years, annualized volatility of 137.62% and a dividend rate of 0% ). The Company recognized a deemed dividend of $ 543,234 for the fair value of the Incentive Warrants and the portion of inducement related to the equity-classified warrants. The effect of the repricing of the liability-classified warrants was $ 930 and was recorded in the statement of operations and comprehensive loss. The Company also incurred legal and other expenses of $ 74,066 in connection with the Program. 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 CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE AND NINE MONTHS ENDED JUNE 30, 2024 (UNAUDITED) 11. EQUITY Share-based payments Stock option transactions are summarized as follows: SCHEDULE OF STOCK OPTION TRANSACTIONS Number Weighted Average Balance, September 30, 2022 21,146 $ 53.04 Cancelled (833 ) 42.62 Balance, September 30, 2023 20,313 $ 54.23 Cancelled (3,333 ) 59.94 Balance, June 30, 2024 16,980 $ 53.11 Exercisable at June 30, 2024 16,980 $ 53.11 The aggregate intrinsic value of options outstanding and exercisable as of June 30, 2024 was $ nil (September 30, 2023 - $ nil ). The options outstanding as of June 30, 2024 have exercise prices in the range of $ 8.88 to $ 88.80 and a weighted average remaining contractual life of 5.93 years. During the three and nine months ended June 30, 2024, the Company recognized $ nil share-based payment expense. During the three and nine months ended June 30, 2023, the Company recognized share-based payment expense of $ nil and $ 318 , respectively, for the portion of stock options that vested during the period. As June 30, 2024, the following stock options were outstanding: SCHEDULE OF STOCK OPTIONS OUTSTANDING Number Exercise Price Issuance Date Expiry Date 4,480 $ 88.88 December 4, 2017 December 4, 2027 1,250 $ 53.28 November 1, 2018 November 1, 2028 1,250 $ 8.88 March 16, 2020 March 16, 2030 10,000 $ 42.62 October 6, 2021 October 6, 2031 16,980 PERMEX PETROLEUM CORPORATION NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE AND NINE MONTHS ENDED JUNE 30, 2024 (UNAUDITED) 11. EQUITY Warrants Warrant transactions are summarized as follows: SCHEDULE OF WARRANTS TRANSACTIONS Number Weighted Balance, September 30, 2022 274,276 $ 48.48 Exercised (68,353 ) 11.44 Granted 73,823 18.00 Balance, September 30, 2023 279,746 $ 39.79 Granted 401,310 4.08 Expired (4,393 ) 95.90 Balance, June 30, 2024 676,663 $ 18.25 As June 30, 2024, the following warrants were outstanding: SCHEDULE OF WARRANTS OUTSTANDING Number Exercise Price Issuance Date Expiry Date 149,447 $ 50.40 March 29, 2022 March 29, 2027 73,823 $ 18.00 June 30, 2023 June 30, 2028 147,000 $ 4.08 April 16, 2024 April 16, 2029 254,310 $ 4.08 June 12, 2024 June 12, 2029 52,083 $ 35.52 September 30, 2021 September 30, 2031 676,663 PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE AND NINE MONTHS ENDED JUNE 30, 2024 (UNAUDITED)	11. EQUITY Common stock The Company has authorized an unlimited number of common shares with no par value. At September 30, 2023 and September 30, 2022, the Company had 551,503 and 483,150 common shares issued and outstanding, respectively, after giving effect to the 60:1 reverse stock split effective November 2, 2022 and 4:1 reverse stock split effective October 23, 2023. All issued and outstanding common stock, options, and warrants to purchase common stock and per share amounts contained in the financial statements have been retroactively adjusted to reflect the reverse stock splits. During the year ended September 30, 2023, the Company announced a warrant exercise incentive program (the “Program”) whereby the Company amended the exercise prices of 253,966 warrants (the “Eligible Warrants”) from $ 50.40 per share to $ 11.44 per share if the holders of the Eligible Warrants exercised the Eligible Warrants before June 30, 2023 (the “Program Period”). In addition to the repricing, the Company offered, to each warrant holder who exercised the Eligible Warrants during the Program Period, the issuance of one additional common share purchase warrant for each warrant exercised during the Program Period (each, an “Incentive Warrant”). Each Incentive Warrant entitles the warrant holder to purchase one common share of the Company for a period of 5 years 18.00 per Share. On June 30, 2023, the Company issued 68,353 common shares at a price of $ 11.44 per share from the exercise of the Eligible Warrants pursuant to the Program for gross proceeds of $ 781,953 (net proceeds of $ 645,330 ). In connection with the Program, the Company issued 68,353 Incentive Warrants. The Company also incurred $ 62,556 and issued 5,470 warrants as a finders’ fee to its investment bank. The finder’s warrants are on the same terms as the Incentive Warrants. The Incentive Warrants and finder’s warrants were valued at $ 449,005 and $ 35,919 , respectively, using the Black-Scholes option pricing model (assuming a risk-free interest rate of 3.68 %, an expected life of 5 years, annualized volatility of 128.81 % and a dividend rate of 0 %). The repricing of the Eligible Warrants is accounted for as a modification under ASC 815-40-35-14 through 18. The effect of the modification is $ 544,164 , measured as the excess of the fair value of the repriced warrants over the fair value of the original warrants immediately before it was modified and the fair value of the incentive warrants issued as an additional inducement to exercise the warrants. The fair values were measured using the Black-Scholes option pricing model (assuming a risk-free interest rate of 4.21 %, an expected life of 3.75 years, annualized volatility of 137.62 % and a dividend rate of 0 %). The Company recognized a deemed dividend of $ 543,234 for the fair value of the Incentive Warrants and the portion of inducement related to the equity-classified warrants. The effect of the repricing of the liability-classified warrants was $ 930 and was recorded in the statement of operations and comprehensive loss. The Company also incurred legal and other expenses of $ 74,066 in connection with the Program. During the year ended September 30, 2022, the Company: a) Completed a non-brokered private placement of 11,029 units at a price of $ 51.84 (CAD$ 64.80 ) per unit for gross proceeds of $ 571,760 (CAD$ 714,700 ) on November 4, 2021. 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 $ 94.61 (CAD$ 129.60 ). $ 202,009 of the proceeds were allocated to the warrants and recorded as a warrant liability. The Company paid $ 34,733 and issued 670 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. b) Completed a brokered private placement of 196,369 units at a price of $ 38.40 per unit for gross proceeds of $ 7,540,580 on March 29, 2022. 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 $ 50.40 . $ 607,170 of the proceeds were 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 , 19,640 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. PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2023 AND 2022 11. EQUITY 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. Stock option transactions are summarized as follows: SCHEDULE OF STOCK OPTION TRANSACTIONS Number Weighted Average Balance, September 30, 2021 9,480 $ 78.05 Granted 13,749 42.04 Cancelled (2,083 ) 69.38 Balance, September 30, 2022 21,146 $ 53.04 Cancelled (833 ) 42.62 Balance, September 30, 2023 20,313 $ 54.23 Exercisable at September 30, 2023 20,313 $ 54.23 The aggregate intrinsic value of options outstanding and exercisable as at September 30, 2023 was $ nil (September 30, 2022 - $ nil ). The options outstanding as of September 30, 2023 have exercise prices in the range of $ 9.00 to $ 90.00 and a weighted average remaining contractual life of 6.91 years. During the years ended September 30, 2023 and 2022, the Company recognized share-based payment expense of $ 318 and $ 546,335 , 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 2023 2022 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 CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2023 AND 2022 11. EQUITY Share-based payments As September 30, 2023, the following stock options were outstanding: SCHEDULE OF STOCK OPTIONS OUTSTANDING Number Exercise Price Issuance Date Expiry Date 5,730 $ 90.00 December 4, 2017 December 4, 2027 1,250 $ 54.00 November 1, 2018 November 1, 2028 1,250 $ 9.00 March 16, 2020 March 16, 2030 12,083 $ 43.20 October 6, 2021 October 6, 2031 20,313 Warrants Warrant transactions are summarized as follows: SCHEDULE OF WARRANTS TRANSACTIONS Number Weighted Balance, September 30, 2021 52,083 $ 37.68 Granted 222,193 52.60 Balance, September 30, 2022 274,276 $ 48.48 Exercised (68,353 ) 11.44 Granted 73,823 18.00 Balance, September 30, 2023 279,746 39.79 The aggregate intrinsic value of warrants outstanding as at September 30, 2023 was $ nil (September 30, 2022 - $ nil ) As September 30, 2023, the following: warrants were outstanding: SCHEDULE OF WARRANTS OUTSTANDING Number Exercise Price Issuance Date Expiry Date 4,393 $ 97.20 November 4, 2021 November 4, 2023 149,447 $ 50.40 March 29, 2022 March 29, 2027 73,823 $ 18.00 June 30, 2023 June 30, 2028 52,083 $ 36.00 September 30, 2021 September 30, 2031 279,746 5,515 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. The fair value of these warrants were remeasured at each reporting period and a gain on fair value of $ 178,509 was recorded during the year ended September 30, 2022. During the year ended September 30, 2023, a gain on fair value of $ 23,500 was recorded. The following weighted average assumptions were used for the Black-Scholes valuation of warrants as at September 30, 2023 and September 30, 2022: SCHEDULE OF VALUATION OF WARRANTS 2023 2022 Risk-free interest rate 4.87 % 3.79 % Expected life of options 0.17 Year 1 Year Expected annualized volatility 39.02 % 135.59 % Dividend rate Nil Nil Weighted average fair value of options granted $ 0.00 $ 1.46 PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2023 AND 2022

INCOME TAXES

INCOME TAXES	12 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	12. INCOME TAXES SCHEDULE OF RECONCILIATION OF INCOME TAX 2023 2022 Loss before income taxes $ (3,939,961 ) $ (2,714,616 ) Expected income tax recovery at statutory rates $ (591,000 ) $ (407,000 ) Provincial income tax recovery (290,000 ) (244,000 ) Effect of income taxes from US operations (100,000 ) (42,000 ) Change in statutory, foreign tax, foreign exchange rates and other (18,000 ) (32,000 ) Permanent differences 3,000 103,000 Adjustment to prior years provision versus statutory tax returns (43,000 ) (53,000 ) Change in valuation allowance 1,039,000 675,000 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 2023 2022 Loss for the year Canada $ (2,418,491 ) $ (2,030,281 ) US (1,521,470 ) (684,335 ) $ (3,939,961 ) $ (2,714,616 ) Expected income tax (recovery) Canada $ (659,000 ) $ (549,000 ) US (319,000 ) (102,000 ) $ (978,000 ) $ (651,000 ) Deferred income tax Canada $ 659,000 $ 548,000 US 319,000 103,000 $ 978,000 $ 651,000 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 2023 2022 Tax loss carryforwards $ 2,313,000 $ 1,342,000 Property and equipment 39,000 (74,000 ) Financing fees 191,000 216,000 Total gross deferred tax assets 2,543,000 1,484,000 Deferred tax assets valuation allowance (2,543,000 ) (1,484,000 ) 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, 2023 and 2022, the Company had financing fees of $ 709,000 and $ 801,000 , respectively, with expiration dates between 2044 and 2048 . The Company also had tax loss carryforwards of approximately $ 9,386,000 in Canada and the United States. For the years ended September 30, 2023 and 2022, the Canada tax losses totaled $ 7,019,000 and $ 4,028,000 , respectively, with expiration dates ranging from 2037 to 2043 and 2037 to 2042 , respectively. The United States tax losses for the years ended September 30, 2023 and 2022 totaled $ 2,367,000 and $ 804,000 , respectively, and had no expiration dates.

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Segment Reporting [Abstract]
SEGMENT INFORMATION	12. 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.	13. 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 CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2023 AND 2022

CONTINGENCIES

CONTINGENCIES	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	13. CONTINGENCIES The Company from time to time may be involved with disputes, claims and litigation related to the conduct of its business. The Company had $ 455,447 in claims from certain trade vendors for non-payment, of which $ 446,783 have been accrued as of June 30, 2024. The Company plans to continue engaging with these claimants faithfully and is working on potential settlements for all outstanding claims.	14. CONTINGENCIES The Company from time to time may be involved with disputes, claims and litigation related to the conduct of its business. The Company currently has $ 473,818 in claims from certain trade vendors for non-payment, of which $ 443,614 have been accrued as of September 30, 2023. The Company plans to continue engaging with these claimants faithfully and is working on potentially settlements for all outstanding claims.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENT	14. SUBSEQUENT EVENT Subsequent to June 30, 2024, the Company announced a non-brokered private placement of up to 18,635 convertible debenture units of the Company (each, a “Unit”). Each Unit consists of one convertible debenture (a “Debenture”) in the principal amount of $ 1,000 and 523 common share purchase warrants (each, a “Warrant”). Each Warrant is exercisable for a period of five years from the date of issuance for one common share of the Company (a “Share”) at an exercise price of $ 1.91 per share. The Debentures will mature one-year from the date of issuance. The Debentures will bear simple interest at a rate of 10 per annum, payable on the Maturity Date or the date on which all or any portion of the Debenture is repaid. Interest will be paid in cash or Shares based on a conversion price of $ 1.91 (the “Conversion Price”). As of the date of this quarterly report, the Company has received subscription proceeds totaling $ 2,400,000 .	15. SUBSEQUENT EVENTS SUBSEQUENT EVENT (a) On October 23, 2023, the Company effected a 1-for-4 reverse split of the Company’s outstanding common shares. (b) On November 2, 2023, the Company received a $ 45,000 loan from a former director of the Company. The loan is unsecured, non-interest bearing, and has no specific repayment terms. (c) On February 28, 2024, the Company announced a private placement of convertible debenture units of the Company (the “Units”) for gross proceeds of up to $ 20,000,000 . Each Unit will consist of one convertible debenture (a “Debenture”) in the principal amount of $ 1,000 and one common share purchase warrant (a “Warrant”). Each Warrant will be exercisable for a period of five years from the date of issuance for one common share of the Company (a “Share”) at an exercise price of $ 4.08 . On May 29, 2024, the Company amended the terms of the Units. Each Unit will now consist of one convertible debenture (a “Debenture”) in the principal amount of $ 1,000 and 294 common share purchase warrants (each a “Warrant”). Each Warrant will be exercisable for a period of five years from the date of issuance for one common share of the Company (a “Share”) at an exercise price of $ 4.08 . The Debentures will mature (the “Maturity Date”) on the earlier of: (i) one-year from the date of issuance or (ii) three-months from the date of issuance if the Company does not enter into a securities exchange, unit purchase or merger agreement with a third party to the reasonable satisfaction of a majority of the holders of Debentures. The Debentures will bear simple interest at a rate of 10 % per annum, payable on the Maturity Date or the date on which all or any portion of the Debenture is repaid, and have a conversion price of $ 3.40 per share. Interest will be paid in cash or Shares based on a conversion price of $ 3.40 . (d) On April 16, 2024, the Company closed the first tranche of the private placement announced on February 28, 2024, consisting of 500 Units for gross proceeds of $ 500,000 . As a result, the Company issued a Debenture with a principal amount of $ 500,000 and 147,000 Warrants. (e) On April 16, 2024, the Company received a cease trade order due to failing to file its annual financial statements for fiscal 2023 (the “FFCTO”) from the British Columbia Securities Commission (the “BCSC”) and the trading was halted from the CSE effective April 17, 2024. (f) On June 5, 2024, the Company was granted a partial revocation of the FFCTO by the BCSC to permit the Company to complete an additional private placement of convertible debenture units for gross proceeds of $ 865,000 . (g) On June 16, 2024, the Company closed the second tranche of the private placement of convertible debenture units announced on February 28, 2024, consisting of 865 Units for gross proceeds of $ 865,000 . As a result, the Company issued a Debenture with a principal amount of $ 865,000 and 254,310 Warrants. (h) The Company entered into an employment agreement with Bradley Taillon, the Company’s CEO, on April 29, 2024. Pursuant to this employment agreement, the Company employs Mr. Taillon to serve as CEO of the Company and to perform such duties and have such authority as may from time to time be assigned by the Company’s Board of Directors. As compensation for the performance of such duties, the Company paid Mr. Taillon a base salary of $ 250,000 , which shall be reviewed by the Company annually. The terms of this employment agreement as amended also provide that Mr. Taillon is eligible for an annual cash bonus of up to 100% of his annual salary. In addition to any annual bonus, Mr. Taillon received a one-time sign-on bonus of $50,000 and is eligible for additional performance bonuses ranging from $50,000 to $750,000 upon the closing of a qualified financing with proceeds to the Company of $1 million or greater. Further, the terms of this employment agreement provide that if Mr. Taillon’s employment with the Company is terminated without “cause” (as defined in the agreement) than Mr. Taillon is entitled to a severance payment equal to two years of base salary and a bonus equal to 50% of his annual base salary. PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2023 AND 2022

SUPPLEMENTAL INFORMATION ON OIL

SUPPLEMENTAL INFORMATION ON OIL AND GAS OPERATIONS (UNAUDITED)	12 Months Ended
	Sep. 30, 2023
Supplemental Information On Oil And Gas Operations
SUPPLEMENTAL INFORMATION ON OIL AND GAS OPERATIONS (UNAUDITED)	16. 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, 2023 September 30, 2022 Acquisition of proved properties $ — $ — Acquisition of unproved properties — — Development costs 2,019,639 1,676,668 Exploration costs — — Total costs incurred $ 2,019,639 $ 1,676,668 Results of Operations from Oil and Gas Producing Activities 12 Months Ended 12 Months Ended September 30, 2023 September 30, 2022 Oil and gas revenues $ 688,827 $ 815,391 Production costs (879,471 ) (829,194 ) Exploration expenses — — Depletion, depreciation and amortization (104,798 ) (99,855 ) Impairment of oil and gas properties — — Result of oil and gas producing operations before income taxes (295,442 ) (113,658 ) Provision for income taxes — — Results of oil and gas producing activities $ (295,442 ) $ (113,658 ) PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2023 AND 2022 16. 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, 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 Revisions (3,588,541 ) (951,270 ) (3,747,086 ) Purchase of proved reserves - - - Sale reserves - - - Production (11,729 ) (7,500 ) (12,979 ) September 30, 2023 2,636,800 2,042,400 2,977,200 Proved developed reserves: September 30, 2021 587,450 411,910 656,102 September 30, 2022 1,153,870 864,770 1,297,998 September 30, 2023 1,027,100 765,300 1,154,650 Proved undeveloped reserves: September 30, 2021 5,611,970 2,606,440 6,046,377 September 30, 2022 5,083,200 2,136,400 5,439,267 September 30, 2023 1,609,700 1,277,100 1,822,550 PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2023 AND 2022 16. 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, 2023 and September 30, 2022 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, 2023 and September 30, 2022 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, 2023 September 30, 2022 12 Months Ended September 30, 2023 September 30, 2022 Future cash inflows $ 211,828,000 $ 589,481,000 Future production costs (1) (40,061,000 ) (91,630,000 ) Future development costs (17,241,000 ) (71,700,000 ) Future income tax expenses (39,262,000 ) (113,873,000 ) Future net cash flows 115,264,000 312,278,000 10% annual discount for estimated timing of cash flows (60,184,000 ) (167,549,000 ) Standardized measure of discounted future net cash flows at the end of the fiscal year $ 55,080,000 $ 144,729,000 (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, 2021 (1) $ 55.98 $ 2.95 Year ended September 30, 2022 (1) $ 91.72 $ 5.79 Year ended September 30, 2023 (1) $ 78.61 $ 2.23 (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 CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2023 AND 2022 16. 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, 2023 September 30, 2022 12 Months Ended September 30, 2023 September 30, 2022 Standardized measure of discounted future net cash flows at the beginning of the year $ 144,729,000 $ 73,269,000 Extensions, discoveries and improved recovery, less related costs — — Sales of minerals in place — — Purchase of minerals in place — — Revisions of previous quantity estimates (103,529,000 ) 1,674,000 Net changes in prices and production costs (52,170,000 ) 88,333,000 Accretion of discount 19,862,000 10,077,000 Sales of oil produced, net of production costs 191,000 (49,000 ) Changes in future development costs 27,173,000 911,000 Changes in timing of future production (16,145,000 ) (3,099,000 ) Net changes in income taxes 34,969,000 (26,387,000 ) Standardized measure of discounted future net cash flows at the end of the year $ 55,080,000 $ 144,729,000 FINANCIAL STATEMENTS - FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2024 CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS (UNAUDITED) ASSETS June 30, September 30, ASSETS Current assets Cash $ 428,385 $ 82,736 Trade and other receivables (net of allowance: June 30, 2024 - $ nil ; September 30, 2023 - $ nil ) 20,126 78,441 Prepaid expenses and deposits 101,389 127,239 Total current assets 549,900 288,416 Non-current assets Reclamation deposits 75,000 145,000 Property and equipment, net of accumulated depletion and depreciation 10,306,590 10,361,419 Right of use asset, net 96,058 146,912 Total assets $ 11,027,548 $ 10,941,747 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities Trade and other payables $ 3,774,392 $ 3,228,327 Loans payable 160,936 125,936 Convertible debentures 1,016,444 - Lease liability – current portion 78,791 77,069 Total current liabilities 5,030,563 3,431,332 Non-current liabilities Asset retirement obligations 287,761 260,167 Lease liability, less current portion 30,538 81,456 Total liabilities 5,348,862 3,772,955 Stockholders’ Equity Common stock, no par value per share; unlimited shares authorized, 551,503 shares* issued and outstanding as of June 30, 2024 and September 30, 2023. 14,947,150 14,947,150 Additional paid-in capital 5,475,316 4,549,431 Accumulated other comprehensive loss (127,413 ) (127,413 ) Accumulated deficit (14,616,367 ) (12,200,376 ) Total stockholders’ equity 5,678,686 7,168,792 Total liabilities and stockholders’ equity $ 11,027,548 $ 10,941,747 * The number of shares has been restated to reflect the 4:1 The accompanying notes are an integral part of these condensed interim consolidated financial statements. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended Revenues Oil and gas sales $ - $ 156,716 $ 75,466 $ 541,459 Royalty income 2,671 303 11,190 18,140 Total revenues 2,671 157,019 86,656 559,599 Operating expenses Lease operating expense 10,421 235,511 165,305 762,668 General and administrative 629,836 788,659 1,674,738 3,014,307 Depletion and depreciation 14,875 37,286 54,829 120,459 Accretion on asset retirement obligations 9,198 7,994 27,594 23,982 Total operating expenses (664,330 ) (1,069,450 ) (1,922,466 ) (3,921,416 ) Loss from operations (661,659 ) (912,431 ) (1,835,810 ) (3,361,817 ) Other income (expense) Interest income - 108 - 108 Other income - 6,000 8,000 18,000 Foreign exchange gain (loss) 5,146 (3,310 ) 5,087 (7,690 ) Interest and debt expense (97,191 ) (1,026 ) (98,217 ) (2,208 ) Loss on debt extinguishment (495,051 ) - (495,051 ) - Gain on settlement of warrant liability - 930 - 930 Change in fair value of warrant liability - 136 - 22,570 Total other income (expense) (587,096 ) 2,838 (580,181 ) 31,710 Net loss and comprehensive loss $ (1,248,755 ) $ (909,593 ) $ (2,415,991 ) $ (3,330,107 ) Deemed dividend arising from warrant modification - (543,234 ) - (543,234 ) Net loss attributable to common stockholders $ (1,248,755 ) $ (1,452,827 ) $ (2,415,991 ) $ (3,873,341 ) Basic and diluted loss per common share $ (2.26 ) $ (2.96 ) $ (4.38 ) $ (7.97 ) Weighted average number of common shares outstanding * 551,503 491,036 551,503 485,779 * The number of shares has been restated to reflect the 4:1 The accompanying notes are an integral part of these condensed interim consolidated financial statements. CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED) Three months ended June 30 Number of Shares* Share capital Additional paid-in capital Accumulated other comprehensive loss Deficit Total equity Balance, March 31, 2024 551,503 $ 14,947,150 $ 4,549,431 $ (127,413 ) $ (13,367,612 ) $ 6,001,556 Warrants issued in private placement - - 431,666 - - 431,666 Warrants issued for debt amendment - - 494,219 - - 494,219 Net loss - - - - (1,248,755 ) (1,248,755 ) Balance, June 30, 2024 551,503 $ 14,947,150 $ 5,475,316 $ (127,413 ) $ (14,616,367 ) $ 5,678,686 Number of Shares* Share capital Additional paid-in capital Accumulated other comprehensive loss Deficit Total equity Balance, March 31, 2023 483,150 $ 14,337,739 $ 4,513,512 $ (127,413 ) $ (10,680,929 ) $ 8,042,909 Exercise of warrants 68,353 781,953 - - - 781,953 Share issuance costs - (129,780 ) 35,919 - - (93,861 ) Deemed dividend arising from warrant modification - - 543,234 - - 543,234 Warrant modification - - (543,234 ) - - (543,234 ) Net loss - - - - (909,593 ) (909,593 ) Balance, June 30, 2023 551,503 $ 14,989,912 $ 4,549,431 $ (127,413 ) $ (11,590,522 ) $ 7,821,408 Nine months ended June 30 Number of Shares* Share capital Additional paid-in capital Accumulated other comprehensive loss Deficit Total equity Balance, September 30, 2023 551,503 $ 14,947,150 $ 4,549,431 $ (127,413 ) $ (12,200,376 ) $ 7,168,792 Warrants issued in private placement - - 431,666 - - 431,666 Warrants issued for debt amendment - - 494,219 - - 494,219 Net loss - - - - (2,415,991 ) (2,415,991 ) Balance, June 30, 2024 551,503 $ 14,947,150 $ 5,475,316 $ (127,413 ) $ (14,616,367 ) $ 5,678,686 Number of Shares* Share capital Additional paid-in capital Accumulated other comprehensive loss Deficit Total equity Balance, September 30, 2022 483,150 $ 14,337,739 $ 4,513,194 $ (127,413 ) $ (8,260,415 ) $ 10,463,105 Balance 483,150 $ 14,337,739 $ 4,513,194 $ (127,413 ) $ (8,260,415 ) $ 10,463,105 Exercise of warrants 68,353 781,953 - - - 781,953 Share issuance costs - (129,780 ) 35,919 - - (93,861 ) Deemed dividend arising from warrant modification - - 543,234 - - 543,234 Warrant modification - - (543,234 ) - - (543,234 ) Share-based payments - - 318 - - 318 Net loss - - - - (3,330,107 ) (3,330,107 ) Balance, June 30, 2023 551,503 $ 14,989,912 $ 4,549,431 $ (127,413 ) $ (11,590,522 ) $ 7,821,408 Balance 551,503 $ 14,989,912 $ 4,549,431 $ (127,413 ) $ (11,590,522 ) $ 7,821,408 * The number of shares has been restated to reflect the 4:1 The accompanying notes are an integral part of these condensed interim consolidated financial statements. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS NINE MONTHS ENDED JUNE 30 (UNAUDITED) 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (2,415,991 ) $ (3,330,107 ) Adjustments to reconcile net loss to net cash from operating activities: Accretion on asset retirement obligations 27,594 23,982 Depletion and depreciation 54,829 120,459 Foreign exchange loss (gain) (5,087 ) - Amortization of debt discount 82,278 - Loss on debt extinguishment 495,051 - Gain on settlement of warrant liability - (930 ) Change in fair value of warrant liability - (22,570 ) Share-based payments - 318 Changes in operating assets and liabilities: Trade and other receivables 58,315 40,599 Prepaid expenses and deposits 25,850 180,877 Trade and other payables 551,152 1,045,347 Right of use asset and lease liability 1,658 5,819 Net cash used in operating activities (1,124,351 ) (1,936,206 ) CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures on property and equipment - (1,249,704 ) Reclamation deposit redemption 70,000 - Net cash provided by (used in) investing activities 70,000 (1,249,704 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from debenture financing 1,365,000 - Proceeds from exercise of warrants - 781,953 Share issuance costs - (93,861 ) Loan payable proceeds 45,000 - Loan payable repayment (10,000 ) - Debenture repayment - (38,291 ) Net cash provided by financing activities 1,400,000 649,801 Change in cash during the period 345,649 (2,536,109 ) Cash, beginning of the period 82,736 3,300,495 Cash, end of the period $ 428,385 $ 764,386 Supplemental cash flow disclosures: Interest paid $ 1,026 $ 1,182 Taxes paid $ - $ - Supplemental disclosures of non-cash investing and financing activities: Share purchase warrants issued in connection with exercise of warrants $ - $ 579,153 Share purchase warrants issued in connection with debt issuance $ 431,666 $ - Trade and other payables related to property and equipment $ - $ 1,459,667 The accompanying notes are an integral part of these condensed interim consolidated financial statements. NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE AND NINE MONTHS ENDED JUNE 30, 2024 (UNAUDITED)

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
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 audited financial statements and footnotes included in Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2023.	Basis of presentation The Company’s consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“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. All intercompany balances and transactions have been eliminated. PERMEX PETROLEUM CORPORATION NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE AND NINE MONTHS ENDED JUNE 30, 2024 (UNAUDITED) 2. Significant Accounting Policies (cont’d…)	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. 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 $ 14,616,367 , has a working capital deficiency of $ 4,480,663 as of June 30, 2024 and has not yet achieved profitable operations. The Company requires equity or debt financings to fund its operation, which it has been unable to secure in sufficient amounts to date, and 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. The Company expects to raise additional funds through equity and debt financings. There is no assurance that such financing will be available in the future. During the quarter ended June 30, 2024, the Company raised $ 1,365,000 through the issuance of convertible debentures. These debentures had a maturity date of September 12, 2024 but are currently in default due to the Company’s failure to repay the principal and accrued interest on the maturity date. The Company is currently negotiating a debt restructuring plan with the debenture holders. Subsequent to June 30, 2024, the Company received $ 2,400,000 in subscription proceeds through additional debt financing. Management believes that this plan provides an opportunity for the Company to continue as a going concern subject to its continued ability to raise funds to maintain its operations and manage its working capital deficiency. 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 $ 12,743,610 , has a working capital deficiency of $ 3,142,916 as of September 30, 2023 and has not yet achieved profitable operations. The Company requires equity financings to fund its operation, which it has been unable to secure in sufficient amounts to date, and 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. The Company also expects to raise additional funds through equity and debt 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. Subsequent to September 30, 2023, the Company has raised $ 1,365,000 through the issuance of convertible debentures. Management believes that this plan provides an opportunity for the Company to continue as a going concern subject to its continued ability to raise funds to maintain its operations and manage its working capital deficiency. 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. PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2023 AND 2022 2. Significant Accounting Policies (cont’d…)
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) the fair value of assets when determining the existence of impairment factors and the amount of impairment, if any; (ii) the costs of site restoration when determining decommissioning liabilities; (iii) the useful lives of assets for the purposes of depletion and depreciation; (iv) petroleum and natural gas reserves; and (v) 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 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) the fair value of assets when determining the existence of impairment factors and the amount of impairment, if any; (ii) the costs of site restoration when determining decommissioning liabilities; (iii) the useful lives of assets for the purposes of depletion and depreciation; (iv) petroleum and natural gas reserves; and (v) 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 have payment terms of 30 days or less. The Company’s oil and gas revenues are mainly derived from three significant customers. As a result, the Company’s trade receivables are exposed to a concentration of credit risk. The Company routinely assesses the financial strength of its customers. 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, 2023 and 2022.
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 estimated future asset retirement costs 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 CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2023 AND 2022 2. Significant Accounting Policies (cont’d…) 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. 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, 2023 and September 30, 2022, 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 CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2023 AND 2022 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, 2023 and 2022. The financial statements as of and for the years ended September 30, 2023 and 2022, 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, 2023 and 2022. PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2023 AND 2022 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 from the proceeds. Common shares issued for consideration other than cash are valued based on their fair value at the date that the shares are issued.
Share purchase warrants		Share purchase warrants The fair value of warrants 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 to common stock and additional paid in capital 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 other 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 CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2023 AND 2022 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 $ nil and $ 1,395 for years ended September 30, 2023 and 2022, 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 CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2023 AND 2022 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.
Recently Adopted Accounting Pronouncements		Recently Adopted Accounting Pronouncements On October 1, 2022, the Company adopted Accounting Standards Update (ASU) No. 2016-13, Measurement of Credit Losses on Financial Instruments
New accounting standards	New accounting standards On October 1, 2023, the Company adopted Accounting Standards Update (ASU) No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In November 2023, the FASB issued ASU 2023 - 07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which becomes effective for fiscal years beginning after December 15, 2024. This update requires public entities to disclose significant expenses for reportable segments in both interim and in annual reporting periods, while entities with only a single reportable segment must now provide all segment disclosures required both in ASC 280 and under the amendments in ASU 2023-07. The Company does not expect the standard to have a material effect on its consolidated financial statements and has begun evaluating disclosure presentation alternatives. In December 2023, the FASB issued ASU 2023 - 09, Income Taxes (Topic740) Improvements to Income Tax Disclosures, which becomes effective for fiscal years beginning after December 15, 2024. The standard requires companies to disclose specific categories in the income tax rate reconciliation table and the amount of income taxes paid per major jurisdiction. The Company does not expect the standard to have a material effect on its consolidated financial statements and has begun evaluating disclosure presentation alternatives.	New accounting standards In December 2023, the FASB issued ASU 2023 - 09, Income Taxes (Topic740) Improvements to Income Tax Disclosures, which becomes effective for fiscal years beginning after December 15, 2024. The standard requires companies to disclose specific categories in the income tax rate reconciliation table and the amount of income taxes paid per major jurisdiction. The Company does not expect the standard to have a material effect on its consolidated financial statements and has begun evaluating disclosure presentation alternatives.

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
SCHEDULE OF REVENUE DISAGGREGATED BY PRODUCT TYPE AND GEOGRAPHIC AREAS	The following tables present our revenue from contracts with customers disaggregated by product type and geographic areas. SCHEDULE OF REVENUE DISAGGREGATED BY PRODUCT TYPE AND GEOGRAPHIC AREAS Three months ended June 30, 2024 Texas New Mexico Total Crude oil $ - $ - $ - Natural gas - - - Revenue $ - $ - $ - Three months ended June 30, 2023 Texas New Mexico Total Crude oil $ 113,471 $ 42,230 $ 155,701 Natural gas 1,015 - 1,015 Revenue $ 114,486 $ 42,230 $ 156,716 Nine months ended June 30, 2024 Texas New Mexico Total Crude oil $ 39,857 $ 35,609 $ 75,466 Natural gas - - - Revenue $ 39,857 $ 35,609 $ 75,466 Nine months ended June 30, 2023 Texas New Mexico Total Crude oil $ 417,050 $ 116,285 $ 533,335 Natural gas 8,124 - 8,124 Revenue $ 425,174 $ 116,285 $ 541,459	The following table presents our revenue from contracts with customers disaggregated by product type and geographic areas. SCHEDULE OF REVENUE DISAGGREGATED BY PRODUCT TYPE AND GEOGRAPHIC AREAS Year ended September 30, 2023 Texas New Mexico Total Crude oil $ 501,920 $ 154,700 $ 656,620 Natural gas 9,003 - 9,003 Revenue from contracts with customers $ 510,923 $ 154,700 $ 665,623 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

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
SCHEDULE OF PROPERTY AND EQUIPMENT	Property and equipment consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT June 30, 2024 September 30, 2023 Oil and natural gas properties, at cost $ 10,501,244 $ 10,501,244 Less: accumulated depletion (305,706 ) (289,456 ) Oil and natural gas properties, net 10,195,538 10,211,788 Other property and equipment, at cost 205,315 205,315 Less: accumulated depreciation (94,263 ) (55,684 ) Other property and equipment, net 111,052 149,631 Property and equipment, net $ 10,306,590 $ 10,361,419	Property and equipment consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT September 30, September 30, Oil and natural gas properties, at cost $ 10,501,244 $ 8,029,234 Construction in progress - 460,306 Less: accumulated depletion (289,456 ) (184,658 ) Oil and natural gas properties, net 10,211,788 8,304,882 Other property and equipment, at cost 205,315 127,542 Less: accumulated depreciation (55,684 ) (5,648 ) Other property and equipment, net 149,631 121,894 Property and equipment, net $ 10,361,419 $ 8,426,776

LEASES (Tables)

LEASES (Tables)	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
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 June 30, 2024 September 30, 2023 Right-of-use assets $ 96,058 $ 146,912 Lease liabilities Balance, beginning of the year $ 158,525 $ 244,906 Addition - - Liability accretion 12,346 24,221 Lease payments (61,542 ) (110,602 ) Balance, end of the year $ 109,329 $ 158,525 Current lease liabilities $ 78,791 $ 77,069 Long-term lease liabilities $ 30,538 $ 81,456 Weighted-average remaining lease term (in years) 1.42 2.17 Weighted-average discount rate 12 % 12 %	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 2023 2022 Right-of-use assets $ 146,912 $ 240,796 Lease liabilities Balance, beginning of the year $ 244,906 $ 78,949 Addition - 220,368 Liability accretion 24,221 9,042 Lease payments (110,602 ) (63,453 ) Balance, end of the year $ 158,525 $ 244,906 Current lease liabilities $ 77,069 $ 104,224 Long-term lease liabilities $ 81,456 $ 140,682 Weighted-average remaining lease term (in years) 2.17 2.87 Weighted-average discount rate 12 % 12 %
SCHEDULE OF LEASE COST	The following table presents the Company’s total lease cost. SCHEDULE OF LEASE COST Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended Operating lease cost $ 20,573 $ 27,704 $ 63,200 $ 92,947 Variable lease expense 15,469 22,516 45,905 48,513 Sublease income - (12,367 ) - (32,762 ) Net lease cost $ 36,042 $ 37,853 $ 109,105 $ 108,698	The following table presents the Company’s total lease cost. SCHEDULE OF LEASE COST 2023 2022 Operating lease cost $ 118,105 $ 61,153 Variable lease expense 65,245 36,216 Sublease income (25,390 ) (36,633 ) Rent subsidy - (1,644 ) Net lease cost $ 157,960 $ 59,092
SCHEDULE OF FUTURE LEASE PAYMENTS	As of June 30, 2024, the Company has one office lease agreement for its office premises for terms ending in November 2025. The maturities of the Company’s operating lease liabilities are as follows: SCHEDULE OF FUTURE LEASE PAYMENTS Year 2024 $ 20,648 2025 84,664 2026 14,180 Total lease payments 119,492 Less: imputed interest (10,163 ) Total lease liabilities $ 109,329	As of September 30, 2023, the Company has one office lease agreement for its office premises for terms ending in November 2025. The maturities of the Company’s operating lease liabilities are as follows: SCHEDULE OF FUTURE LEASE PAYMENTS Year 2024 82,190 2025 84,664 2026 14,180 Total lease payments 181,034 Less: imputed interest (22,509 ) Total lease liabilities $ 158,525

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Asset Retirement Obligation Disclosure [Abstract]
SCHEDULE OF ASSETS RETIREMENT OBLIGATIONS	SCHEDULE OF ASSETS RETIREMENT OBLIGATIONS June 30, 2024 September 30, 2023 Asset retirement obligations, beginning of the year $ 260,167 $ 236,412 Obligations derecognized - (287 ) Revisions of estimates - (7,934 ) Accretion expense 27,594 31,976 $ 287,761 $ 260,167	SCHEDULE OF ASSETS RETIREMENT OBLIGATIONS 2023 2022 Asset retirement obligations, beginning of the year $ 236,412 $ 552,594 Obligations derecognized (287 ) - Revisions of estimates (7,934 ) (371,212 ) Accretion expense 31,976 55,030 $ 260,167 $ 236,412

LOSS PER SHARE (Tables)

LOSS PER SHARE (Tables)	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
SCHEDULE OF BASIC AND DILUTED LOSS PER SHARE	The calculation of basic and diluted loss per share for the three and nine month periods ended June 30, 2024 and 2023 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 Three Months Ended Nine Months Ended Nine Months Ended Net loss $ (1,248,755 ) $ (1,452,827 ) $ (2,415,991 ) $ (3,873,341 ) Weighted average common shares outstanding 551,503 491,036 551,503 485,779 Basic and diluted loss per share $ (2.26 ) $ (2.96 ) $ (4.38 ) $ (7.97 )	The calculation of basic and diluted loss per share for the years ended September 30, 2023 and 2022 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 2023 2022 Net loss $ (4,483,195 ) $ (2,714,616 ) Weighted average common shares outstanding 508,813 385,756 Basic and diluted loss per share $ (8.81 ) $ (7.04 )

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
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, 2022 21,146 $ 53.04 Cancelled (833 ) 42.62 Balance, September 30, 2023 20,313 $ 54.23 Cancelled (3,333 ) 59.94 Balance, June 30, 2024 16,980 $ 53.11 Exercisable at June 30, 2024 16,980 $ 53.11	Stock option transactions are summarized as follows: SCHEDULE OF STOCK OPTION TRANSACTIONS Number Weighted Average Balance, September 30, 2021 9,480 $ 78.05 Granted 13,749 42.04 Cancelled (2,083 ) 69.38 Balance, September 30, 2022 21,146 $ 53.04 Cancelled (833 ) 42.62 Balance, September 30, 2023 20,313 $ 54.23 Exercisable at September 30, 2023 20,313 $ 54.23
SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS USED IN THE FAIR VALUE		SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS USED IN THE FAIR VALUE 2023 2022 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 June 30, 2024, the following stock options were outstanding: SCHEDULE OF STOCK OPTIONS OUTSTANDING Number Exercise Price Issuance Date Expiry Date 4,480 $ 88.88 December 4, 2017 December 4, 2027 1,250 $ 53.28 November 1, 2018 November 1, 2028 1,250 $ 8.88 March 16, 2020 March 16, 2030 10,000 $ 42.62 October 6, 2021 October 6, 2031 16,980	As September 30, 2023, the following stock options were outstanding: SCHEDULE OF STOCK OPTIONS OUTSTANDING Number Exercise Price Issuance Date Expiry Date 5,730 $ 90.00 December 4, 2017 December 4, 2027 1,250 $ 54.00 November 1, 2018 November 1, 2028 1,250 $ 9.00 March 16, 2020 March 16, 2030 12,083 $ 43.20 October 6, 2021 October 6, 2031 20,313
SCHEDULE OF WARRANTS TRANSACTIONS	Warrant transactions are summarized as follows: SCHEDULE OF WARRANTS TRANSACTIONS Number Weighted Balance, September 30, 2022 274,276 $ 48.48 Exercised (68,353 ) 11.44 Granted 73,823 18.00 Balance, September 30, 2023 279,746 $ 39.79 Granted 401,310 4.08 Expired (4,393 ) 95.90 Balance, June 30, 2024 676,663 $ 18.25	Warrant transactions are summarized as follows: SCHEDULE OF WARRANTS TRANSACTIONS Number Weighted Balance, September 30, 2021 52,083 $ 37.68 Granted 222,193 52.60 Balance, September 30, 2022 274,276 $ 48.48 Exercised (68,353 ) 11.44 Granted 73,823 18.00 Balance, September 30, 2023 279,746 39.79
SCHEDULE OF WARRANTS OUTSTANDING	As June 30, 2024, the following warrants were outstanding: SCHEDULE OF WARRANTS OUTSTANDING Number Exercise Price Issuance Date Expiry Date 149,447 $ 50.40 March 29, 2022 March 29, 2027 73,823 $ 18.00 June 30, 2023 June 30, 2028 147,000 $ 4.08 April 16, 2024 April 16, 2029 254,310 $ 4.08 June 12, 2024 June 12, 2029 52,083 $ 35.52 September 30, 2021 September 30, 2031 676,663	SCHEDULE OF WARRANTS OUTSTANDING Number Exercise Price Issuance Date Expiry Date 4,393 $ 97.20 November 4, 2021 November 4, 2023 149,447 $ 50.40 March 29, 2022 March 29, 2027 73,823 $ 18.00 June 30, 2023 June 30, 2028 52,083 $ 36.00 September 30, 2021 September 30, 2031 279,746
SCHEDULE OF VALUATION OF WARRANTS		The following weighted average assumptions were used for the Black-Scholes valuation of warrants as at September 30, 2023 and September 30, 2022: SCHEDULE OF VALUATION OF WARRANTS 2023 2022 Risk-free interest rate 4.87 % 3.79 % Expected life of options 0.17 Year 1 Year Expected annualized volatility 39.02 % 135.59 % Dividend rate Nil Nil Weighted average fair value of options granted $ 0.00 $ 1.46

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
SCHEDULE OF RECONCILIATION OF INCOME TAX	SCHEDULE OF RECONCILIATION OF INCOME TAX 2023 2022 Loss before income taxes $ (3,939,961 ) $ (2,714,616 ) Expected income tax recovery at statutory rates $ (591,000 ) $ (407,000 ) Provincial income tax recovery (290,000 ) (244,000 ) Effect of income taxes from US operations (100,000 ) (42,000 ) Change in statutory, foreign tax, foreign exchange rates and other (18,000 ) (32,000 ) Permanent differences 3,000 103,000 Adjustment to prior years provision versus statutory tax returns (43,000 ) (53,000 ) Change in valuation allowance 1,039,000 675,000 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 2023 2022 Loss for the year Canada $ (2,418,491 ) $ (2,030,281 ) US (1,521,470 ) (684,335 ) $ (3,939,961 ) $ (2,714,616 ) Expected income tax (recovery) Canada $ (659,000 ) $ (549,000 ) US (319,000 ) (102,000 ) $ (978,000 ) $ (651,000 ) Deferred income tax Canada $ 659,000 $ 548,000 US 319,000 103,000 $ 978,000 $ 651,000 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 2023 2022 Tax loss carryforwards $ 2,313,000 $ 1,342,000 Property and equipment 39,000 (74,000 ) Financing fees 191,000 216,000 Total gross deferred tax assets 2,543,000 1,484,000 Deferred tax assets valuation allowance (2,543,000 ) (1,484,000 ) Net deferred tax assets $ - $ -

SUPPLEMENTAL INFORMATION ON O_2

SUPPLEMENTAL INFORMATION ON OIL AND GAS OPERATIONS (UNAUDITED) (Tables)	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
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, 2023 September 30, 2022 Acquisition of proved properties $ — $ — Acquisition of unproved properties — — Development costs 2,019,639 1,676,668 Exploration costs — — Total costs incurred $ 2,019,639 $ 1,676,668 Results of Operations from Oil and Gas Producing Activities 12 Months Ended 12 Months Ended September 30, 2023 September 30, 2022 Oil and gas revenues $ 688,827 $ 815,391 Production costs (879,471 ) (829,194 ) Exploration expenses — — Depletion, depreciation and amortization (104,798 ) (99,855 ) Impairment of oil and gas properties — — Result of oil and gas producing operations before income taxes (295,442 ) (113,658 ) Provision for income taxes — — Results of oil and gas producing activities $ (295,442 ) $ (113,658 )
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, 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 Revisions (3,588,541 ) (951,270 ) (3,747,086 ) Purchase of proved reserves - - - Sale reserves - - - Production (11,729 ) (7,500 ) (12,979 ) September 30, 2023 2,636,800 2,042,400 2,977,200 Proved developed reserves: September 30, 2021 587,450 411,910 656,102 September 30, 2022 1,153,870 864,770 1,297,998 September 30, 2023 1,027,100 765,300 1,154,650 Proved undeveloped reserves: September 30, 2021 5,611,970 2,606,440 6,046,377 September 30, 2022 5,083,200 2,136,400 5,439,267 September 30, 2023 1,609,700 1,277,100 1,822,550
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, 2023 September 30, 2022 12 Months Ended September 30, 2023 September 30, 2022 Future cash inflows $ 211,828,000 $ 589,481,000 Future production costs (1) (40,061,000 ) (91,630,000 ) Future development costs (17,241,000 ) (71,700,000 ) Future income tax expenses (39,262,000 ) (113,873,000 ) Future net cash flows 115,264,000 312,278,000 10% annual discount for estimated timing of cash flows (60,184,000 ) (167,549,000 ) Standardized measure of discounted future net cash flows at the end of the fiscal year $ 55,080,000 $ 144,729,000 (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, 2021 (1) $ 55.98 $ 2.95 Year ended September 30, 2022 (1) $ 91.72 $ 5.79 Year ended September 30, 2023 (1) $ 78.61 $ 2.23 (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, 2023 September 30, 2022 12 Months Ended September 30, 2023 September 30, 2022 Standardized measure of discounted future net cash flows at the beginning of the year $ 144,729,000 $ 73,269,000 Extensions, discoveries and improved recovery, less related costs — — Sales of minerals in place — — Purchase of minerals in place — — Revisions of previous quantity estimates (103,529,000 ) 1,674,000 Net changes in prices and production costs (52,170,000 ) 88,333,000 Accretion of discount 19,862,000 10,077,000 Sales of oil produced, net of production costs 191,000 (49,000 ) Changes in future development costs 27,173,000 911,000 Changes in timing of future production (16,145,000 ) (3,099,000 ) Net changes in income taxes 34,969,000 (26,387,000 ) Standardized measure of discounted future net cash flows at the end of the year $ 55,080,000 $ 144,729,000
SCHEDULE OF CONVERTIBLE DEBENTURES	As June 30, 2024, the following Convertible Debentures were outstanding: SCHEDULE OF CONVERTIBLE DEBENTURES Principal Amount Interest rate Maturity Date 500,000 10 % July 12, 2024 (subsequently extended to September 12, 2024 ) 865,000 10 % September 12, 2024 1,365,000

BACKGROUND (Details Narrative)

BACKGROUND (Details Narrative)	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Entity Incorporation, Date of Incorporation	Apr. 24, 2017	Apr. 24, 2017

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)		3 Months Ended	9 Months Ended	10 Months Ended	12 Months Ended
	Jul. 01, 2024	Jun. 30, 2024	Jun. 30, 2024	Jul. 26, 2024	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Line Items]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest			$ 14,616,367		$ 12,743,610
[custom:WorkingCapitalDeficit-0]		$ 4,480,663	$ 4,480,663		3,142,916
Proceeds from Issuance of Long-Term Debt		$ 1,365,000
Impairment of Long-Lived Assets to be Disposed of						$ 0
Contract with Customer, Liability, Revenue Recognized						$ 1,395
Debt Instrument, Maturity Date		Sep. 12, 2024
Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life					3 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life					5 years
Subsequent Event [Member]
Property, Plant and Equipment [Line Items]
Proceeds from Issuance of Long-Term Debt				$ 1,365,000
Proceeds from Other Equity	$ 2,400,000

SCHEDULE OF REVENUE DISAGGREGAT

SCHEDULE OF REVENUE DISAGGREGATED BY PRODUCT TYPE AND GEOGRAPHIC AREAS (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue		$ 156,716	$ 75,466	$ 541,459	$ 665,623	$ 815,391
TEXAS
Disaggregation of Revenue [Line Items]
Revenue		114,486	39,857	425,174	510,923	675,155
NEW MEXICO
Disaggregation of Revenue [Line Items]
Revenue		42,230	35,609	116,285	154,700	140,236
Crude Oil [Member]
Disaggregation of Revenue [Line Items]
Revenue		155,701	75,466	533,335	656,620	761,511
Crude Oil [Member] | TEXAS
Disaggregation of Revenue [Line Items]
Revenue		113,471	39,857	417,050	501,920	621,275
Crude Oil [Member] | NEW MEXICO
Disaggregation of Revenue [Line Items]
Revenue		42,230	35,609	116,285	154,700	140,236
Natural Gas [Member]
Disaggregation of Revenue [Line Items]
Revenue		1,015		8,124	9,003	53,880
Natural Gas [Member] | TEXAS
Disaggregation of Revenue [Line Items]
Revenue		1,015		8,124	9,003	53,880
Natural Gas [Member] | NEW MEXICO
Disaggregation of Revenue [Line Items]
Revenue

REVENUE (Details Narrative)

REVENUE (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Product Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax		$ 156,716	$ 75,466	$ 541,459	$ 665,623	$ 815,391
Trade Accounts Receivable [Member]
Product Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax			$ 2,983		48,165
Accounts Receivable [Member]
Product Information [Line Items]
Revenue from Contract with Customer, Including Assessed Tax					$ 48,165	$ 56,639

CONCENTRATION OF CREDIT RISK (D

CONCENTRATION OF CREDIT RISK (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Concentration Risk [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax		$ 156,716	$ 75,466	$ 541,459	$ 665,623	$ 815,391
Nontrade Receivables, Current	13,962		13,962		5,420
Accounts Receivable, Credit Loss Expense (Reversal)			9,587
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer [Member]
Concentration Risk [Line Items]
Trade receivables	$ 6,164		$ 6,164		$ 73,021	$ 91,928
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two Customer [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage					59%
Revenue from Contract with Customer, Excluding Assessed Tax					$ 42,704
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Three Customer [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage					99%	83%
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Two Customer [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage		93%	100%	92%

SCHEDULE OF PROPERTY AND EQUIPM

SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Oil and natural gas properties, at cost	$ 10,501,244	$ 10,501,244	$ 8,029,234
Construction in progress			460,306
Less: accumulated depletion	(305,706)	(289,456)	(184,658)
Oil and natural gas properties, net	10,195,538	10,211,788	8,304,882
Other property and equipment, at cost	205,315	205,315	127,542
Less: accumulated depreciation	(94,263)	(55,684)	(5,648)
Other property and equipment, net	111,052	149,631	121,894
Property and equipment, net	$ 10,306,590	$ 10,361,419	$ 8,426,776

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation, Depletion and Amortization	$ 14,875	$ 37,286	$ 54,829	$ 120,459	$ 154,834	$ 105,503

SCHEDULE OF RIGHT OF USE OPERAT

SCHEDULE OF RIGHT OF USE OPERATING LEASES (Details) - USD ($)	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Line Items]
Right-of-use assets	$ 96,058	$ 146,912	$ 240,796
Beginning balance	158,525
Ending balance	109,329	158,525
Current lease liabilities	78,791	77,069	104,224
Long-term lease liabilities	30,538	81,456	140,682
Office Premises [Member]
Property, Plant and Equipment [Line Items]
Right-of-use assets	96,058	146,912	240,796
Beginning balance	158,525	244,906	78,949
Addition			220,368
Liability accretion	12,346	24,221	9,042
Lease payments	(61,542)	(110,602)	(63,453)
Ending balance	109,329	158,525	244,906
Current lease liabilities	78,791	77,069	104,224
Long-term lease liabilities	$ 30,538	$ 81,456	$ 140,682
Operating Lease, Weighted Average Remaining Lease Term	1 year 5 months 1 day	2 years 2 months 1 day	2 years 10 months 13 days
Operating Lease, Weighted Average Discount Rate, Percent	12%	12%	12%

SCHEDULE OF LEASE COST (Details

SCHEDULE OF LEASE COST (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Leases
Operating lease cost	$ 20,573	$ 27,704	$ 63,200	$ 92,947	$ 118,105	$ 61,153
Variable lease expense	15,469	22,516	45,905	48,513	65,245	36,216
Sublease income		(12,367)		(32,762)	(25,390)	(36,633)
Rent subsidy						(1,644)
Net lease cost	$ 36,042	$ 37,853	$ 109,105	$ 108,698	$ 157,960	$ 59,092

SCHEDULE OF FUTURE LEASE PAYMEN

SCHEDULE OF FUTURE LEASE PAYMENTS (Details) - USD ($)	Jun. 30, 2024	Sep. 30, 2023
Leases
2024	$ 20,648	$ 82,190
2025	84,664	84,664
2026	14,180	14,180
Total lease payments	119,492	181,034
Less: imputed interest	(10,163)	(22,509)
Total lease liabilities	$ 109,329	$ 158,525

SCHEDULE OF ASSETS RETIREMENT O

SCHEDULE OF ASSETS RETIREMENT OBLIGATIONS (Details) - USD ($)	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations, beginning of the year	$ 260,167	$ 236,412	$ 552,594
Obligations derecognized		(287)
Revisions of estimates		(7,934)	(371,212)
Accretion expense	27,594	31,976	55,030
Asset retirement obligations, ending of the year	$ 287,761	$ 260,167	$ 236,412

ASSET RETIREMENT OBLIGATIONS (D

ASSET RETIREMENT OBLIGATIONS (Details Narrative) - USD ($)	9 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligation, Revision of Estimate			$ (7,934)	$ (371,212)
Asset Retirement Obligation, Liabilities Incurred			66,354
Asset Retirement Obligation, Liabilities Settled			66,067
[custom:ReclamationDeposits-0]	75,000		$ 145,000	$ 145,000
[custom:ReclamationDepositRedemption]	$ 70,000

DEBT (Details Narrative)

DEBT (Details Narrative)		1 Months Ended		3 Months Ended		6 Months Ended	9 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($)	May 31, 2020 USD ($)	May 31, 2020 CAD ($)	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	Sep. 30, 2023 USD ($) shares	Sep. 30, 2023 CAD ($)	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2022 CAD ($) shares	Sep. 30, 2023 CAD ($) shares	Apr. 28, 2023 USD ($)	Sep. 30, 2022 CAD ($) $ / shares shares
Short-Term Debt [Line Items]
Convertible Debt											$ 73,000				$ 100,000
Debt Instrument, Interest Rate, Stated Percentage				10%			10%		6%				6%
Debt Instrument, Convertible, Conversion Price | $ / shares				$ 3.40			$ 3.40
Repayments of Convertible Debt									$ 38,291		34,709
Debt Instrument, Face Amount									38,291				$ 52,454	$ 209,497
Interest Expense, Operating and Nonoperating									1,182		9,360
[custom:DebtInstrumentUnpaidFaceAmount-0]				$ 115,936			$ 115,936		125,936
Repayments of Short-Term Debt							$ 10,000		83,561		23,600	$ 30,000
Forgiveness of loan payable											$ 7,800	$ 10,000
Stock Issued During Period, Shares, Conversion of Convertible Securities | shares											2,778	2,778
Proceeds from Issuance of Long-Term Debt				$ 1,365,000
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares				676,663			676,663		279,746				279,746
Fair value of warrant	$ 930				$ (136)	$ 930		(22,570)	$ (22,570)		$ (178,509)
Warrants and Rights Outstanding, Term				5 years			5 years
Proceeds from Issuance of Warrants				$ 431,666				$ 781,953	781,953
Amortization of Debt Discount (Premium)				$ 348,556
Proceeds from Issuance of Debt							$ 45,000
Repayments of Related Party Debt											$ 1,452
Debt Instrument, Periodic Payment, Interest									$ 1,182
Measurement Input, Risk Free Interest Rate [Member]
Short-Term Debt [Line Items]
Warrants and Rights Outstanding, Measurement Input				0.0341			0.0341		4.87		3.79		4.87		3.79
Measurement Input, Price Volatility [Member]
Short-Term Debt [Line Items]
Warrants and Rights Outstanding, Measurement Input				1.2869			1.2869		39.02		135.59		39.02		135.59
Measurement Input, Expected Dividend Rate [Member]
Short-Term Debt [Line Items]
Warrants and Rights Outstanding, Measurement Input				0			0
Private Placement [Member]
Short-Term Debt [Line Items]
Stock Issued During Period, Shares, Conversion of Convertible Securities | shares				1,365
Proceeds from Issuance of Long-Term Debt				$ 1,365,000
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | shares											5,515				5,515
Gain (Loss) on Extinguishment of Debt				495,051
Fair value of warrant				494,219					$ 202,009
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
Convertible Debt [Member]
Short-Term Debt [Line Items]
Debt Instrument, Interest Rate, Stated Percentage											12%				12%
Debt Instrument, Maturity Date, Description											December 20, 2022	December 20, 2022
Debt Instrument, Convertible, Conversion Price | (per share)											$ 26.28				$ 36
Debt Instrument, Term											3 years	3 years
Class of Warrant or Right, Exercise Price of Warrants or Rights | (per share)											$ 35.04				$ 48
Repayments of Convertible Debt											$ 34,709	$ 47,546
Repayments of Related Party Debt									$ 38,291	$ 52,454
Senior Secured Convertible Debenture [Member]
Short-Term Debt [Line Items]
Debt Instrument, Face Amount				$ 1,365,000			$ 1,365,000
Class of Warrant or Right, Outstanding | shares				401,310			401,310
Long-Term Debt, Gross				$ 1,421,829			$ 1,421,829
Senior Secured Convertible Debenture [Member] | Private Placement [Member]
Short-Term Debt [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares				$ 4.08			$ 4.08
Debt Instrument, Face Amount				$ 1,000			$ 1,000
Stock Issued During Period, Shares, Conversion of Convertible Securities | shares				500
Class of Warrant or Right, Outstanding | shares				294			294
Warrant exercisable period				5 years
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares				1			1
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | shares				294			294
Unamortized discount				$ 832			$ 832
Chief Executive Officer [Member] | Convertible Debt [Member]
Short-Term Debt [Line Items]
Convertible Debt											$ 73,000				$ 100,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)				3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 01, 2024	Apr. 29, 2024	May 01, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Oct. 01, 2024
[custom:AnnualBaseSalaryPercentage-0]				20%		20%		2,000%
Description of Postemployment Benefits		Further, the terms of this employment agreement provide that if Mr. Taillon’s employment with the Company is terminated without “cause” (as defined in the agreement) than Mr. Taillon is entitled to a severance payment equal to two years of base salary and a bonus equal to 50% of his annual base salary.
Subsequent Event [Member]
Description of Postemployment Benefits	Subsequent to June 30, 2024, the Company signed a separation agreement to terminate Mr. Ehsan’s employment. The settlement includes: i) a lump sum payment of $
Supplemental Unemployment Benefits, Severance Benefits	$ 100,000
Supplemental Unemployment Benefits, Salary Continuation										$ 7,500
Fair value of vehicle	$ 35,155
Employee Agreement [Member]
Management Fee Expense				$ 62,500	$ 62,500	$ 187,500	$ 187,500	$ 250,000	$ 220,834
Chief Executive Officer [Member] | Employee Agreement [Member]
Salary and Wage, Officer, Excluding Cost of Good and Service Sold								$ 250,000
Related Party Transaction, Description of Transaction								Mr. Ehsan is also eligible on an annual basis for a cash bonus of up to 100% of annual salary, subject to the discretion of the board of directors.
Chief Financial Officer [Member] | Employee Agreement [Member]
Salary and Wage, Officer, Excluding Cost of Good and Service Sold			$ 50,000
Related Party Transaction, Description of Transaction			The CFO is also eligible on an annual basis for a cash bonus of up to 100% of annual salary, subject to the discretion of the board of directors. The employment agreement may be terminated with a termination payment equal to two months of base salary.
Salary and Wage, Excluding Cost of Good and Service Sold				$ 12,500	$ 12,500	37,500	$ 37,500	$ 50,004	$ 20,835
Bradley Taillon [Member] | Employee Agreement [Member]
Salary and Wage, Officer, Excluding Cost of Good and Service Sold		$ 250,000
Salary and Wage, Excluding Cost of Good and Service Sold						59,812
One-time sign-on bonus						50,000
Bradley Taillon [Member] | Employee Agreement [Member] | Minimum [Member]
Additional performance bonuses		50,000
Bradley Taillon [Member] | Employee Agreement [Member] | Maximum [Member]
Additional performance bonuses		$ 750,000
Mr.Taillon [Member] | Employee Agreement [Member]
Related Party Transaction, Description of Transaction		Mr. Taillon is also eligible on an annual basis for a cash bonus of up to 100% of annual salary and additional performance bonuses ranging from $
Mehran Ehsan [Member] | Employee Agreement [Member]
Salary and Wage, Officer, Excluding Cost of Good and Service Sold						$ 250,000
Related Party Transaction, Description of Transaction						Mr. Ehsan is also eligible on an annual basis for a cash bonus of up to 100% of annual salary, subject to the discretion of the board of directors.

SCHEDULE OF BASIC AND DILUTED L

SCHEDULE OF BASIC AND DILUTED LOSS PER SHARE (Details) - USD ($)	3 Months Ended				9 Months Ended				12 Months Ended
	Jun. 30, 2024		Jun. 30, 2023		Jun. 30, 2024		Jun. 30, 2023		Sep. 30, 2023		Sep. 30, 2022
Earnings Per Share [Abstract]
Net loss	$ (1,248,755)		$ (1,452,827)		$ (2,415,991)		$ (3,873,341)		$ (4,483,195)		$ (2,714,616)
Weighted Average Number of Shares Outstanding, Diluted	551,503	[1]	491,036	[1]	551,503	[1]	485,779	[1]	508,813	[2]	385,756	[2]
Earnings Per Share, Diluted	$ (2.26)		$ (2.96)		$ (4.38)		$ (7.97)		$ (8.81)		$ (7.04)
[1]The number of shares has been restated to reflect the 4:1 60:1 4:1

LOSS PER SHARE (Details Narrati

LOSS PER SHARE (Details Narrative)	12 Months Ended
	Sep. 30, 2022 USD ($) shares	Jun. 30, 2024 shares	Sep. 30, 2023 shares	Jun. 30, 2023 shares	Sep. 30, 2022 CAD ($) shares	Sep. 30, 2021 shares
Earnings Per Share [Abstract]
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding	21,146	16,980	20,313	20,313	21,146
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number	274,276	676,663	279,746	279,746	274,276	52,083
Convertible Debt	$ 73,000				$ 100,000
Stock Issued During Period, Shares, Conversion of Convertible Securities	2,778

SCHEDULE OF STOCK OPTION TRANSA

SCHEDULE OF STOCK OPTION TRANSACTIONS (Details) - $ / shares	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Equity [Abstract]
Number of options, beginning balance	20,313	21,146	9,480
Weighted average exercise price,beginning balance	$ 54.23	$ 53.04	$ 78.05
Granted		833	13,749
Weighted average exercise price, granted			$ 42.04
Cancelled	(3,333)	(833)	(2,083)
Weighted average exercise price, cancelled	$ 59.94	$ 42.62	$ 69.38
Granted		(833)	(13,749)
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance	16,980	20,313	21,146
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance	$ 53.11	$ 54.23	$ 53.04
Exercisable	16,980	20,313
Weighted average exercise price, exercisable	$ 53.11	$ 54.23

SCHEDULE OF WEIGHTED AVERAGE AS

SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS USED IN THE FAIR VALUE (Details) - $ / shares	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Equity [Abstract]
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate		1.50%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term		10 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate		96.56%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate
Share Price		$ 10.17

SCHEDULE OF STOCK OPTIONS OUTST

SCHEDULE OF STOCK OPTIONS OUTSTANDING (Details) - $ / shares	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Offsetting Assets [Line Items]
Number of options	16,980	20,313	21,146	9,480
Exercise Price	$ 53.11	$ 54.23	$ 53.04	$ 78.05
Stock Option One [Member]
Offsetting Assets [Line Items]
Number of options	4,480	5,730
Exercise Price	$ 88.88	$ 90
[custom:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageIssuanceDate]	Dec. 04, 2017	Dec. 04, 2017
[custom:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageExpirationDate]	Dec. 04, 2027	Dec. 04, 2027
Stock Option Two [Member]
Offsetting Assets [Line Items]
Number of options	1,250	1,250
Exercise Price	$ 53.28	$ 54
[custom:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageIssuanceDate]	Nov. 01, 2018	Nov. 01, 2018
[custom:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageExpirationDate]	Nov. 01, 2028	Nov. 01, 2028
Stock Option Three [Member]
Offsetting Assets [Line Items]
Number of options	1,250	1,250
Exercise Price	$ 8.88	$ 9
[custom:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageIssuanceDate]	Mar. 16, 2020	Mar. 16, 2020
[custom:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageExpirationDate]	Mar. 16, 2030	Mar. 16, 2030
Stock Option Four [Member]
Offsetting Assets [Line Items]
Number of options	10,000	12,083
Exercise Price	$ 42.62	$ 43.20
[custom:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageIssuanceDate]	Oct. 06, 2021	Oct. 06, 2021
[custom:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageExpirationDate]	Oct. 06, 2031	Oct. 06, 2031

SCHEDULE OF WARRANTS TRANSACTIO

SCHEDULE OF WARRANTS TRANSACTIONS (Details) - $ / shares	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Equity [Abstract]
Number of warrants, beginning balance	279,746	274,276	52,083
Weighted Average Exercise Price, beginning balance	$ 39.79	$ 48.48	$ 37.68
Granted	401,310	73,823	222,193
Weighted average exercise price, granted	$ 4.08	$ 18	$ 52.60
Exercised		(68,353)
Weighted average exercise price, exercised		$ 11.44
Number of warrants, ending balance	676,663	279,746	274,276
Weighted Average Exercise Price, ending balance	$ 18.25	$ 39.79	$ 48.48
Expired	(4,393)
Weighted average exercise price, granted	$ 95.90

SCHEDULE OF WARRANTS OUTSTANDIN

SCHEDULE OF WARRANTS OUTSTANDING (Details) - $ / shares	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Class of Warrant or Right [Line Items]
Number of warrants	676,663	279,746
Warrant One [Member]
Class of Warrant or Right [Line Items]
Number of warrants	149,447	4,393
Exercise price	$ 50.40	$ 97.20
[custom:SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageIssuanceDate]	Mar. 29, 2022	Nov. 04, 2021
[custom:SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageExpirationDate]	Mar. 29, 2027	Nov. 04, 2023
Warrant Two [Member]
Class of Warrant or Right [Line Items]
Number of warrants	73,823	149,447
Exercise price	$ 18	$ 50.40
[custom:SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageIssuanceDate]	Jun. 30, 2023	Mar. 29, 2022
[custom:SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageExpirationDate]	Jun. 30, 2028	Mar. 29, 2027
Warrant Three [Member]
Class of Warrant or Right [Line Items]
Number of warrants	147,000	73,823
Exercise price	$ 4.08	$ 18
[custom:SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageIssuanceDate]	Apr. 16, 2024	Jun. 30, 2023
[custom:SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageExpirationDate]	Apr. 16, 2029	Jun. 30, 2028
Warrant Four [Member]
Class of Warrant or Right [Line Items]
Number of warrants	254,310	52,083
Exercise price	$ 4.08	$ 36
[custom:SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageIssuanceDate]	Jun. 12, 2024	Sep. 30, 2021
[custom:SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageExpirationDate]	Jun. 12, 2029	Sep. 30, 2031
Warrant Five [Member]
Class of Warrant or Right [Line Items]
Number of warrants	52,083
Exercise price	$ 35.52
[custom:SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageIssuanceDate]	Sep. 30, 2021
[custom:SharebasedCompensationArrangementBySharebasedPaymentAwardWarrantWeightedAverageExpirationDate]	Sep. 30, 2031

SCHEDULE OF VALUATION OF WARRAN

SCHEDULE OF VALUATION OF WARRANTS (Details)	Jun. 30, 2024	Sep. 30, 2023 $ / shares	Sep. 30, 2022 $ / shares
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Term	5 years
Measurement Input, Risk Free Interest Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected annualized volatility	0.0341	4.87	3.79
Measurement Input, Expected Term [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and Rights Outstanding, Term		2 months 1 day	1 year
Measurement Input, Price Volatility [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected annualized volatility	1.2869	39.02	135.59
Measurement Input, Expected Dividend Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected annualized volatility	0
Measurement Input, Share Price [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted average fair value of options granted		$ 0	$ 1.46

EQUITY (Details Narrative)

EQUITY (Details Narrative)									3 Months Ended			6 Months Ended	9 Months Ended			12 Months Ended
	Oct. 23, 2023	Oct. 23, 2023	Jun. 30, 2023 USD ($) $ / shares	Jun. 30, 2023 USD ($) $ / shares shares	Nov. 02, 2022	Mar. 29, 2022 USD ($) $ / shares shares	Nov. 04, 2021 USD ($) $ / shares shares	Nov. 04, 2021 CAD ($) shares	Jun. 30, 2024 USD ($) $ / shares shares		Jun. 30, 2023 USD ($) $ / shares	Jun. 30, 2023 USD ($) $ / shares	Jun. 30, 2024 USD ($) $ / shares shares		Jun. 30, 2023 USD ($) $ / shares	Sep. 30, 2023 USD ($) $ / shares shares		Sep. 30, 2022 USD ($) $ / shares shares		Sep. 30, 2022 $ / shares	Nov. 04, 2021 $ / shares
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common Stock, Shares Authorized, Unlimited [Fixed List]													Unlimited			Unlimited		Unlimited
Common Stock, No Par Value | $ / shares									$ 0				$ 0			$ 0		$ 0
Common Stock, Shares, Outstanding | shares									551,503	[1]			551,503	[1]		551,503	[1],[2]	483,150	[2]
Stockholders' Equity, Reverse Stock Split	4:1	4:1			60:1
Warrants and Rights Outstanding, Term									5 years				5 years
Share Price | $ / shares																		$ 10.17
Payments of Stock Issuance Costs															$ 93,861	$ 136,623		$ 1,067,868
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate																		1.50%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term																		10 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate																		96.56%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate
Payments for Repurchase of Warrants			$ 544,164	$ 544,164
[custom:DeemedDividend]											$ (543,234)	$ 543,234			(543,234)	$ (543,234)
Fair Value Adjustment of Warrants				$ 930							(136)	930			(22,570)	(22,570)		(178,509)
Proceeds from Issuance of Warrants									$ 431,666						781,953	781,953
Stock Issued During Period, Value, New Issues											(93,861)				(93,861)	$ (136,623)		(1,059,197)
Percentage issued and outstanding for common stock									10%				10%			10%
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term													10 years			10 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value
Share-Based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit | $ / shares													$ 8.88			$ 9
Share-Based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit | $ / shares													$ 88.80			$ 90
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term													5 years 11 months 4 days			6 years 10 months 28 days
Deferred Compensation Arrangement with Individual, Allocated Share-Based Compensation Expense															318	$ 318		546,335
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding
[custom:GainOnFairValueAdjustmentOfWarrants]																23,500		178,509
[custom:DeemedDividend]											$ 543,234	$ (543,234)			$ 543,234	543,234
Think Equity LLC [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Expenses																		131,560
Cash																		$ 754,058
Class of Warrant or Right, Outstanding | shares																		19,640
Adjustment of Warrants Granted for Services																		$ 858,429
Non Brokered Private Placement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock Issued During Period, Shares, New Issues | shares							11,029	11,029
Proceeds from Issuance of Common Stock							$ 571,760	$ 714,700
Payments of Stock Issuance Costs																		$ 8,671
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate																		0.98%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term																		2 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate																		153.02%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate																		0%
Sale of Stock, Price Per Share | (per share)							$ 51.84														$ 64.80
Class of Warrant or Right, Exercise Price of Warrants or Rights | (per share)																		$ 94.61		$ 129.60
Proceeds from Issuance of Warrants																		$ 202,009
Warrants and Rights Outstanding																		34,733
Other Expenses																		$ 800
Brokered Private Placement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants and Rights Outstanding, Term																		5 years
Stock Issued During Period, Shares, New Issues | shares						196,369
Proceeds from Issuance of Common Stock						$ 7,540,580
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate																		2.45%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term																		5 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate																		134.66%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate																		0%
Sale of Stock, Price Per Share | $ / shares						$ 38.40
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares																		$ 50.40
Proceeds from Issuance of Warrants																		$ 607,170
Other Expenses																		$ 159,271
Private Placement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Fair Value Adjustment of Warrants									$ 494,219							$ 202,009
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | shares																		5,515
Incentive Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate				4.21%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term				3 years 9 months
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate				137.62%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate				0%
Finder Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate				3.68%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term				5 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate				128.81%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate				0%
Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate																0.98%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term																2 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate																153.02%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate																0%
Warrant [Member] | Non Brokered Private Placement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock Issued During Period, Shares, New Issues | shares																		670
Stock Issued During Period, Value, New Issues																		$ 24,543
Warrant Exercise Incentive Program [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
[custom:NumberOfWarrantsForWhichExercisePriceAmended] | shares																253,966
Stock Issued During Period, Shares, New Issues | shares				68,353
Shares Issued, Price Per Share | $ / shares			$ 11.44	$ 11.44							$ 11.44	$ 11.44			$ 11.44
Proceeds from Issuance of Common Stock				$ 781,953
[custom:NetProceedsFromIssuanceOfCommonStock]				645,330
Payments of Stock Issuance Costs				$ 62,556
[custom:NumberOfWarrantsIssuedAsAFindersFee] | shares				5,470
[custom:ValueOfIncentiveWarrants]				$ 449,005
[custom:ValueOfFindersWarrants]				35,919
Legal Fees				$ 74,066
Warrant Exercise Incentive Program [Member] | Incentive Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants and Rights Outstanding, Term																5 years
Share Price | $ / shares																$ 18
Warrant Exercise Incentive Program [Member] | Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant, Exercise Price, Increase | $ / shares																50.40
Warrant Exercise Incentive Program [Member] | Minimum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant, Exercise Price, Increase | $ / shares																$ 11.44
[1]The number of shares has been restated to reflect the 4:1 60:1 4:1

SCHEDULE OF RECONCILIATION OF I

SCHEDULE OF RECONCILIATION OF INCOME TAX (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Loss before income taxes	$ (1,248,755)	$ (909,593)	$ (2,415,991)	$ (3,330,107)	$ (3,939,961)	$ (2,714,616)
Expected income tax recovery at statutory rates					(591,000)	(407,000)
Provincial income tax recovery					(290,000)	(244,000)
Effect of income taxes from US operations					(100,000)	(42,000)
Change in statutory, foreign tax, foreign exchange rates and other					(18,000)	(32,000)
Permanent differences					3,000	103,000
Adjustment to prior years provision versus statutory tax returns					(43,000)	(53,000)
Change in valuation allowance					1,039,000	675,000
Deferred income tax recovery

SCHEDULE OF PRE TAX LOSS AND IN

SCHEDULE OF PRE TAX LOSS AND INCOME TAXES (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Loss for the year	$ (1,248,755)	$ (909,593)	$ (2,415,991)	$ (3,330,107)	$ (3,939,961)	$ (2,714,616)
Expected income tax (recovery)					(978,000)	(651,000)
Deferred income tax (recovery)					978,000	651,000
Deferred income tax recovery
CANADA
Loss for the year					(2,418,491)	(2,030,281)
Expected income tax (recovery)					(659,000)	(549,000)
Deferred income tax (recovery)					659,000	548,000
UNITED STATES
Loss for the year					(1,521,470)	(684,335)
Expected income tax (recovery)					(319,000)	(102,000)
Deferred income tax (recovery)					$ 319,000	$ 103,000

SCHEDULE OF DEFERRED TAX ASSETS

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Tax loss carryforwards	$ 2,313,000	$ 1,342,000
Property and equipment	39,000	(74,000)
Financing fees	191,000	216,000
Total gross deferred tax assets	2,543,000	1,484,000
Deferred tax assets valuation allowance	(2,543,000)	(1,484,000)
Net deferred tax assets

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Deferred Tax Asset, Tax Deferred Expense, Reserve and Accrual, Financing Receivable, Allowance for Credit Loss	$ 709,000	$ 801,000
[custom:IncomeTaxExpratiinDateFinancingFees]	with expiration dates between 2044 and 2048
[custom:DeferredTaxAssetsNonCapitalLossCarryforwards-0]	$ 2,313,000	1,342,000
[custom:IncomeTaxExpratiinDateNonCapitalLosses]	with expiration dates ranging from 2037 to 2043 and 2037 to 2042
C A and U S [Member]
[custom:DeferredTaxAssetsNonCapitalLossCarryforwards-0]	$ 9,386,000
CANADA
[custom:DeferredTaxAssetsNonCapitalLossCarryforwards-0]	7,019,000	4,028,000
UNITED STATES
[custom:DeferredTaxAssetsNonCapitalLossCarryforwards-0]	$ 2,367,000	$ 804,000

CONTINGENCIES (Details Narrativ

CONTINGENCIES (Details Narrative) - USD ($)	Jun. 30, 2024	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
[custom:LossContingencyClaimsFromTradeVendor-0]	$ 455,447	$ 473,818
Loss Contingency Accrual, Product Liability, Net	$ 446,783	$ 443,614

SUBSEQUENT EVENT (Details Narra

SUBSEQUENT EVENT (Details Narrative)

3 Months Ended

12 Months Ended

Jul. 01, 2024 USD ($) $ / shares shares

Jun. 05, 2024 USD ($)

May 29, 2024 USD ($) $ / shares shares

Apr. 29, 2024 USD ($)

Apr. 16, 2024 USD ($) shares

Feb. 28, 2024 USD ($) $ / shares

Oct. 23, 2023

Oct. 23, 2023

Nov. 02, 2022

Jun. 30, 2024 USD ($) $ / shares shares

Sep. 30, 2022 shares

Nov. 02, 2023 USD ($)

Sep. 30, 2023 USD ($)

Sep. 30, 2023 CAD ($)

Apr. 28, 2023 USD ($)

Subsequent Event [Line Items]

Stockholders' Equity, Reverse Stock Split

4:1

4:1

60:1

Debt Instrument, Face Amount

$ 38,291

$ 52,454

$ 209,497

Debt Instrument, Interest Rate, Stated Percentage

10%

6%

6%

Debt Instrument, Convertible, Conversion Price | $ / shares

$ 3.40

Stock Issued During Period, Shares, Conversion of Convertible Securities | shares

2,778

Private Placement [Member]

Subsequent Event [Line Items]

Stock Issued During Period, Shares, Conversion of Convertible Securities | shares

1,365

Convertible Debenture [Member] | Private Placement [Member]

Subsequent Event [Line Items]

Proceeds from subscription

$ 2,400,000

Subsequent Event [Member]

Subsequent Event [Line Items]

Stockholders' Equity, Reverse Stock Split

1-for-4 reverse split

Long-Term Debt

$ 45,000

Proceeds from Convertible Debt

$ 865,000

$ 20,000,000

Debt Instrument, Face Amount

$ 1,000

$ 1,000

[custom:WarrantTerm]

5 years

5 years

Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares

$ 4.08

$ 4.08

Stock Issued During Period, Shares, New Issues | shares

294

Debt Instrument, Interest Rate, Stated Percentage

10%

10%

Debt Instrument, Convertible, Conversion Price | $ / shares

$ 3.40

Subsequent Event [Member] | Private Placement [Member]

Subsequent Event [Line Items]

Stock Issued During Period, Shares, Conversion of Convertible Securities | shares

18,635

Subsequent Event [Member] | Mr Taillon [Member]

Subsequent Event [Line Items]

Salary and Wage, NonOfficer, Excluding Cost of Good and Service Sold

$ 250,000

[custom:EmploymentAgreementDescription]

The terms of this employment agreement as amended also provide that Mr. Taillon is eligible for an annual cash bonus of up to 100% of his annual salary. In addition to any annual bonus, Mr. Taillon received a one-time sign-on bonus of $50,000 and is eligible for additional performance bonuses ranging from $50,000 to $750,000 upon the closing of a qualified financing with proceeds to the Company of $1 million or greater. Further, the terms of this employment agreement provide that if Mr. Taillon’s employment with the Company is terminated without “cause” (as defined in the agreement) than Mr. Taillon is entitled to a severance payment equal to two years of base salary and a bonus equal to 50% of his annual base salary.

Subsequent Event [Member] | First Tranche [Member]

Subsequent Event [Line Items]

Proceeds from Convertible Debt

$ 500,000

Debt Instrument, Face Amount

$ 500,000

Stock Issued During Period, Shares, New Issues | shares

500

Class of Warrant or Right, Outstanding | shares

147,000

Subsequent Event [Member] | Second Tranche [Member]

Subsequent Event [Line Items]

Proceeds from Convertible Debt

$ 865,000

Debt Instrument, Face Amount

$ 865,000

Stock Issued During Period, Shares, New Issues | shares

865

Class of Warrant or Right, Outstanding | shares

254,310

Subsequent Event [Member] | Convertible Debenture [Member] | Private Placement [Member]

Subsequent Event [Line Items]

Debt Instrument, Face Amount

$ 1,000

Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares

$ 1.91

Class of Warrant or Right, Outstanding | shares

523

[custom:ClassOfWarrantOrRightExercisableTerm]

5 years

SCHEDULE OF COST INCURRED IN PR

SCHEDULE OF COST INCURRED IN PRODUCING ACTIVITIES (Details) - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Supplemental Information On Oil And Gas Operations
Acquisition of proved properties
Acquisition of unproved properties
Development costs	2,019,639	1,676,668
Exploration costs
Total costs incurred	2,019,639	1,676,668
Oil and gas revenues	688,827	815,391
Production costs	(879,471)	(829,194)
Exploration expenses
Depletion, depreciation and amortization	(104,798)	(99,855)
Impairment of oil and gas properties
Result of oil and gas producing operations before income taxes	(295,442)	(113,658)
Provision for income taxes
Results of oil and gas producing activities	$ (295,442)	$ (113,658)

SCHEDULE OF PROVED RESERVES (De

SCHEDULE OF PROVED RESERVES (Details)	12 Months Ended
	Sep. 30, 2023 bbl	Sep. 30, 2023 Boe bbl	Sep. 30, 2023 bbl Mcf	Sep. 30, 2022 bbl	Sep. 30, 2022 Boe bbl	Sep. 30, 2022 bbl Mcf	Sep. 30, 2023 Boe	Sep. 30, 2023 Mcf	Sep. 30, 2022 Boe	Sep. 30, 2022 Mcf	Sep. 30, 2021 bbl	Sep. 30, 2021 Boe	Sep. 30, 2021 Mcf
Supplemental Information On Oil And Gas Operations
Beginning balance	6,237,070		3,001,170	6,199,420		3,018,350
Beginning balance, BOE (Barrels)		6,737,265			6,702,478
Revisions	(3,588,541)		(951,270)	48,320		(5,613)
Revisions, BOE (Barrels)		(3,747,086)			47,385
Purchase of proved reserves
Purchase of proved reserves, BOE (Barrels)
Sale reserves
Sale reserves, BOE (Barrels)
Production	(11,729)		(7,500)	(10,670)		(11,567)
Production, BOE (Barrels)		(12,979)			(12,598)
Ending balance	2,636,800		2,042,400	6,237,070		3,001,170
Ending balance, BOE (Barrels)		2,977,200			6,737,265
Proved developed reserves	1,027,100	1,027,100	1,027,100	1,153,870	1,153,870	1,153,870		765,300		864,770	587,450		411,910
Proved developed reserves, BOE (Barrels)							1,154,650		1,297,998			656,102
Proved undeveloped reserves	1,609,700	1,609,700	1,609,700	5,083,200	5,083,200	5,083,200		1,277,100		2,136,400	5,611,970		2,606,440
Proved undeveloped reserves, BOE (Barrels)							1,822,550		5,439,267			6,046,377

SCHEDULE OF NET CASH FLOWS RELA

SCHEDULE OF NET CASH FLOWS RELATING TO PROVED OIL AND GAS RESERVES (Details) - USD ($)		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Supplemental Information On Oil And Gas Operations
Future cash inflows		$ 211,828,000	$ 589,481,000
Future production costs	[1]	(40,061,000)	(91,630,000)
Future development costs		(17,241,000)	(71,700,000)
Future income tax expenses		(39,262,000)	(113,873,000)
Future net cash flows		115,264,000	312,278,000
10% annual discount for estimated timing of cash flows		(60,184,000)	(167,549,000)
Standardized measure of discounted future net cash flows at the end of the fiscal year		$ 55,080,000	$ 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

SCHEDULE OF AVERAGE HYDROCARBON PRICES (Details) - $ / shares		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Oil [Member]
Oil and Gas, Proved Reserve, Quantity [Line Items]
Average Price	[1]	$ 78.61	$ 91.72	$ 55.98
Natural Gas [Member]
Oil and Gas, Proved Reserve, Quantity [Line Items]
Average Price	[1]	$ 2.23	$ 5.79	$ 2.95
[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, 2023	Sep. 30, 2022
Supplemental Information On Oil And Gas Operations
Standardized measure of discounted future net cash flows at the beginning of the year	$ 144,729,000	$ 73,269,000
Extensions, discoveries and improved recovery, less related costs
Sales of minerals in place
Purchase of minerals in place
Revisions of previous quantity estimates	(103,529,000)	1,674,000
Net changes in prices and production costs	(52,170,000)	88,333,000
Accretion of discount	19,862,000	10,077,000
Sales of oil produced, net of production costs	191,000	(49,000)
Changes in future development costs	27,173,000	911,000
Changes in timing of future production	(16,145,000)	(3,099,000)
Net changes in income taxes	34,969,000	(26,387,000)
Standardized measure of discounted future net cash flows at the end of the year	$ 55,080,000	$ 144,729,000

SCHEDULE OF CONVERTIBLE DEBENTU

SCHEDULE OF CONVERTIBLE DEBENTURES (Details)	3 Months Ended
	Jun. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 CAD ($)	Apr. 28, 2023 USD ($)
Short-Term Debt [Line Items]
Principal Amount		$ 38,291	$ 52,454	$ 209,497
Interest rate	10%	6%	6%
Debt Instrument, Maturity Date	Sep. 12, 2024
Senior Secured Convertible Debenture [Member]
Short-Term Debt [Line Items]
Principal Amount	$ 1,365,000
Senior Secured Convertible Debenture [Member] | July 12, 2024 [Member]
Short-Term Debt [Line Items]
Principal Amount	$ 500,000
Interest rate	10%
Debt Instrument, Maturity Date	Jul. 12, 2024
Extended Maturity Date	Sep. 12, 2024
Senior Secured Convertible Debenture [Member] | September 12, 2024 [Member]
Short-Term Debt [Line Items]
Principal Amount	$ 865,000
Interest rate	10%
Debt Instrument, Maturity Date	Sep. 12, 2024