Permex Petroleum (OILCF) S-1 29 Jan 25 IPO registration Financial data

Cover

Cover	12 Months Ended
	Sep. 30, 2024
Entity Addresses [Line Items]
Document Type	S-1
Amendment Flag	false
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
Business Contact [Member]
Entity Addresses [Line Items]
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
Contact Personnel Name	Bradley Taillon

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Current assets
Cash	$ 1,513,591	$ 82,736
Trade and other receivables (net of allowance: 2024 - $nil; 2023 - $nil)	44,932	78,441
Prepaid expenses and deposits	146,452	127,239
Total current assets	1,704,975	288,416
Non-current assets
Reclamation deposits	75,000	145,000
Property and equipment, net of accumulated depletion and depreciation	10,281,248	10,361,419
Right of use asset, net		146,912
Total assets	12,061,223	10,941,747
Current liabilities
Trade and other payables	3,786,909	3,228,327
Loans payable	160,936	125,936
Convertible debentures	1,365,000
Debt subscription proceeds	2,250,000
Lease liability – current portion		77,069
Total current liabilities	7,562,845	3,431,332
Non-current liabilities
Asset retirement obligations	392,977	260,167
Lease liability, less current portion		81,456
Total liabilities	7,955,822	3,772,955
Stockholders’ Equity
Common stock, no par value per share; unlimited shares authorized, 551,503 shares* issued and outstanding as of September 30, 2024 and 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	(16,189,652)	(12,200,376)
Total stockholders’ equity	4,105,401	7,168,792
Total liabilities and stockholders’ equity	$ 12,061,223	$ 10,941,747

Consolidated Balance Sheets (Pa

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

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($)		12 Months Ended
		Sep. 30, 2024	Sep. 30, 2023
Revenues
Oil and gas sales		$ 100,220	$ 665,623
Royalty income		15,813	23,204
Total revenues		116,033	688,827
Operating expenses
Lease operating expense		196,428	879,471
General and administrative		2,718,975	3,536,118
Depletion and depreciation		82,215	154,834
Accretion on asset retirement obligations		36,792	31,976
Loss on settlement of asset retirement obligations			66,067
Loss on settlement of lease liability		38,825
Write-off of property and equipment		62,046
Total operating expenses		(3,135,281)	(4,668,466)
Loss from operations		(3,019,248)	(3,979,639)
Other income (expense)
Interest income			108
Other income		8,000	24,000
Foreign exchange gain (loss)		133	(3,671)
Change in fair value of warrant liability			22,570
Gain on settlement of warrant liability			930
Interest and debt expense		(483,110)	(4,259)
Loss on debt extinguishment		(495,051)
Total other income (expense)		(970,028)	39,678
Net loss and comprehensive loss		(3,989,276)	(3,939,961)
Deemed dividend arising from warrant modification			(543,234)
Net loss attributable to common stockholders		$ (3,989,276)	$ (4,483,195)
Basic loss and comprehensive loss per common share		$ (7.23)	$ (8.81)
Diluted loss and comprehensive loss per common share		$ (7.23)	$ (8.81)
Weighted average number of common shares outstanding - Basic	[1]	551,503	508,813
Weighted average number of common shares outstanding - Diluted	[1]	551,503	508,813
[1]The number of shares has been restated to reflect the 4:1

Consolidated Statements of Op_2

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

Consolidated Statements of Chan

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, 2022		$ 14,337,739	$ 4,513,194	$ (127,413)	$ (8,260,415)	$ 10,463,105
Balance, shares at Sep. 30, 2022	[1]	483,150
Exercise of warrants		$ 781,953				781,953
Exercise of warrants, shares	[1]	68,353
Share issuance costs		$ (172,542)	35,919			(136,623)
Deemed dividend arising from warrant modification			543,234			543,234
Warrant modification			(543,234)			(543,234)
Share-based payments			318			318
Net loss					(3,939,961)	(3,939,961)
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]	551,503
Net loss					(3,989,276)	(3,989,276)
Warrants issued in private placement			431,666			431,666
Warrants issued for debt amendment			494,219			494,219
Balance at Sep. 30, 2024		$ 14,947,150	$ 5,475,316	$ (127,413)	$ (16,189,652)	$ 4,105,401
Balance, shares at Sep. 30, 2024	[1]	551,503
[1]The number of shares has been restated to reflect the 4:1

Consolidated Statements of Ch_2

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

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (3,989,276)	$ (3,939,961)
Adjustments to reconcile net loss to net cash from operating activities:
Accretion on asset retirement obligations	36,792	31,976
Depletion and depreciation	82,215	154,834
Foreign exchange loss (gain)	(133)
Amortization of debt discount	430,834
Loss on debt extinguishment	495,051
Change in fair value of warrant liability		(22,570)
Gain on settlement of warrant liability		(930)
Loss on settlement of asset retirement obligations		66,067
Share-based payments		318
Loss on settlement of lease liability	38,825
Gain on settlement of trade payables	(185,119)
Write-off of property and equipment	62,046
Changes in operating assets and liabilities:
Trade and other receivables	33,509	58,773
Prepaid expenses and deposits	(19,213)	190,038
Trade and other payables	778,989	1,157,736
Right of use asset and lease liability	(50,438)	7,503
Net cash used in operating activities	(2,285,918)	(2,296,216)
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures on property	(3,227)	(1,445,021)
Reclamation deposit redemption	70,000
Net cash provided by (used in) investing activities	66,773	(1,445,021)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from debenture financing	1,365,000
Proceeds from debt financing subscriptions received	2,250,000
Proceeds from exercise of warrants		781,953
Share issuance costs		(136,623)
Convertible debenture repayment to related party		(38,291)
Loan payable proceeds	45,000
Loan repayment	(10,000)	(83,561)
Net cash provided by financing activities	3,650,000	523,478
Change in cash during the year	1,430,855	(3,217,759)
Cash, beginning of the year	82,736	3,300,495
Cash, end of the year	1,513,591	82,736
Supplemental cash flow disclosures:
Interest paid	2,272	4,259
Taxes paid
Supplemental disclosures of non-cash investing and financing activities:
Share purchase warrants issued in connection with debt issuance	431,666
Share purchase warrants issued in connection with exercise of warrants		579,153
Trade and other payables related to property and equipment		1,299,929
Equipment transferred in settlement with former CEO	35,155
Loan payable issued for settlement		209,497
Changes in estimates of asset retirement obligations	$ (96,018)	$ 7,934

BACKGROUND

BACKGROUND	12 Months Ended
	Sep. 30, 2024
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.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	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 $ 16,189,652 , has a working capital deficiency of $ 5,857,870 as of September 30, 2024 and has not yet achieved profitable operations. The Company requires equity or debt financings to fund its continuing 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 year ended September 30, 2024, the Company raised $ 1,365,000 through the issuance of convertible debentures and received additional proceeds of $ 2,250,000 from debt financing subscriptions. Subsequent to September 30, 2024, the Company received further subscription proceeds of $ 601,601 to complete a convertible debenture financing with total gross proceeds of $ 4,276,389 . The $ 1,365,000 convertible debentures that matured on September 12, 2024 and accrued interest of $ 59,788 were retired in exchange for the new convertible debenture units. Management believes that these actions provide a path 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, 2024 AND 2023 2. Significant Accounting Policies 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. The Company had no cash equivalents as of September 30, 2024 and 2023. Trade and other receivables Trade and other receivables are stated at net realizable value. The majority of customers 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. 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, 2024 AND 2023 2. Significant Accounting Policies Property and equipment Proved oil and natural gas properties are assessed for possible impairment by comparing their carrying values with their associated undiscounted future net cash flows. Events that can trigger assessments for possible impairments include write-downs of proved reserves based on field performance, significant decreases in the market value of an asset (including changes to the commodity price forecast or carbon costs), significant change in the extent or manner of use of or a physical change in an asset, and a more-likely-than-not expectation that a long-lived asset or asset group will be sold or otherwise disposed of significantly sooner than the end of its previously estimated useful life. Impaired assets are written down to their estimated fair values, generally their discounted, future net cash flows. For proved oil and natural gas properties, the Company performs impairment reviews on a field basis, annually or as appropriate. Other corporate property and equipment consist primarily of leasehold improvements, vehicle, and office furniture and equipment and are stated at cost less accumulated depreciation. The capitalized costs are generally depreciated on a straight line basis over their estimated useful lives ranging from three to five years . For property dispositions, measurement is at fair value, unless the transaction lacks commercial substance or fair value cannot be reliably measured. Where the exchange is measured at fair value, a gain or loss is recognized in net income. 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 Accounting 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, 2024 and 2023, 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, 2024 AND 2023 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, 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, 2024 and 2023. The financial statements as of and for the years ended September 30, 2024 and 2023, 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, 2024 and 2023. PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023 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, 2024 AND 2023 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. 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. 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. All gains and losses on these foreign currency transactions are charged to profit or loss. PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023 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. The Company recognizes a tax benefit in the financial statements for an uncertain tax position only if management assesses that the position is more likely than not (i.e., a likelihood greater than 50%) to be allowed by the tax jurisdiction, based solely on the technical merits of the position. The term “tax position,” as defined in the accounting standards for income taxes, refers to a position in a previously filed tax return or a position expected to be taken in a future tax return. This position is reflected in the measurement of current or deferred income tax assets and liabilities for interim or annual periods. New accounting standards 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.

REVENUE

REVENUE	12 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUE	3. REVENUE Revenue from contracts with customers is presented in “Oil and gas sales” on the Consolidated Statement of Operations. As of September 30, 2024 and 2023, receivables from contracts with customers, included in trade and other receivables, were $ 26,873 and $ 48,165 , respectively. The following tables present our revenue from contracts with customers disaggregated by product type and geographic area. SCHEDULE OF REVENUE DISAGGREGATED BY PRODUCT TYPE AND GEOGRAPHIC AREAS Year ended September 30, 2024 Texas New Mexico Total Crude oil $ 64,611 $ 35,609 $ 100,220 Natural gas - - - Revenue from contracts with customers $ 64,611 $ 35,609 $ 100,220 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 PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK	12 Months Ended
	Sep. 30, 2024
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 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 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 $ 26,873 as of September 30, 2024 (September 30, 2023 - $ 73,021 ). For the years ended September 30, 2024 and 2023, we had two significant customers that accounted for approximately 100 % and 99 %, 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 $ 18,060 (September 30, 2023 - $ 5,420 ). GST recoverable is due from the Canadian Government. It is management’s opinion that the Company is not exposed to significant credit risk. During the year ended September 30, 2024, the Company recognized $ 9,587 (2023 - $ nil ) in credit losses on its other receivables.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	5. PROPERTY AND EQUIPMENT Property and equipment consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT September 30, 2024 September 30, 2023 Oil and natural gas properties, at cost $ 10,600,489 $ 10,501,244 Less: accumulated depletion (330,036 ) (289,456 ) Oil and natural gas properties, net 10,270,453 10,211,788 Other property and equipment, at cost 18,505 205,315 Less: accumulated depreciation (7,710 ) (55,684 ) Other property and equipment, net 10,795 149,631 Property and equipment, net $ 10,281,248 $ 10,361,419 Depletion and depreciation expenses were $ 82,215 and $ 154,834 for the years ended September 30, 2024 and 2023, respectively. The Company also recorded write-offs of property and equipment of $ 62,046 and $ nil for the years ended September 30, 2024 and 2023, respectively PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023

LEASES

LEASES	12 Months Ended
	Sep. 30, 2024
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 ASSETS AND LEASE LIABILITIES September 30, 2024 September 30, 2023 Right-of-use assets $ - $ 146,912 Lease liabilities Balance, beginning of the year $ 158,525 $ 244,906 Addition - - Liability accretion 12,346 24,221 Lease payments (113,638 ) (110,602 ) Termination of lease (57,233 ) - Balance, end of the year $ - $ 158,525 Current lease liabilities $ - $ 77,069 Long-term lease liabilities $ - $ 81,456 Weighted-average remaining lease term (in years) - 2.17 Weighted-average discount rate - % 12 % The following table presents the Company’s total lease cost. SCHEDULE OF LEASE COST 2024 2023 Operating lease cost $ 63,200 $ 118,105 Variable lease expense 51,062 65,245 Sublease income - (25,390 ) Net lease cost $ 114,262 $ 157,960 The Company had one office lease agreement for its office premises for terms ending in November 2025 . During the year ended September 30, 2024, the Company entered into a settlement agreement to terminate the office lease agreement. The termination resulted in a loss of $ 38,825 , consisting of the settlement payment and the write-off of the remaining right-of-use asset and lease liability associated with the terminated lease. PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	12 Months Ended
	Sep. 30, 2024
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 2024 2023 Asset retirement obligations, beginning of the year $ 260,167 $ 236,412 Obligations recognized 27,859 - Obligations derecognized - (287 ) Revisions of estimates 68,159 (7,934 ) Accretion expense 36,792 31,976 $ 392,977 $ 260,167 During the year ended September 30, 2024, the Company had a revision of estimates totaling $ 68,159 (2023 - $ 7,934 ) primarily due to changes in the timing of expected cash flows. 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, 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 year ended September 30, 2024, the Company redeemed $ 70,000 in reclamation deposits.

DEBT

DEBT	12 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
DEBT	8. DEBT Convertible debentures During the year ended September 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 representing the fair value of the amended warrants 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 %) and an unamortized discount of $ 832 on the original warrants. 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. As of September 30, 2024, the debt discount was fully amortized. The Convertible Debentures were secured by the Company’s assets, bore simple interest at a rate of 10 % per annum, and matured on September 12, 2024 . These Convertible Debentures were convertible into common shares of the Company at a conversion price of $ 3.40 per share. Interest was payable on the maturity date or upon the repayment of all or a portion of the Convertible Debenture and could be settled in cash or shares at the same conversion price. As of September 30, 2024, the Company had recorded $ 50,008 in accrued interest on the Convertible Debentures. PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023 8. DEBT As September 30, 2024, the following Convertible Debentures were outstanding: SCHEDULE OF CONVERTIBLE DEBENTURES Principal Amount Interest rate Maturity Date $ 500,000 10 % September 12, 2024 865,000 10 % September 12, 2024 $ 1,365,000 As of September 30, 2024, these Convertible Debentures were in default due to the Company’s failure to repay the principal and accrued interest by the maturity date. Subsequent to September 30, 2024, the Company repaid the Convertible Debentures and the accrued interest in full. Proceeds from debt financing subscriptions In September 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 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 $ 1.91 per share. The Debentures will be secured by the Company’s assets, mature one-year from the date of issuance, and bear simple interest at a rate of 10 % per annum, payable on the maturity date or upon repayment of all or any portion of the Debenture. The Debentures are convertible into common shares of the Company at a conversion price of $ 1.91 per share. Interest will be payable in cash or shares based on the same conversion price. As of September 30, 2024, the Company had received subscription proceeds totaling $ 2,250,000 . The private placement was completed on November 1, 2024 for total gross proceeds of $ 4,276,389 (Note 15). Loan payable During the year ended September 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 September 30, 2024, the Company has an outstanding unpaid principal amount of $ 115,936 (September 30, 2023 - $ 125,936 ). The promissory note was in default due to the Company’s failure to repay the principal amount by its maturity date. 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 CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	9. RELATED PARTY TRANSACTIONS (a) The Company entered into an employment agreement with Bradley Taillon, the Company’s Chief Executive Officer, on April 29, 2024, for an annual base salary of base salary of $ 250,000 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 $ 50,000 750,000 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. 122,312 50,000 (b) The Company had an employment agreement with Mehran Ehsan, the former Chief Executive Officer of the Company, for an annual base salary of $ 250,000 Mr. Ehsan was 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. 229,167 250,000 20 100,000 7,500 35,155 145,000 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 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. 50,000 50,000 d) The convertible debenture loan from the former CEO of the Company mentioned in Note 8 was repaid off during the year ended September 30, 2023.

LOSS PER SHARE

LOSS PER SHARE	12 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
LOSS PER SHARE	10. LOSS PER SHARE The calculation of basic and diluted loss per share for the years ended September 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 2024 2023 Net loss $ (3,989,276 ) $ (4,483,195 ) Weighted average common shares outstanding 551,503 508,813 Basic and diluted loss per share $ (7.23 ) $ (8.81 ) For the year ended September 30, 2024, 10,105 stock options, 676,663 warrants, and $ 1,365,000 of convertible debentures convertible into 401,471 common shares 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, 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 CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023

EQUITY

EQUITY	12 Months Ended
	Sep. 30, 2024
Equity [Abstract]
EQUITY	11. EQUITY Common stock The Company has authorized an unlimited number of common shares with no par value. At September 30, 2024 and 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 year ended September 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 from the date of issuance, at a price of $ 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. PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023 11. EQUITY Share-based payments Stock options The Company has a stock option plan (the “SOP”) in place under which it is authorized to grant options to executive officers and directors, employees and consultants. Pursuant to the SOP, the Company may issue aggregate stock options totaling up to 10 % of the issued and outstanding common stock of the Company. Further, the SOP 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 of options Weighted Balance, September 30, 2022 21,146 $ 53.04 Cancelled (833 ) 42.62 Balance, September 30, 2023 20,313 $ 54.23 Cancelled (10,208 ) 55.24 Balance, September 30, 2024 10,105 $ 53.21 Exercisable at September 30, 2024 10,105 $ 53.21 The aggregate intrinsic value of options outstanding and exercisable as of September 30, 2024 was $ nil (September 30, 2023 - $ nil ). The options outstanding as of September 30, 2024 have exercise prices in the range of $ 8.88 to $ 88.80 and a weighted average remaining contractual life of 5.6 years. During the year ended September 30, 2024, the Company recognized $ nil share-based payment expense. During the year ended September 30, 2023, the Company recognized share-based payment expense of $ nil and $ 318 , respectively, for the portion of stock options that vested during the year. As September 30, 2024, the following stock options were outstanding: SCHEDULE OF STOCK OPTIONS OUTSTANDING Number Exercise Price Issuance Date Expiry Date 3,230 $ 88.88 December 4, 2017 December 4, 2027 1,250 $ 8.88 March 16, 2020 March 16, 2030 5,625 $ 42.62 October 6, 2021 October 6, 2031 10,105 PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023 11. EQUITY Share-based payments 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 401,810 4.08 Cancelled (500 ) 4.08 Expired (4,393 ) 95.90 Balance, September 30, 2024 676,663 $ 18.25 As September 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 (Subsequently cancelled – Note 15) 254,310 $ 4.08 June 12, 2024 June 12, 2029 (Subsequently cancelled – Note 15) 52,083 $ 35.52 September 30, 2021 September 30, 2031 676,663 PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023

INCOME TAXES

INCOME TAXES	12 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	12. INCOME TAXES SCHEDULE OF RECONCILIATION OF INCOME TAX 2024 2023 Loss before income taxes $ (3,989,276 ) $ (3,939,961 ) Expected income tax recovery at statutory rates $ (598,000 ) $ (591,000 ) Provincial income tax recovery (373,000 ) (290,000 ) Effect of income taxes from US operations (58,000 ) (100,000 ) Change in statutory, foreign tax, foreign exchange rates and other (3,000 ) (18,000 ) Permanent differences – debt discount 116,000 - Permanent differences – debt extinguishment 134,000 - Permanent differences - Other 11,000 3,000 Adjustment to prior years provision versus statutory tax returns 3,000 (43,000 ) Change in valuation allowance 768,000 1,039,000 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 2024 2023 Loss for the year Canada $ (3,110,348 ) $ (2,418,491 ) US (878,928 ) (1,521,470 ) $ (3,989,276 ) $ (3,939,961 ) Expected income tax (recovery) Canada $ (589,000 ) $ (659,000 ) US (177,000 ) (319,000 ) $ (766,000 ) $ (978,000 ) Deferred income tax Canada $ 589,000 $ 659,000 US 177,000 319,000 $ 766,000 $ 978,000 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 2024 2023 Tax loss carryforwards $ 3,037,000 $ 2,313,000 Property and equipment 15,000 39,000 Financing fees 130,000 191,000 Accrued liabilities 129,000 - Total gross deferred tax assets 3,311,000 2,543,000 Deferred tax assets valuation allowance (3,311,000 ) (2,543,000 ) 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. This conclusion is primarily due to the Company’s history of cumulative losses and its expectation of continued losses in the foreseeable future. The Company had tax loss carryforwards of approximately $ 11,991,000 in Canada and the United States. For the years ended September 30, 2024 and 2023, the Canada tax loss carryforwards totaled $ 9,421,000 and $ 7,019,000 , respectively, with expiration dates ranging from 2037 to 2043 and 2037 to 2042, respectively. The United States tax loss carryforwards for the years ended September 30, 2024 and 2023 totaled $ 2,569,000 and $ 2,367,000 , respectively, and had no expiration dates, subject to 80% of taxable income. The United States tax loss carryforwards include $ 290,000 attributable to New Mexico state tax losses, with expiration dates ranging from 2037 to 2043.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	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, 2024 AND 2023

CONTINGENCIES

CONTINGENCIES	12 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	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 had $ 545,505 in claims from certain trade vendors for non-payment, of which $ 499,162 have been accrued as of September 30, 2024. The Company plans to continue engaging with these claimants faithfully and is working on potential settlements for all outstanding claims.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	15. SUBSEQUENT EVENTS i) On October 2, 2024, the Company granted stock options to directors and officers of the Company to purchase 65,000 common shares at an exercise price of $ 2.44 per share for a period of 10 years. ii) On November 1, 2024, the Company closed the first tranche of a non-brokered private placement of convertible debenture units of the Company announced in September 2024 for gross proceeds of $ 4,276,389 , of which $ 2,250,000 was received as subscriptions as of September 30, 2024, and $ 1,424,788 was issued in exchange for the outstanding debentures in the principal amount of $ 1,365,000 and accrued interest of $ 59,788 . Each debenture unit consists of one convertible debenture (a “Debenture”) in the principal amount of $ 1,000 and 523 common share purchase warrants. 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. As a result, the Company issued convertible debentures with an aggregate principal amount of $ 4,276,389 and 2,236,551 Warrants. The Debentures are secured by the Company’s assets, mature one-year from the date of issuance, and bear simple interest at a rate of 10 % per annum, payable on the maturity date or upon repayment of all or any portion of the Debenture. The Debentures are convertible into common shares of the Company at a conversion price of $ 1.91 per share. Interest is payable in cash or shares based on the same conversion price. iii) In October 2024, the Company retired its previously outstanding debentures of $ 1,365,000 along with accrued interest of $ 59,788 in exchange for the new debenture units. The debenture holders also agreed to cancel a total of 401,310 warrants issued in connection with the debentures. This exchange was assessed as a debt extinguishment and a loss of $ 105,349 was recognized in October 2024. iv) The Company’s Long Term Incentive Plan was approved by Board on October 2, 2024, which Long Term Incentive Plan was amended and such amended plan was approved by the Board on October 23, 2024 (as amended, the “Long Term Incentive Plan”) and was approved by shareholders at the Company’s Annual General Meeting of Shareholders on November 4, 2024. The Board approved the adoption of the Long-Term Incentive Plan to replace the Company’s 2017 Stock Option Plan and all awards previously issued under the 2017 Stock Option Plan will be deemed issued under the Long-Term Incentive Plan. The maximum aggregate number of Shares issuable in respect of all Incentive Securities granted or issued under the Company’s Security Based Compensation Plans, at any point, shall not exceed (twenty percent (20%) of the total number of issued and outstanding Shares. PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023

SUPPLEMENTAL INFORMATION ON OIL

SUPPLEMENTAL INFORMATION ON OIL AND GAS OPERATIONS (UNAUDITED)	12 Months Ended
	Sep. 30, 2024
Supplemental Information On Oil And Gas Operations
SUPPLEMENTAL INFORMATION ON OIL AND GAS OPERATIONS (UNAUDITED)	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, 2024 September 30, 2023 Acquisition of proved properties $ - $ - Acquisition of unproved properties - - Development costs 3,227 2,019,639 Exploration costs - - Total costs incurred $ 3,227 $ 2,019,639 Results of Operations from Oil and Gas Producing Activities 12 Months Ended 12 Months Ended September 30, 2024 September 30, 2023 Oil and gas revenues $ 116,033 $ 688,827 Production costs (196,428 ) (879,471 ) Exploration expenses - - Depletion, depreciation and amortization (40,580 ) (104,798 ) Impairment of oil and gas properties - - Result of oil and gas producing operations before income taxes (120,975 ) (295,442 ) Provision for income taxes - - Results of oil and gas producing activities $ (120,975 ) $ (295,442 ) PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023 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, 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 Revisions (939,436 ) (904,200 ) (1,090,136 ) Purchase of proved reserves - - - Sale reserves - - - Production (1,964 ) - (1,964 ) September 30, 2024 1,695,400 1,138,200 1,885,100 Proved developed reserves: September 30, 2022 1,153,870 864,770 1,297,998 September 30, 2023 1,027,100 765,300 1,154,650 September 30, 2024 508,700 279,600 555,300 Proved undeveloped reserves: September 30, 2022 5,083,200 2,136,400 5,439,267 September 30, 2023 1,609,700 1,277,100 1,822,550 September 30, 2024 1,186,700 858,600 1,329,800 PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023 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, 2024 and 2023 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, 2024 and 2023 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, 2024 September 30, 2023 12 Months Ended September 30, 2024 September 30, 2023 Future cash inflows $ 134,081,000 $ 211,828,000 Future production costs (1) (31,752,000 ) (40,061,000 ) Future development costs (17,496,000 ) (17,241,000 ) Future income tax expenses (19,746,000 ) (39,262,000 ) Future net cash flows 65,087,000 115,264,000 10% annual discount for estimated timing of cash flows (36,997,000 ) (60,184,000 ) Standardized measure of discounted future net cash flows at the end of the fiscal year $ 28,090,000 $ 55,080,000 (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, 2022 (1) $ 91.72 $ 5.79 Year ended September 30, 2023 (1) $ 78.54 $ 3.42 Year ended September 30, 2024 (1) $ 78.64 $ 2.21 (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, 2024 AND 2023 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, 2024 September 30, 2023 12 Months Ended September 30, 2024 September 30, 2023 Standardized measure of discounted future net cash flows at the beginning of the year $ 55,080,000 $ 144,729,000 Extensions, discoveries and improved recovery, less related costs - - Sales of minerals in place - - Purchase of minerals in place - - Revisions of previous quantity estimates (25,208,000 ) (103,529,000 ) Net changes in prices and production costs (4,323,000 ) (52,170,000 ) Accretion of discount 7,400,000 19,862,000 Sales of oil produced, net of production costs 80,000 191,000 Changes in future development costs (107,000 ) 27,173,000 Changes in timing of future production (15,706,000 ) (16,145,000 ) Net changes in income taxes 10,874,000 34,969,000 Standardized measure of discounted future net cash flows at the end of the year $ 28,090,000 $ 55,080,000

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of presentation	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.
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 $ 16,189,652 , has a working capital deficiency of $ 5,857,870 as of September 30, 2024 and has not yet achieved profitable operations. The Company requires equity or debt financings to fund its continuing 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 year ended September 30, 2024, the Company raised $ 1,365,000 through the issuance of convertible debentures and received additional proceeds of $ 2,250,000 from debt financing subscriptions. Subsequent to September 30, 2024, the Company received further subscription proceeds of $ 601,601 to complete a convertible debenture financing with total gross proceeds of $ 4,276,389 . The $ 1,365,000 convertible debentures that matured on September 12, 2024 and accrued interest of $ 59,788 were retired in exchange for the new convertible debenture units. Management believes that these actions provide a path 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, 2024 AND 2023 2. Significant Accounting Policies
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Management evaluates these estimates and judgments on an ongoing basis and bases its estimates on experience, current and expected future conditions, third-party evaluations and various other assumptions that management believes are reasonable under the circumstances. Significant estimates have been used by management in conjunction with the following: (i) 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. The Company had no cash equivalents as of September 30, 2024 and 2023.
Trade and other receivables	Trade and other receivables Trade and other receivables are stated at net realizable value. The majority of customers 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.
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, 2024 AND 2023 2. Significant Accounting Policies Property and equipment Proved oil and natural gas properties are assessed for possible impairment by comparing their carrying values with their associated undiscounted future net cash flows. Events that can trigger assessments for possible impairments include write-downs of proved reserves based on field performance, significant decreases in the market value of an asset (including changes to the commodity price forecast or carbon costs), significant change in the extent or manner of use of or a physical change in an asset, and a more-likely-than-not expectation that a long-lived asset or asset group will be sold or otherwise disposed of significantly sooner than the end of its previously estimated useful life. Impaired assets are written down to their estimated fair values, generally their discounted, future net cash flows. For proved oil and natural gas properties, the Company performs impairment reviews on a field basis, annually or as appropriate. Other corporate property and equipment consist primarily of leasehold improvements, vehicle, and office furniture and equipment and are stated at cost less accumulated depreciation. The capitalized costs are generally depreciated on a straight line basis over their estimated useful lives ranging from three to five years . For property dispositions, measurement is at fair value, unless the transaction lacks commercial substance or fair value cannot be reliably measured. Where the exchange is measured at fair value, a gain or loss is recognized in net income. 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 Accounting 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, 2024 and 2023, 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, 2024 AND 2023 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, 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, 2024 and 2023. The financial statements as of and for the years ended September 30, 2024 and 2023, 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, 2024 and 2023. PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023 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, 2024 AND 2023 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. 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. 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. All gains and losses on these foreign currency transactions are charged to profit or loss. PERMEX PETROLEUM CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS YEARS ENDED SEPTEMBER 30, 2024 AND 2023 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. The Company recognizes a tax benefit in the financial statements for an uncertain tax position only if management assesses that the position is more likely than not (i.e., a likelihood greater than 50%) to be allowed by the tax jurisdiction, based solely on the technical merits of the position. The term “tax position,” as defined in the accounting standards for income taxes, refers to a position in a previously filed tax return or a position expected to be taken in a future tax return. This position is reflected in the measurement of current or deferred income tax assets and liabilities for interim or annual periods.
New accounting standards	New accounting standards 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.

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Sep. 30, 2024
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 area. SCHEDULE OF REVENUE DISAGGREGATED BY PRODUCT TYPE AND GEOGRAPHIC AREAS Year ended September 30, 2024 Texas New Mexico Total Crude oil $ 64,611 $ 35,609 $ 100,220 Natural gas - - - Revenue from contracts with customers $ 64,611 $ 35,609 $ 100,220 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

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
SCHEDULE OF PROPERTY AND EQUIPMENT	Property and equipment consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT September 30, 2024 September 30, 2023 Oil and natural gas properties, at cost $ 10,600,489 $ 10,501,244 Less: accumulated depletion (330,036 ) (289,456 ) Oil and natural gas properties, net 10,270,453 10,211,788 Other property and equipment, at cost 18,505 205,315 Less: accumulated depreciation (7,710 ) (55,684 ) Other property and equipment, net 10,795 149,631 Property and equipment, net $ 10,281,248 $ 10,361,419

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Sep. 30, 2024
Leases
SCHEDULE OF RIGHT OF USE ASSETS AND LEASE LIABILITIES	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 ASSETS AND LEASE LIABILITIES September 30, 2024 September 30, 2023 Right-of-use assets $ - $ 146,912 Lease liabilities Balance, beginning of the year $ 158,525 $ 244,906 Addition - - Liability accretion 12,346 24,221 Lease payments (113,638 ) (110,602 ) Termination of lease (57,233 ) - Balance, end of the year $ - $ 158,525 Current lease liabilities $ - $ 77,069 Long-term lease liabilities $ - $ 81,456 Weighted-average remaining lease term (in years) - 2.17 Weighted-average discount rate - % 12 %
SCHEDULE OF LEASE COST	The following table presents the Company’s total lease cost. SCHEDULE OF LEASE COST 2024 2023 Operating lease cost $ 63,200 $ 118,105 Variable lease expense 51,062 65,245 Sublease income - (25,390 ) Net lease cost $ 114,262 $ 157,960

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	12 Months Ended
	Sep. 30, 2024
Asset Retirement Obligation Disclosure [Abstract]
SCHEDULE OF ASSETS RETIREMENT OBLIGATIONS	SCHEDULE OF ASSETS RETIREMENT OBLIGATIONS 2024 2023 Asset retirement obligations, beginning of the year $ 260,167 $ 236,412 Obligations recognized 27,859 - Obligations derecognized - (287 ) Revisions of estimates 68,159 (7,934 ) Accretion expense 36,792 31,976 $ 392,977 $ 260,167

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
SCHEDULE OF CONVERTIBLE DEBENTURES	As September 30, 2024, the following Convertible Debentures were outstanding: SCHEDULE OF CONVERTIBLE DEBENTURES Principal Amount Interest rate Maturity Date $ 500,000 10 % September 12, 2024 865,000 10 % September 12, 2024 $ 1,365,000

LOSS PER SHARE (Tables)

LOSS PER SHARE (Tables)	12 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
SCHEDULE OF BASIC AND DILUTED LOSS PER SHARE	The calculation of basic and diluted loss per share for the years ended September 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 2024 2023 Net loss $ (3,989,276 ) $ (4,483,195 ) Weighted average common shares outstanding 551,503 508,813 Basic and diluted loss per share $ (7.23 ) $ (8.81 )

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
	Sep. 30, 2024
Equity [Abstract]
SCHEDULE OF STOCK OPTION TRANSACTIONS	Stock option transactions are summarized as follows: SCHEDULE OF STOCK OPTION TRANSACTIONS Number of options Weighted Balance, September 30, 2022 21,146 $ 53.04 Cancelled (833 ) 42.62 Balance, September 30, 2023 20,313 $ 54.23 Cancelled (10,208 ) 55.24 Balance, September 30, 2024 10,105 $ 53.21 Exercisable at September 30, 2024 10,105 $ 53.21
SCHEDULE OF STOCK OPTIONS OUTSTANDING	As September 30, 2024, the following stock options were outstanding: SCHEDULE OF STOCK OPTIONS OUTSTANDING Number Exercise Price Issuance Date Expiry Date 3,230 $ 88.88 December 4, 2017 December 4, 2027 1,250 $ 8.88 March 16, 2020 March 16, 2030 5,625 $ 42.62 October 6, 2021 October 6, 2031 10,105
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 401,810 4.08 Cancelled (500 ) 4.08 Expired (4,393 ) 95.90 Balance, September 30, 2024 676,663 $ 18.25
SCHEDULE OF WARRANTS OUTSTANDING	As September 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 (Subsequently cancelled – Note 15) 254,310 $ 4.08 June 12, 2024 June 12, 2029 (Subsequently cancelled – Note 15) 52,083 $ 35.52 September 30, 2021 September 30, 2031 676,663

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
SCHEDULE OF RECONCILIATION OF INCOME TAX	SCHEDULE OF RECONCILIATION OF INCOME TAX 2024 2023 Loss before income taxes $ (3,989,276 ) $ (3,939,961 ) Expected income tax recovery at statutory rates $ (598,000 ) $ (591,000 ) Provincial income tax recovery (373,000 ) (290,000 ) Effect of income taxes from US operations (58,000 ) (100,000 ) Change in statutory, foreign tax, foreign exchange rates and other (3,000 ) (18,000 ) Permanent differences – debt discount 116,000 - Permanent differences – debt extinguishment 134,000 - Permanent differences - Other 11,000 3,000 Adjustment to prior years provision versus statutory tax returns 3,000 (43,000 ) Change in valuation allowance 768,000 1,039,000 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 2024 2023 Loss for the year Canada $ (3,110,348 ) $ (2,418,491 ) US (878,928 ) (1,521,470 ) $ (3,989,276 ) $ (3,939,961 ) Expected income tax (recovery) Canada $ (589,000 ) $ (659,000 ) US (177,000 ) (319,000 ) $ (766,000 ) $ (978,000 ) Deferred income tax Canada $ 589,000 $ 659,000 US 177,000 319,000 $ 766,000 $ 978,000 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 2024 2023 Tax loss carryforwards $ 3,037,000 $ 2,313,000 Property and equipment 15,000 39,000 Financing fees 130,000 191,000 Accrued liabilities 129,000 - Total gross deferred tax assets 3,311,000 2,543,000 Deferred tax assets valuation allowance (3,311,000 ) (2,543,000 ) Net deferred tax assets $ - $ -

SUPPLEMENTAL INFORMATION ON O_2

SUPPLEMENTAL INFORMATION ON OIL AND GAS OPERATIONS (UNAUDITED) (Tables)	12 Months Ended
	Sep. 30, 2024
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, 2024 September 30, 2023 Acquisition of proved properties $ - $ - Acquisition of unproved properties - - Development costs 3,227 2,019,639 Exploration costs - - Total costs incurred $ 3,227 $ 2,019,639 Results of Operations from Oil and Gas Producing Activities 12 Months Ended 12 Months Ended September 30, 2024 September 30, 2023 Oil and gas revenues $ 116,033 $ 688,827 Production costs (196,428 ) (879,471 ) Exploration expenses - - Depletion, depreciation and amortization (40,580 ) (104,798 ) Impairment of oil and gas properties - - Result of oil and gas producing operations before income taxes (120,975 ) (295,442 ) Provision for income taxes - - Results of oil and gas producing activities $ (120,975 ) $ (295,442 )
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, 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 Revisions (939,436 ) (904,200 ) (1,090,136 ) Purchase of proved reserves - - - Sale reserves - - - Production (1,964 ) - (1,964 ) September 30, 2024 1,695,400 1,138,200 1,885,100 Proved developed reserves: September 30, 2022 1,153,870 864,770 1,297,998 September 30, 2023 1,027,100 765,300 1,154,650 September 30, 2024 508,700 279,600 555,300 Proved undeveloped reserves: September 30, 2022 5,083,200 2,136,400 5,439,267 September 30, 2023 1,609,700 1,277,100 1,822,550 September 30, 2024 1,186,700 858,600 1,329,800
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, 2024 September 30, 2023 12 Months Ended September 30, 2024 September 30, 2023 Future cash inflows $ 134,081,000 $ 211,828,000 Future production costs (1) (31,752,000 ) (40,061,000 ) Future development costs (17,496,000 ) (17,241,000 ) Future income tax expenses (19,746,000 ) (39,262,000 ) Future net cash flows 65,087,000 115,264,000 10% annual discount for estimated timing of cash flows (36,997,000 ) (60,184,000 ) Standardized measure of discounted future net cash flows at the end of the fiscal year $ 28,090,000 $ 55,080,000 (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, 2022 (1) $ 91.72 $ 5.79 Year ended September 30, 2023 (1) $ 78.54 $ 3.42 Year ended September 30, 2024 (1) $ 78.64 $ 2.21 (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, 2024 September 30, 2023 12 Months Ended September 30, 2024 September 30, 2023 Standardized measure of discounted future net cash flows at the beginning of the year $ 55,080,000 $ 144,729,000 Extensions, discoveries and improved recovery, less related costs - - Sales of minerals in place - - Purchase of minerals in place - - Revisions of previous quantity estimates (25,208,000 ) (103,529,000 ) Net changes in prices and production costs (4,323,000 ) (52,170,000 ) Accretion of discount 7,400,000 19,862,000 Sales of oil produced, net of production costs 80,000 191,000 Changes in future development costs (107,000 ) 27,173,000 Changes in timing of future production (15,706,000 ) (16,145,000 ) Net changes in income taxes 10,874,000 34,969,000 Standardized measure of discounted future net cash flows at the end of the year $ 28,090,000 $ 55,080,000

BACKGROUND (Details Narrative)

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

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)		3 Months Ended	12 Months Ended
	Nov. 01, 2024	Jan. 14, 2025	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Loss incurred			$ 16,189,652
Working capital deficit			5,857,870
Proceeds from issuance of long-term debt			1,365,000
Proceeds from debt financing subscriptions			2,250,000
Settlement of convertible debenture				38,291
Maturity date			Sep. 12, 2024
Accrued interest			$ 59,788	1,182
Cash equivalents			0	0
Impairment charge			$ 0	$ 0
Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives			3 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives			5 years
Subsequent Event [Member]
Property, Plant and Equipment [Line Items]
Subscription proceeds		$ 601,601
Gross proceeds from convertible debenture financing		4,276,389
Settlement of convertible debenture		$ 1,365,000
Accrued interest	$ 59,788

SCHEDULE OF REVENUE DISAGGREGAT

SCHEDULE OF REVENUE DISAGGREGATED BY PRODUCT TYPE AND GEOGRAPHIC AREAS (Details) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 100,220	$ 665,623
TEXAS
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	64,611	510,923
NEW MEXICO
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	35,609	154,700
Crude Oil [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	100,220	656,620
Crude Oil [Member] | TEXAS
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	64,611	501,920
Crude Oil [Member] | NEW MEXICO
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	35,609	154,700
Natural Gas [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers		9,003
Natural Gas [Member] | TEXAS
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers		9,003
Natural Gas [Member] | NEW MEXICO
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers

REVENUE (Details Narrative)

REVENUE (Details Narrative) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenue	$ 100,220	$ 665,623
Trade Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenue	$ 26,873	$ 48,165

CONCENTRATION OF CREDIT RISK (D

CONCENTRATION OF CREDIT RISK (Details Narrative) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Concentration Risk [Line Items]
Non trade receivables current	$ 18,060	$ 5,420
Credit losses on receivables	9,587
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer [Member]
Concentration Risk [Line Items]
Trade receivables	$ 26,873	$ 73,021
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Two Customer [Member]
Concentration Risk [Line Items]
Concentration risk percentage	100%	99%

SCHEDULE OF PROPERTY AND EQUIPM

SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Oil and natural gas properties, at cost	$ 10,600,489	$ 10,501,244
Less: accumulated depletion	(330,036)	(289,456)
Oil and natural gas properties, net	10,270,453	10,211,788
Other property and equipment, at cost	18,505	205,315
Less: accumulated depreciation	(7,710)	(55,684)
Other property and equipment, net	10,795	149,631
Property and equipment, net	$ 10,281,248	$ 10,361,419

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Depletion and depreciation	$ 82,215	$ 154,834
Write-offs of property and equipment	$ 62,046

SCHEDULE OF RIGHT OF USE ASSETS

SCHEDULE OF RIGHT OF USE ASSETS AND LEASE LIABILITIES (Details) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Right-of-use assets		$ 146,912
Current lease liabilities		77,069
Long-term lease liabilities		81,456
Office Premises [Member]
Property, Plant and Equipment [Line Items]
Right-of-use assets		146,912
Beginning balance	158,525	244,906
Addition
Liability accretion	12,346	24,221
Lease payments	(113,638)	(110,602)
Termination of lease	(57,233)
Ending balance		158,525
Current lease liabilities		77,069
Long-term lease liabilities		$ 81,456
Weighted-average remaining lease term (in years)		2 years 2 months 1 day
Weighted-average discount rate		12%

SCHEDULE OF LEASE COST (Details

SCHEDULE OF LEASE COST (Details) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Leases
Operating lease cost	$ 63,200	$ 118,105
Variable lease expense	51,062	65,245
Sublease income		(25,390)
Net lease cost	$ 114,262	$ 157,960

LEASES (Details Narrative)

LEASES (Details Narrative) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Loss on termination of lease	$ (38,825)
Lease Agreement [Member] | Office Premises [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Lease term	November 2025
Loss on termination of lease	$ 38,825

SCHEDULE OF ASSETS RETIREMENT O

SCHEDULE OF ASSETS RETIREMENT OBLIGATIONS (Details) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligations, beginning of the year	$ 260,167	$ 236,412
Obligations recognized	27,859
Obligations derecognized		(287)
Revisions of estimates	68,159	(7,934)
Accretion expense	36,792	31,976
Asset retirement obligations, ending of the year	$ 392,977	$ 260,167

ASSET RETIREMENT OBLIGATIONS (D

ASSET RETIREMENT OBLIGATIONS (Details Narrative) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligation, revision of estimate	$ 68,159	$ (7,934)
Asset retirement obligation, liabilities incurred		66,354
Asset retirement obligation liabilities settled loss		66,067
Reclamation deposits	75,000	145,000
Reclamation deposit redemption	$ 70,000

SCHEDULE OF CONVERTIBLE DEBENTU

SCHEDULE OF CONVERTIBLE DEBENTURES (Details) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Apr. 28, 2023
Short-Term Debt [Line Items]
Principal Amount			$ 209,497
Interest rate	10%	6%
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] | September 12, 2024 [Member]
Short-Term Debt [Line Items]
Principal Amount	$ 500,000
Interest rate	10%
Maturity Date	Sep. 12, 2024
Senior Secured Convertible Debenture [Member] | September Twelve Twenty Twenty Four One [Member]
Short-Term Debt [Line Items]
Principal Amount	$ 865,000
Interest rate	10%
Maturity Date	Sep. 12, 2024

DEBT (Details Narrative)

DEBT (Details Narrative)		1 Months Ended		12 Months Ended
	Nov. 01, 2024 USD ($) $ / shares shares	Oct. 31, 2024 USD ($) shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	Sep. 30, 2023 CAD ($)	Apr. 28, 2023 USD ($)
Short-Term Debt [Line Items]
Gross proceeds				$ 1,365,000
Principal loan amount							$ 209,497
Common share purchase warrants | shares			676,663	676,663
Debt extinguishment and loss				$ 495,051
Fair value of the amended warrants				$ 494,219
Warrants and rights outstanding, term			5 years	5 years
Proceeds allocated to warrants				$ 431,666
Interest rate			10%	10%	6%
Debt maturity date				Sep. 12, 2024
Conversion price | $ / shares			$ 3.40	$ 3.40
Received loan from former director				$ 45,000
Unpaid principal loan amount			$ 115,936	115,936	$ 125,936
Principal loan amount				$ 59,788	1,182
Subsequent Event [Member]
Short-Term Debt [Line Items]
Principal loan amount		$ 1,365,000
Common share purchase warrants | shares		401,310
Debt extinguishment and loss		$ (105,349)
Interest rate	10%
Principal loan amount	$ 59,788
Measurement Input, Risk Free Interest Rate [Member]
Short-Term Debt [Line Items]
Warrants and rights outstanding, measurement input			0.0341	0.0341
Measurement Input, Price Volatility [Member]
Short-Term Debt [Line Items]
Warrants and rights outstanding, measurement input			1.2869	1.2869
Measurement Input, Expected Dividend Rate [Member]
Short-Term Debt [Line Items]
Warrants and rights outstanding, measurement input			0	0
Measurement Input, Discount Rate [Member] | Warrant [Member]
Short-Term Debt [Line Items]
Unamortized discount of original warrants			$ 832	$ 832
Senior Secured Convertible Debenture [Member]
Short-Term Debt [Line Items]
Principal loan amount			$ 1,365,000	$ 1,365,000
Common share purchase warrants | shares			401,310	401,310
Aggregate amount			$ 50,008	$ 50,008
Convertible Debt [Member]
Short-Term Debt [Line Items]
Repayments of Related Party Debt					$ 38,291	$ 52,454
Private Placement [Member]
Short-Term Debt [Line Items]
Convertible debentures issued | shares			18,635	1,365
Gross proceeds				$ 1,365,000
Private Placement [Member] | Senior Secured Convertible Debenture [Member]
Short-Term Debt [Line Items]
Convertible debentures issued | shares				500
Principal loan amount			$ 1,000	$ 1,000
Common share purchase warrants | shares			294	294
Warrant exercisable period				5 years
Exercise price of warrants or rights | $ / shares			$ 4.08	$ 4.08
Common share purchase warrants | shares			1	1
Warrants per unit | shares			294	294
Private Placement [Member] | Convertible Debenture [Member]
Short-Term Debt [Line Items]
Principal loan amount			$ 1,000	$ 1,000
Common share purchase warrants | shares			523	523
Warrant exercisable period			5 years
Exercise price of warrants or rights | $ / shares			$ 1.91	$ 1.91
Proceeds from subscription			$ 2,250,000	$ 2,250,000
Received loan from former director				$ 4,276,389
Private Placement [Member] | Convertible Debenture [Member] | Subsequent Event [Member]
Short-Term Debt [Line Items]
Principal loan amount	$ 1,000
Common share purchase warrants | shares	523
Warrant exercisable period	5 years
Exercise price of warrants or rights | $ / shares	$ 1.91
Gross proceeds	$ 4,276,389

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)			12 Months Ended
	Apr. 29, 2024	May 01, 2022	Sep. 30, 2024	Sep. 30, 2023	Oct. 31, 2024	Oct. 01, 2024	Aug. 31, 2024
Employee settlment description	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.
Annual base salary, percentage			20%
Fair value of vehicle							$ 35,155
Settlement liabilities current			$ 145,000
Subsequent Event [Member]
Lump sum settlment payment					$ 100,000
Monthly payments						$ 7,500
Employee Agreement [Member]
Management salary			229,167	$ 250,000
Bradley Taillon [Member] | Employee Agreement [Member]
Annual base salary	$ 250,000
Management salary			122,312
One-time sign-on bonus			50,000
Bradley Taillon [Member] | Employee Agreement [Member] | Minimum [Member]
Management salary	50,000
Bradley Taillon [Member] | Employee Agreement [Member] | Maximum [Member]
Management salary	$ 750,000
Mr.Taillon [Member] | Employee Agreement [Member]
Description of officer annual bonus	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.
Mehran Ehsan [Member] | Employee Agreement [Member]
Annual base salary			$ 250,000
Description of officer annual bonus			Mr. Ehsan was 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]
Annual base salary		$ 50,000
Description of officer annual bonus		The CFO is also eligible on an annual basis for a cash bonus of up to 100% of annual salary, 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.
Management salary			$ 50,000	$ 50,000

SCHEDULE OF BASIC AND DILUTED L

SCHEDULE OF BASIC AND DILUTED LOSS PER SHARE (Details) - USD ($)		12 Months Ended
		Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net loss		$ (3,989,276)	$ (4,483,195)
Weighted average common shares outstanding, basic	[1]	551,503	508,813
Weighted average common shares outstanding, diluted	[1]	551,503	508,813
Diluted loss per share		$ (7.23)	$ (8.81)
Basic loss per share		$ (7.23)	$ (8.81)
[1]The number of shares has been restated to reflect the 4:1

LOSS PER SHARE (Details Narrati

LOSS PER SHARE (Details Narrative) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Number of options	10,105	20,313
Number of warrants	676,663	279,746	274,276
Convertible debentures	$ 1,365,000
Convertible common shares	401,471

SCHEDULE OF STOCK OPTION TRANSA

SCHEDULE OF STOCK OPTION TRANSACTIONS (Details) - $ / shares	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Number of options, beginning balance	20,313	21,146
Weighted average exercise price, beginning balance	$ 54.23	$ 53.04
Cancelled	(10,208)	(833)
Weighted average exercise price, cancelled	$ 55.24	$ 42.62
Number of options, Ending balance	10,105	20,313
Weighted average exercise price, ending balance	$ 53.21	$ 54.23
Exercisable	10,105
Weighted average exercise price, exercisable	$ 53.21

SCHEDULE OF STOCK OPTIONS OUTST

SCHEDULE OF STOCK OPTIONS OUTSTANDING (Details) - $ / shares	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Offsetting Assets [Line Items]
Number of options	10,105	20,313	21,146
Exercise Price	$ 53.21	$ 54.23	$ 53.04
Stock Option One [Member]
Offsetting Assets [Line Items]
Number of options	3,230
Exercise Price	$ 88.88
Issuance date	Dec. 04, 2017
Expiry date	Dec. 04, 2027
Stock Option Three [Member]
Offsetting Assets [Line Items]
Number of options	1,250
Exercise Price	$ 8.88
Issuance date	Mar. 16, 2020
Expiry date	Mar. 16, 2030
Stock Option Four [Member]
Offsetting Assets [Line Items]
Number of options	5,625
Exercise Price	$ 42.62
Issuance date	Oct. 06, 2021
Expiry date	Oct. 06, 2031

SCHEDULE OF WARRANTS TRANSACTIO

SCHEDULE OF WARRANTS TRANSACTIONS (Details) - $ / shares	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Number of warrants, beginning balance	279,746	274,276
Weighted Average Exercise Price, beginning balance	$ 39.79	$ 48.48
Exercised		(68,353)
Weighted average exercise price, exercised		$ 11.44
Granted	401,810	73,823
Weighted average exercise price, granted	$ 4.08	$ 18
Cancelled	(500)
Weighted average exercise price, cancelled	$ 4.08
Expired	(4,393)
Weighted average exercise price, granted	$ 95.90
Number of warrants, ending balance	676,663	279,746
Weighted Average Exercise Price, ending balance	$ 18.25	$ 39.79

SCHEDULE OF WARRANTS OUTSTANDIN

SCHEDULE OF WARRANTS OUTSTANDING (Details)	12 Months Ended
	Sep. 30, 2024 $ / shares shares
Class of Warrant or Right [Line Items]
Number of warrants	676,663
Warrant One [Member]
Class of Warrant or Right [Line Items]
Number of warrants	149,447
Exercise price | $ / shares	$ 50.40
Issuance date	Mar. 29, 2022
Expiry date	Mar. 29, 2027
Warrant Two [Member]
Class of Warrant or Right [Line Items]
Number of warrants	73,823
Exercise price | $ / shares	$ 18
Issuance date	Jun. 30, 2023
Expiry date	Jun. 30, 2028
Warrant Three [Member]
Class of Warrant or Right [Line Items]
Number of warrants	147,000
Exercise price | $ / shares	$ 4.08
Issuance date	Apr. 16, 2024
Expiry date	Apr. 16, 2029
Warrant Four [Member]
Class of Warrant or Right [Line Items]
Number of warrants	254,310
Exercise price | $ / shares	$ 4.08
Issuance date	Jun. 12, 2024
Expiry date	Jun. 12, 2029
Warrant Five [Member]
Class of Warrant or Right [Line Items]
Number of warrants	52,083
Exercise price | $ / shares	$ 35.52
Issuance date	Sep. 30, 2021
Expiry date	Sep. 30, 2031

EQUITY (Details Narrative)

EQUITY (Details Narrative) - USD ($)				6 Months Ended	9 Months Ended	12 Months Ended
		Oct. 23, 2023	Jun. 30, 2023	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares authorized						Unlimited	Unlimited
Common stock, par value				$ 0		$ 0	$ 0
Common stock, shares issued	[1]			551,503		551,503	551,503
Common stock, shares outstanding	[1]			551,503		551,503	551,503
Stockholders equity reverse stock split		4:1
Number of warrants share exercise price						676,663
Warrant sterm						5 years
Stock issued during period shares new issues						401,471
Payments of Stock Issuance Costs							$ 136,623
Payments for repurchase of warrants			$ 544,164
Deemed dividend					$ 543,234		543,234
Fair value adjustments of warrants			$ 930				(22,570)
Percentage issued and outstanding for common stock						10%
Expected term						10 years
Aggregate intrinsic value of warrants outstanding
Exercise price range, minimum						$ 8.88
Exercise price range, maximum						$ 88.80
Aggregate intrinsic value of warrants outstanding						5 years 7 months 6 days
Recognized share-based payment expense							$ 318
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 Exercise Incentive Program [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrants share exercise price				253,966			253,966
Stock issued during period shares new issues			68,353
Shares Issued, Price Per Share			$ 11.44		$ 11.44
Proceeds from Issuance of Common Stock			$ 781,953
Net proceeds			645,330
Payments of Stock Issuance Costs			$ 62,556
Number of warrants			5,470
Value of incentive warrants			$ 449,005
Value of finders warrants			35,919
Legal Fees			$ 74,066
Warrant Exercise Incentive Program [Member] | Incentive Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant sterm				5 years			5 years
Price per share				$ 18			$ 18
Warrant Exercise Incentive Program [Member] | Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant exercise price							50.40
Warrant Exercise Incentive Program [Member] | Minimum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant exercise price							$ 11.44
[1]The number of shares has been restated to reflect the 4:1

SCHEDULE OF RECONCILIATION OF I

SCHEDULE OF RECONCILIATION OF INCOME TAX (Details) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Loss before income taxes	$ (3,989,276)	$ (3,939,961)
Expected income tax recovery at statutory rates	(598,000)	(591,000)
Provincial income tax recovery	(373,000)	(290,000)
Effect of income taxes from US operations	(58,000)	(100,000)
Change in statutory, foreign tax, foreign exchange rates and other	(3,000)	(18,000)
Permanent differences – debt discount	116,000
Permanent differences – debt extinguishment	134,000
Permanent differences - Other	11,000	3,000
Adjustment to prior years provision versus statutory tax returns	3,000	(43,000)
Change in valuation allowance	768,000	1,039,000
Deferred income tax recovery

SCHEDULE OF PRE TAX LOSS AND IN

SCHEDULE OF PRE TAX LOSS AND INCOME TAXES (Details) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Loss for the year	$ (3,989,276)	$ (3,939,961)
Expected income tax (recovery)	(766,000)	(978,000)
Deferred income tax (recovery)	766,000	978,000
Deferred income tax recovery
CANADA
Loss for the year	(3,110,348)	(2,418,491)
Expected income tax (recovery)	(589,000)	(659,000)
Deferred income tax (recovery)	589,000	659,000
UNITED STATES
Loss for the year	(878,928)	(1,521,470)
Expected income tax (recovery)	(177,000)	(319,000)
Deferred income tax (recovery)	$ 177,000	$ 319,000

SCHEDULE OF DEFERRED TAX ASSETS

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Tax loss carryforwards	$ 3,037,000	$ 2,313,000
Property and equipment	15,000	39,000
Financing fees	130,000	191,000
Accrued liabilities	129,000
Total gross deferred tax assets	3,311,000	2,543,000
Deferred tax assets valuation allowance	(3,311,000)	(2,543,000)
Net deferred tax assets

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Tax loss carryforwards	$ 3,037,000	$ 2,313,000
C A and U S [Member]
Tax loss carryforwards	11,991,000
CANADA
Tax loss carryforwards	9,421,000	7,019,000
UNITED STATES
Tax loss carryforwards	2,569,000	$ 2,367,000
Tax loss carryforwards state tax losses	$ 290,000

CONTINGENCIES (Details Narrativ

CONTINGENCIES (Details Narrative)	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Loss contingency claims from trade vendor	$ 545,505
Loss contingency accrual product liability net	$ 499,162

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)			1 Months Ended		12 Months Ended
	Nov. 01, 2024	Oct. 02, 2024	Oct. 31, 2024	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Apr. 28, 2023	Sep. 30, 2022
Subsequent Event [Line Items]
Exercise price				$ 53.21	$ 53.21	$ 54.23		$ 53.04
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term					10 years
Proceeds from issuance of debt					$ 45,000
Accrued interest					59,788	$ 1,182
Debt face amount							$ 209,497
Proceeds from issuance of warrants						$ 781,953
Interest rate				10%	10%	6%
Debt extinguishment of loss					$ (495,051)
Private Placement [Member] | Warrant [Member]
Subsequent Event [Line Items]
Proceeds from issuance of warrants					2,236,551
Private Placement [Member] | Convertible Debenture [Member]
Subsequent Event [Line Items]
Proceeds from issuance of debt					4,276,389
Proceeds from subscription					2,250,000
Debt face amount				$ 1,000	$ 1,000
Common share purchase warrants				523	523
Warrant exercisable period				5 years
Exercise price of warrants or rights				$ 1.91	$ 1.91
Subsequent Event [Member]
Subsequent Event [Line Items]
Accrued interest	$ 1,365,000
Accrued interest	$ 59,788
Debt face amount			$ 1,365,000
Common share purchase warrants			401,310
Interest rate	10%
Debt extinguishment of loss			$ 105,349
Subsequent Event [Member] | Convertible Debenture [Member]
Subsequent Event [Line Items]
Proceeds from issuance of debt	$ 1,424,788
Subsequent Event [Member] | New Debenture [Member]
Subsequent Event [Line Items]
Principal amount			$ 59,788
Subsequent Event [Member] | Private Placement [Member] | Convertible Debenture [Member]
Subsequent Event [Line Items]
Debt face amount	$ 1,000
Common share purchase warrants	523
Warrant exercisable period	5 years
Exercise price of warrants or rights	$ 1.91
Director and Officer [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Purchase common shares		65,000
Exercise price		$ 2.44
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term		10 years

SCHEDULE OF COST INCURRED IN PR

SCHEDULE OF COST INCURRED IN PRODUCING ACTIVITIES (Details) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Supplemental Information On Oil And Gas Operations
Acquisition of proved properties
Acquisition of unproved properties
Development costs	3,227	2,019,639
Exploration costs
Total costs incurred	3,227	2,019,639
Oil and gas revenues	116,033	688,827
Production costs	(196,428)	(879,471)
Exploration expenses
Depletion, depreciation and amortization	(40,580)	(104,798)
Impairment of oil and gas properties
Result of oil and gas producing operations before income taxes	(120,975)	(295,442)
Provision for income taxes
Results of oil and gas producing activities	$ (120,975)	$ (295,442)

SCHEDULE OF PROVED RESERVES (De

SCHEDULE OF PROVED RESERVES (Details)	12 Months Ended
	Sep. 30, 2024 bbl	Sep. 30, 2024 Boe bbl	Sep. 30, 2024 bbl Mcf	Sep. 30, 2023 bbl	Sep. 30, 2023 Boe bbl	Sep. 30, 2023 bbl Mcf	Sep. 30, 2024 Boe	Sep. 30, 2024 Mcf	Sep. 30, 2023 Boe	Sep. 30, 2023 Mcf	Sep. 30, 2022 bbl	Sep. 30, 2022 Boe	Sep. 30, 2022 Mcf
Supplemental Information On Oil And Gas Operations
Beginning balance	2,636,800		2,042,400	6,237,070		3,001,170
Beginning balance, BOE (Barrels)		2,977,200			6,737,265
Revisions	(939,436)		(904,200)	(3,588,541)		(951,270)
Revisions, BOE (Barrels)		(1,090,136)			(3,747,086)
Purchase of proved reserves
Purchase of proved reserves, BOE (Barrels)
Sale reserves
Sale reserves, BOE (Barrels)
Production	(1,964)			(11,729)		(7,500)
Production, BOE (Barrels)		(1,964)			(12,979)
Ending balance	1,695,400		1,138,200	2,636,800		2,042,400
Ending balance, BOE (Barrels)		1,885,100			2,977,200
Proved developed reserves	508,700	508,700	508,700	1,027,100	1,027,100	1,027,100		279,600		765,300	1,153,870		864,770
Proved developed reserves, BOE (Barrels)							555,300		1,154,650			1,297,998
Proved undeveloped reserves	1,186,700	1,186,700	1,186,700	1,609,700	1,609,700	1,609,700		858,600		1,277,100	5,083,200		2,136,400
Proved undeveloped reserves, BOE (Barrels)							1,329,800		1,822,550			5,439,267

SCHEDULE OF NET CASH FLOWS RELA

SCHEDULE OF NET CASH FLOWS RELATING TO PROVED OIL AND GAS RESERVES (Details) - USD ($)		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Supplemental Information On Oil And Gas Operations
Future cash inflows		$ 134,081,000	$ 211,828,000
Future production costs	[1]	(31,752,000)	(40,061,000)
Future development costs		(17,496,000)	(17,241,000)
Future income tax expenses		(19,746,000)	(39,262,000)
Future net cash flows		65,087,000	115,264,000
10% annual discount for estimated timing of cash flows		(36,997,000)	(60,184,000)
Standardized measure of discounted future net cash flows at the end of the fiscal year		$ 28,090,000	$ 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

SCHEDULE OF AVERAGE HYDROCARBON PRICES (Details) - $ / shares		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Oil [Member]
Oil and Gas, Proved Reserve, Quantity [Line Items]
Average Price	[1]	$ 78.64	$ 78.54	$ 91.72
Natural Gas [Member]
Oil and Gas, Proved Reserve, Quantity [Line Items]
Average Price	[1]	$ 2.21	$ 3.42	$ 5.79
[1]Average prices were based on 12-month unweighted arithmetic average of the first-day-of-the-month prices for the period from October through September during each respective fiscal year.

SCHEDULE OF CHANGES IN DISCOUNT

SCHEDULE OF CHANGES IN DISCOUNTED FUTURE NET CASH FLOWS (Details) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Supplemental Information On Oil And Gas Operations
Standardized measure of discounted future net cash flows at the beginning of the year	$ 55,080,000	$ 144,729,000
Extensions, discoveries and improved recovery, less related costs
Sales of minerals in place
Purchase of minerals in place
Revisions of previous quantity estimates	(25,208,000)	(103,529,000)
Net changes in prices and production costs	(4,323,000)	(52,170,000)
Accretion of discount	7,400,000	19,862,000
Sales of oil produced, net of production costs	80,000	191,000
Changes in future development costs	(107,000)	27,173,000
Changes in timing of future production	(15,706,000)	(16,145,000)
Net changes in income taxes	10,874,000	34,969,000
Standardized measure of discounted future net cash flows at the end of the year	$ 28,090,000	$ 55,080,000