Permex Petroleum (OILCF) 10-Q22 Oct 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	9 Months Ended
Cover - shares	Jun. 30, 2024	Oct. 22, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--09-30
Entity File Number	001-41558
Entity Registrant Name	Permex Petroleum Corporation
Entity Central Index Key	0001922639
Entity Tax Identification Number	98-1384682
Entity Incorporation, State or Country Code	A1
Entity Address, Address Line One	1700 Post Oak Boulevard
Entity Address, Address Line Two	2 Blvd Place 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 Current Reporting Status	No
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		551,503

Condensed Interim Consolidated

Condensed Interim Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2024	Sep. 30, 2023
Current assets
Cash	$ 428,385	$ 82,736
Trade and other receivables (net of allowance: June 30, 2024 - $nil; September 30, 2023 - $nil)	20,126	78,441
Prepaid expenses and deposits	101,389	127,239
Total current assets	549,900	288,416
Non-current assets
Reclamation deposits	75,000	145,000
Property and equipment, net of accumulated depletion and depreciation	10,306,590	10,361,419
Right of use asset, net	96,058	146,912
Total assets	11,027,548	10,941,747
Current liabilities
Trade and other payables	3,774,392	3,228,327
Loans payable	160,936	125,936
Convertible debentures	1,016,444
Lease liability – current portion	78,791	77,069
Total current liabilities	5,030,563	3,431,332
Non-current liabilities
Asset retirement obligations	287,761	260,167
Lease liability, less current portion	30,538	81,456
Total liabilities	5,348,862	3,772,955
Stockholders’ Equity
Common stock, no par value per share; unlimited shares authorized, 551,503 shares* issued and outstanding as of June 30, 2024 and September 30, 2023.	14,947,150	14,947,150
Additional paid-in capital	5,475,316	4,549,431
Accumulated other comprehensive loss	(127,413)	(127,413)
Accumulated deficit	(14,616,367)	(12,200,376)
Total stockholders’ equity	5,678,686	7,168,792
Total liabilities and stockholders’ equity	$ 11,027,548	$ 10,941,747

Condensed Interim Consolidate_2

Condensed Interim Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)		9 Months Ended	12 Months Ended
		Jun. 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

Condensed Interim Consolidate_3

Condensed Interim Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)		3 Months Ended		9 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Oil and gas sales			$ 156,716	$ 75,466	$ 541,459
Royalty income		2,671	303	11,190	18,140
Total revenues		2,671	157,019	86,656	559,599
Operating expenses
Lease operating expense		10,421	235,511	165,305	762,668
General and administrative		629,836	788,659	1,674,738	3,014,307
Depletion and depreciation		14,875	37,286	54,829	120,459
Accretion on asset retirement obligations		9,198	7,994	27,594	23,982
Total operating expenses		(664,330)	(1,069,450)	(1,922,466)	(3,921,416)
Loss from operations		(661,659)	(912,431)	(1,835,810)	(3,361,817)
Other income (expense)
Interest income			108		108
Other income			6,000	8,000	18,000
Foreign exchange gain (loss)		5,146	(3,310)	5,087	(7,690)
Interest and debt expense		(97,191)	(1,026)	(98,217)	(2,208)
Loss on debt extinguishment		(495,051)		(495,051)
Gain on settlement of warrant liability			930		930
Change in fair value of warrant liability			136		22,570
Total other income (expense)		(587,096)	2,838	(580,181)	31,710
Net loss and comprehensive loss		(1,248,755)	(909,593)	(2,415,991)	(3,330,107)
Deemed dividend arising from warrant modification			(543,234)		(543,234)
Net loss attributable to common stockholders		$ (1,248,755)	$ (1,452,827)	$ (2,415,991)	$ (3,873,341)
Basic loss per common share		$ (2.26)	$ (2.96)	$ (4.38)	$ (7.97)
Diluted loss per common share		$ (2.26)	$ (2.96)	$ (4.38)	$ (7.97)
Weighted average number of common shares outstanding - Basic	[1]	551,503	491,036	551,503	485,779
Weighted average number of common shares outstanding - Diluted	[1]	551,503	491,036	551,503	485,779

[1]The number of shares has been restated to reflect the 4:1

Condensed Interim Consolidate_4

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

Condensed Consolidated Statemen

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - 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
Net loss					(3,330,107)	(3,330,107)
Exercise of warrants		$ 781,953				781,953
Exercise of warrants, shares	[1]	68,353
Share issuance costs		$ (129,780)	35,919			(93,861)
Deemed dividend arising from warrant modification			543,234			543,234
Warrant modification			(543,234)			(543,234)
Share-based payments			318			318
Balance at Jun. 30, 2023		$ 14,989,912	4,549,431	(127,413)	(11,590,522)	7,821,408
Balance, shares at Jun. 30, 2023	[1]	551,503
Balance at Mar. 31, 2023		$ 14,337,739	4,513,512	(127,413)	(10,680,929)	8,042,909
Balance, shares at Mar. 31, 2023	[1]	483,150
Net loss					(909,593)	(909,593)
Exercise of warrants		$ 781,953				781,953
Exercise of warrants, shares	[1]	68,353
Share issuance costs		$ (129,780)	35,919			(93,861)
Deemed dividend arising from warrant modification			543,234			543,234
Warrant modification			(543,234)			(543,234)
Balance at Jun. 30, 2023		$ 14,989,912	4,549,431	(127,413)	(11,590,522)	7,821,408
Balance, shares at Jun. 30, 2023	[1]	551,503
Balance at Sep. 30, 2023		$ 14,947,150	4,549,431	(127,413)	(12,200,376)	7,168,792
Balance, shares at Sep. 30, 2023	[1]	551,503
Warrants issued in private placement			431,666			431,666
Warrants issued for debt amendment			494,219			494,219
Net loss					(2,415,991)	(2,415,991)
Balance at Jun. 30, 2024		$ 14,947,150	5,475,316	(127,413)	(14,616,367)	5,678,686
Balance, shares at Jun. 30, 2024	[1]	551,503
Balance at Mar. 31, 2024		$ 14,947,150	4,549,431	(127,413)	(13,367,612)	6,001,556
Balance, shares at Mar. 31, 2024	[1]	551,503
Warrants issued in private placement			431,666			431,666
Warrants issued for debt amendment			494,219			494,219
Net loss					(1,248,755)	(1,248,755)
Balance at Jun. 30, 2024		$ 14,947,150	$ 5,475,316	$ (127,413)	$ (14,616,367)	$ 5,678,686
Balance, shares at Jun. 30, 2024	[1]	551,503

[1]The number of shares has been restated to reflect the 4:1

Condensed Consolidated Statem_2

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

Condensed Interim Consolidate_5

Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (2,415,991)	$ (3,330,107)
Adjustments to reconcile net loss to net cash from operating activities:
Accretion on asset retirement obligations	27,594	23,982
Depletion and depreciation	54,829	120,459
Foreign exchange loss (gain)	(5,087)
Amortization of debt discount	82,278
Loss on debt extinguishment	495,051
Gain on settlement of warrant liability		(930)
Change in fair value of warrant liability		(22,570)
Share-based payments		318
Changes in operating assets and liabilities:
Trade and other receivables	58,315	40,599
Prepaid expenses and deposits	25,850	180,877
Trade and other payables	551,152	1,045,347
Right of use asset and lease liability	1,658	5,819
Net cash used in operating activities	(1,124,351)	(1,936,206)
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures on property and equipment		(1,249,704)
Reclamation deposit redemption	70,000
Net cash provided by (used in) investing activities	70,000	(1,249,704)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from debenture financing	1,365,000
Proceeds from exercise of warrants		781,953
Share issuance costs		(93,861)
Loan payable proceeds	45,000
Loan payable repayment	(10,000)
Debenture repayment		(38,291)
Net cash provided by financing activities	1,400,000	649,801
Change in cash during the period	345,649	(2,536,109)
Cash, beginning of the period	82,736	3,300,495
Cash, end of the period	428,385	764,386
Supplemental cash flow disclosures:
Interest paid	1,026	1,182
Taxes paid
Supplemental disclosures of non-cash investing and financing activities:
Share purchase warrants issued in connection with exercise of warrants		579,153
Share purchase warrants issued in connection with debt issuance	431,666
Trade and other payables related to property and equipment		$ 1,459,667

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ (1,248,755)	$ (909,593)	$ (2,415,991)	$ (3,330,107)

Insider Trading Arrangements

Insider Trading Arrangements	9 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BACKGROUND

BACKGROUND	9 Months Ended
BACKGROUND	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BACKGROUND	1. BACKGROUND Permex Petroleum Corporation (the “Company”) was incorporated on April 24, 2017 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	9 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2024
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) and applicable rules and regulations of the United States Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of the Company’s financial position and of the results of operations and cash flows for the periods presented. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending September 30, 2023 or for any other interim period or for any other future fiscal year. These condensed consolidated financial statements should be read in conjunction with the audited financial statements and footnotes included in Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2023. Principles of Consolidation The accompanying consolidated financial statements include the assets, liabilities, revenue and expenses of the Company’s wholly-owned subsidiary, Permex Petroleum US Corporation. All intercompany balances and transactions have been eliminated. PERMEX PETROLEUM CORPORATION NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE AND NINE MONTHS ENDED JUNE 30, 2024 (UNAUDITED) 2. Significant Accounting Policies (cont’d…) Going concern of operations These consolidated financial statements have been prepared on a going concern basis which assumes that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. The Company has incurred losses since inception in the amount of $ 14,616,367 4,480,663 The Company expects to raise additional funds through equity and debt financings. There is no assurance that such financing will be available in the future. During the quarter ended June 30, 2024, the Company raised $ 1,365,000 September 12, 2024 2,400,000 In view of these matters, continuation as a going concern is dependent upon continued operations of the Company, which in turn is dependent upon the Company’s ability to, meet its financial requirements, raise additional capital, and the success of its future operations. The financial statements do not include any adjustments to the amount and classification of assets and liabilities that may be necessary should the Company not continue as a going concern. Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Management evaluates these estimates and judgments on an ongoing basis and bases its estimates on experience, current and expected future conditions, third-party evaluations and various other assumptions that management believes are reasonable under the circumstances. Significant estimates have been used by management in conjunction with the following: (i) the fair value of assets when determining the existence of impairment factors and the amount of impairment, if any; (ii) the costs of site restoration when determining decommissioning liabilities; (iii) the useful lives of assets for the purposes of depletion and depreciation; (iv) petroleum and natural gas reserves; and (v) share-based payments. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ from those estimates. New accounting standards On October 1, 2023, the Company adopted Accounting Standards Update (ASU) No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In November 2023, the FASB issued ASU 2023 - 07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which becomes effective for fiscal years beginning after December 15, 2024. This update requires public entities to disclose significant expenses for reportable segments in both interim and in annual reporting periods, while entities with only a single reportable segment must now provide all segment disclosures required both in ASC 280 and under the amendments in ASU 2023-07. The Company does not expect the standard to have a material effect on its consolidated financial statements and has begun evaluating disclosure presentation alternatives. In December 2023, the FASB issued ASU 2023 - 09, Income Taxes (Topic740) Improvements to Income Tax Disclosures, which becomes effective for fiscal years beginning after December 15, 2024. The standard requires companies to disclose specific categories in the income tax rate reconciliation table and the amount of income taxes paid per major jurisdiction. The Company does not expect the standard to have a material effect on its consolidated financial statements and has begun evaluating disclosure presentation alternatives. PERMEX PETROLEUM CORPORATION NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE AND NINE MONTHS ENDED JUNE 30, 2024 (UNAUDITED)

REVENUE

REVENUE	9 Months Ended
REVENUE	Jun. 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 Statements of Operations. As of June 30, 2024 and September 30, 2023, receivable from contracts with customers, included in trade and other receivables, were $ 2,983 48,165 The following tables present our revenue from contracts with customers disaggregated by product type and geographic areas. SCHEDULE OF REVENUE DISAGGREGATED BY PRODUCT TYPE AND GEOGRAPHIC AREAS Three months ended June 30, 2024 Texas New Mexico Total Crude oil $ - $ - $ - Natural gas - - - Revenue $ - $ - $ - Three months ended June 30, 2023 Texas New Mexico Total Crude oil $ 113,471 $ 42,230 $ 155,701 Natural gas 1,015 - 1,015 Revenue $ 114,486 $ 42,230 $ 156,716 Nine months ended June 30, 2024 Texas New Mexico Total Crude oil $ 39,857 $ 35,609 $ 75,466 Natural gas - - - Revenue $ 39,857 $ 35,609 $ 75,466 Nine months ended June 30, 2023 Texas New Mexico Total Crude oil $ 417,050 $ 116,285 $ 533,335 Natural gas 8,124 - 8,124 Revenue $ 425,174 $ 116,285 $ 541,459

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK	9 Months Ended
CONCENTRATION OF CREDIT RISK	Jun. 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 equivalents and trade receivables. The Company’s cash balances sometimes exceed the United States’ Federal Deposit Insurance Corporation insurance limits. The Company mitigates this risk by placing its cash and cash equivalents with high credit quality financial institutions and attempts to limit the amount of credit exposure with any one institution. To date, the Company has not recognized any losses caused by uninsured balances. Trade receivables included in the Company’s receivable balance are $ 6,164 73,021 100 92 nil 93 13,962 9,587 nil nil nil PERMEX PETROLEUM CORPORATION NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE AND NINE MONTHS ENDED JUNE 30, 2024 (UNAUDITED)

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	9 Months Ended
PROPERTY AND EQUIPMENT	Jun. 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 June 30, 2024 September 30, 2023 Oil and natural gas properties, at cost $ 10,501,244 $ 10,501,244 Less: accumulated depletion (305,706 ) (289,456 ) Oil and natural gas properties, net 10,195,538 10,211,788 Other property and equipment, at cost 205,315 205,315 Less: accumulated depreciation (94,263 ) (55,684 ) Other property and equipment, net 111,052 149,631 Property and equipment, net $ 10,306,590 $ 10,361,419 Depletion and depreciation expense was $ 54,829 120,459 14,875 37,286

LEASES

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

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	9 Months Ended
ASSET RETIREMENT OBLIGATIONS	Jun. 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 June 30, 2024 September 30, 2023 Asset retirement obligations, beginning of the year $ 260,167 $ 236,412 Obligations derecognized - (287 ) Revisions of estimates - (7,934 ) Accretion expense 27,594 31,976 $ 287,761 $ 260,167 During the year ended September 30, 2023, the Company had a revision of estimates totaling $ 7,934 66,354 66,067 Reclamation deposits As of June 30, 2024, the Company held reclamation deposits of $ 75,000 145,000 70,000

DEBT

DEBT	9 Months Ended
DEBT	Jun. 30, 2024
Debt Disclosure [Abstract]
DEBT	8. DEBT Convertible debentures During the three months ended June 30, 2024, the Company completed private placement financings of 1,365 1,365,000 1,000 294 five years 4.08 1,365,000 401,310 Of the 1,365 500 1,000 1 294 495,051 494,219 3.41% 5 years 128.69% 0% 832 PERMEX PETROLEUM CORPORATION NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE AND NINE MONTHS ENDED JUNE 30, 2024 (UNAUDITED) 8. DEBT Convertible debentures The Company allocated the proceeds received from the issuance of the convertible debentures and warrants between the debt and equity components based on their relative fair values at the issuance date. Due to the lack of an active market for the Company’s privately placed debt instruments and the absence of relevant observable inputs, the Company determined that a reliable estimate of the fair value of the convertible debentures could not be obtained. Accordingly, the face value of the debentures is considered to be a reasonable approximation of their fair value at the issuance date. The fair value of the warrants issued was determined using the Black-Scholes option pricing model (assuming a risk-free interest rate of 3.41% 5 years 128.69 0% 431,666 348,556 The Convertible Debentures will mature on the earlier of: (i) one-year from the date of issuance or (ii) three-months from the date of issuance if the Company does not enter into a securities exchange, unit purchase or merger agreement with a third party to the reasonable satisfaction of a majority of the holders of Debentures. The Convertible Debentures are secured by the Company’s assets, bear simple interest at a rate of 10% 3.40 3.40 As June 30, 2024, the following Convertible Debentures were outstanding: SCHEDULE OF CONVERTIBLE DEBENTURES Principal Amount Interest rate Maturity Date 500,000 10 % July 12, 2024 September 12, 2024 865,000 10 % September 12, 2024 1,365,000 These Convertible Debentures are currently in default due to the Company’s failure to repay the principal and accrued interest on the maturity date. As of the date of this report, the aggregate amount due under these Convertible Debentures, including accrued interest is $ 1,421,829 Loans payable During the nine months ended June 30, 2024, the Company received a $ 45,000 On April 28, 2023, the Company issued a promissory note with a principal amount of $ 209,497 6% 115,936 125,936 Debenture loan – Related party During the year ended September 30, 2023, the Company repaid the remaining principal amount of $ 38,291 52,454 1,182 PERMEX PETROLEUM CORPORATION NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE AND NINE MONTHS ENDED JUNE 30, 2024 (UNAUDITED)

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
RELATED PARTY TRANSACTIONS	Jun. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	9. RELATED PARTY TRANSACTIONS i) The Company entered into an employment agreement with Bradley Taillon, the Company’s CEO, on April 29, 2024, for an annual base salary of base salary of $ 250,000 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. 59,812 50,000 ii) The Company had an employment agreement with Mehran Ehsan, the former CEO of the Company, for an annual base salary of $ 250,000 Mr. Ehsan is also eligible on an annual basis for a cash bonus of up to 100% of annual salary, subject to the discretion of the board of directors. 187,500 187,500 62,500 62,500 20% Subsequent to June 30, 2024, the Company signed a separation agreement to terminate Mr. Ehsan’s employment. The settlement includes: i) a lump sum payment of $ 100,000 7,500 35,155 iii) On May 1, 2022, the Company entered into an employment agreement with the CFO of the Company for an annual base salary of $ 50,000 The CFO is also eligible on an annual basis for a cash bonus of up to 100% of annual salary, subject to the discretion of the board of directors. The employment agreement may be terminated with a termination payment equal to two months of base salary. 37,500 37,500 12,500 12,500 iv) The convertible debenture loan from the former CEO of the Company mentioned in Note 8 was paid off during the nine months ended June 30, 2023.

LOSS PER SHARE

LOSS PER SHARE	9 Months Ended
LOSS PER SHARE	Jun. 30, 2024
Earnings Per Share [Abstract]
LOSS PER SHARE	10. LOSS PER SHARE The calculation of basic and diluted loss per share for the three and nine month periods ended June 30, 2024 and 2023 was based on the net losses attributable to common shareholders. The following table sets forth the computation of basic and diluted loss per share: SCHEDULE OF BASIC AND DILUTED LOSS PER SHARE Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended Net loss $ (1,248,755 ) $ (1,452,827 ) $ (2,415,991 ) $ (3,873,341 ) Weighted average common shares outstanding 551,503 491,036 551,503 485,779 Basic and diluted loss per share $ (2.26 ) $ (2.96 ) $ (4.38 ) $ (7.97 ) For the three and nine months ended June 30, 2024, 16,980 676,663 20,313 279,746 PERMEX PETROLEUM CORPORATION NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE AND NINE MONTHS ENDED JUNE 30, 2024 (UNAUDITED)

EQUITY

EQUITY	9 Months Ended
EQUITY	Jun. 30, 2024
Equity [Abstract]
EQUITY	11. EQUITY Common stock The Company has authorized an unlimited no 551,503 4:1 There were no share issuance transactions during the three and nine months ended June 30, 2024. During the year ended September 30, 2023, the Company announced a warrant exercise incentive program (the “Program”) whereby the Company amended the exercise prices of 253,966 50.40 11.44 5 18.00 On June 30, 2023, the Company issued 68,353 11.44 781,953 645,330 68,353 62,556 5,470 449,005 35,919 3.68% 5 128.81% 0% 544,164 4.21% 3.75 137.62% 0% 543,234 930 74,066 Share-based payments Stock options The Company has a stock option plan (the “Plan”) in place under which it is authorized to grant options to executive officers and directors, employees and consultants. Pursuant to the Plan, the Company may issue aggregate stock options totaling up to 10% 10 PERMEX PETROLEUM CORPORATION NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE AND NINE MONTHS ENDED JUNE 30, 2024 (UNAUDITED) 11. EQUITY Share-based payments Stock option transactions are summarized as follows: SCHEDULE OF STOCK OPTION TRANSACTIONS Number Weighted Average Balance, September 30, 2022 21,146 $ 53.04 Cancelled (833 ) 42.62 Balance, September 30, 2023 20,313 $ 54.23 Cancelled (3,333 ) 59.94 Balance, June 30, 2024 16,980 $ 53.11 Exercisable at June 30, 2024 16,980 $ 53.11 The aggregate intrinsic value of options outstanding and exercisable as of June 30, 2024 was $ nil nil The options outstanding as of June 30, 2024 have exercise prices in the range of $ 8.88 88.80 5.93 During the three and nine months ended June 30, 2024, the Company recognized $ nil nil 318 As June 30, 2024, the following stock options were outstanding: SCHEDULE OF STOCK OPTIONS OUTSTANDING Number Exercise Price Issuance Date Expiry Date 4,480 $ 88.88 December 4, 2017 December 4, 2027 1,250 $ 53.28 November 1, 2018 November 1, 2028 1,250 $ 8.88 March 16, 2020 March 16, 2030 10,000 $ 42.62 October 6, 2021 October 6, 2031 16,980 PERMEX PETROLEUM CORPORATION NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE AND NINE MONTHS ENDED JUNE 30, 2024 (UNAUDITED) 11. EQUITY Warrants Warrant transactions are summarized as follows: SCHEDULE OF WARRANTS TRANSACTIONS Number Weighted Balance, September 30, 2022 274,276 $ 48.48 Exercised (68,353 ) 11.44 Granted 73,823 18.00 Balance, September 30, 2023 279,746 $ 39.79 Granted 401,310 4.08 Expired (4,393 ) 95.90 Balance, June 30, 2024 676,663 $ 18.25 As June 30, 2024, the following warrants were outstanding: SCHEDULE OF WARRANTS OUTSTANDING Number Exercise Price Issuance Date Expiry Date 149,447 $ 50.40 March 29, 2022 March 29, 2027 73,823 $ 18.00 June 30, 2023 June 30, 2028 147,000 $ 4.08 April 16, 2024 April 16, 2029 254,310 $ 4.08 June 12, 2024 June 12, 2029 52,083 $ 35.52 September 30, 2021 September 30, 2031 676,663 PERMEX PETROLEUM CORPORATION NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE AND NINE MONTHS ENDED JUNE 30, 2024 (UNAUDITED)

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
SEGMENT INFORMATION	Jun. 30, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	12. SEGMENT INFORMATION Operating segments The Company operates in a single reportable segment – the acquisition, development and production of oil and gas properties in the United States.

CONTINGENCIES

CONTINGENCIES	9 Months Ended
CONTINGENCIES	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	13. CONTINGENCIES The Company from time to time may be involved with disputes, claims and litigation related to the conduct of its business. The Company had $ 455,447 446,783

SUBSEQUENT EVENT

SUBSEQUENT EVENT	9 Months Ended
SUBSEQUENT EVENT	Jun. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENT	14. SUBSEQUENT EVENT Subsequent to June 30, 2024, the Company announced a non-brokered private placement of up to 18,635 1,000 523 five years 1.91 10% 1.91 2,400,000

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) and applicable rules and regulations of the United States Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of the Company’s financial position and of the results of operations and cash flows for the periods presented. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending September 30, 2023 or for any other interim period or for any other future fiscal year. These condensed consolidated financial statements should be read in conjunction with the audited financial statements and footnotes included in Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2023.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the assets, liabilities, revenue and expenses of the Company’s wholly-owned subsidiary, Permex Petroleum US Corporation. All intercompany balances and transactions have been eliminated. PERMEX PETROLEUM CORPORATION NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS THREE AND NINE MONTHS ENDED JUNE 30, 2024 (UNAUDITED) 2. Significant Accounting Policies (cont’d…)
Going concern of operations	Going concern of operations These consolidated financial statements have been prepared on a going concern basis which assumes that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. The Company has incurred losses since inception in the amount of $ 14,616,367 4,480,663 The Company expects to raise additional funds through equity and debt financings. There is no assurance that such financing will be available in the future. During the quarter ended June 30, 2024, the Company raised $ 1,365,000 September 12, 2024 2,400,000 In view of these matters, continuation as a going concern is dependent upon continued operations of the Company, which in turn is dependent upon the Company’s ability to, meet its financial requirements, raise additional capital, and the success of its future operations. The financial statements do not include any adjustments to the amount and classification of assets and liabilities that may be necessary should the Company not continue as a going concern.
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Management evaluates these estimates and judgments on an ongoing basis and bases its estimates on experience, current and expected future conditions, third-party evaluations and various other assumptions that management believes are reasonable under the circumstances. Significant estimates have been used by management in conjunction with the following: (i) the fair value of assets when determining the existence of impairment factors and the amount of impairment, if any; (ii) the costs of site restoration when determining decommissioning liabilities; (iii) the useful lives of assets for the purposes of depletion and depreciation; (iv) petroleum and natural gas reserves; and (v) share-based payments. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. These estimates are based on information available as of the date of the financial statements; therefore, actual results could differ from those estimates.
New accounting standards	New accounting standards On October 1, 2023, the Company adopted Accounting Standards Update (ASU) No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In November 2023, the FASB issued ASU 2023 - 07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which becomes effective for fiscal years beginning after December 15, 2024. This update requires public entities to disclose significant expenses for reportable segments in both interim and in annual reporting periods, while entities with only a single reportable segment must now provide all segment disclosures required both in ASC 280 and under the amendments in ASU 2023-07. The Company does not expect the standard to have a material effect on its consolidated financial statements and has begun evaluating disclosure presentation alternatives. In December 2023, the FASB issued ASU 2023 - 09, Income Taxes (Topic740) Improvements to Income Tax Disclosures, which becomes effective for fiscal years beginning after December 15, 2024. The standard requires companies to disclose specific categories in the income tax rate reconciliation table and the amount of income taxes paid per major jurisdiction. The Company does not expect the standard to have a material effect on its consolidated financial statements and has begun evaluating disclosure presentation alternatives.

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
REVENUE (Tables)	Jun. 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 areas. SCHEDULE OF REVENUE DISAGGREGATED BY PRODUCT TYPE AND GEOGRAPHIC AREAS Three months ended June 30, 2024 Texas New Mexico Total Crude oil $ - $ - $ - Natural gas - - - Revenue $ - $ - $ - Three months ended June 30, 2023 Texas New Mexico Total Crude oil $ 113,471 $ 42,230 $ 155,701 Natural gas 1,015 - 1,015 Revenue $ 114,486 $ 42,230 $ 156,716 Nine months ended June 30, 2024 Texas New Mexico Total Crude oil $ 39,857 $ 35,609 $ 75,466 Natural gas - - - Revenue $ 39,857 $ 35,609 $ 75,466 Nine months ended June 30, 2023 Texas New Mexico Total Crude oil $ 417,050 $ 116,285 $ 533,335 Natural gas 8,124 - 8,124 Revenue $ 425,174 $ 116,285 $ 541,459

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	9 Months Ended
PROPERTY AND EQUIPMENT (Tables)	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
SCHEDULE OF PROPERTY AND EQUIPMENT	Property and equipment consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT June 30, 2024 September 30, 2023 Oil and natural gas properties, at cost $ 10,501,244 $ 10,501,244 Less: accumulated depletion (305,706 ) (289,456 ) Oil and natural gas properties, net 10,195,538 10,211,788 Other property and equipment, at cost 205,315 205,315 Less: accumulated depreciation (94,263 ) (55,684 ) Other property and equipment, net 111,052 149,631 Property and equipment, net $ 10,306,590 $ 10,361,419

LEASES (Tables)

LEASES (Tables)	9 Months Ended
LEASES (Tables)	Jun. 30, 2024
Leases
SCHEDULE OF RIGHT OF USE OPERATING LEASES	All of the Company’s right-of-use assets are operating leases related to its office premises. Details of the Company’s right-of-use assets and lease liabilities are as follows: SCHEDULE OF RIGHT OF USE OPERATING LEASES June 30, 2024 September 30, 2023 Right-of-use assets $ 96,058 $ 146,912 Lease liabilities Balance, beginning of the year $ 158,525 $ 244,906 Addition - - Liability accretion 12,346 24,221 Lease payments (61,542 ) (110,602 ) Balance, end of the year $ 109,329 $ 158,525 Current lease liabilities $ 78,791 $ 77,069 Long-term lease liabilities $ 30,538 $ 81,456 Weighted-average remaining lease term (in years) 1.42 2.17 Weighted-average discount rate 12 % 12 %
SCHEDULE OF LEASE COST	The following table presents the Company’s total lease cost. SCHEDULE OF LEASE COST Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended Operating lease cost $ 20,573 $ 27,704 $ 63,200 $ 92,947 Variable lease expense 15,469 22,516 45,905 48,513 Sublease income - (12,367 ) - (32,762 ) Net lease cost $ 36,042 $ 37,853 $ 109,105 $ 108,698
SCHEDULE OF FUTURE LEASE PAYMENTS	As of June 30, 2024, the Company has one office lease agreement for its office premises for terms ending in November 2025. The maturities of the Company’s operating lease liabilities are as follows: SCHEDULE OF FUTURE LEASE PAYMENTS Year 2024 $ 20,648 2025 84,664 2026 14,180 Total lease payments 119,492 Less: imputed interest (10,163 ) Total lease liabilities $ 109,329

ASSET RETIREMENT OBLIGATIONS (T

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

DEBT (Tables)

DEBT (Tables)	9 Months Ended
DEBT (Tables)	Jun. 30, 2024
Debt Disclosure [Abstract]
SCHEDULE OF CONVERTIBLE DEBENTURES	As June 30, 2024, the following Convertible Debentures were outstanding: SCHEDULE OF CONVERTIBLE DEBENTURES Principal Amount Interest rate Maturity Date 500,000 10 % July 12, 2024 September 12, 2024 865,000 10 % September 12, 2024 1,365,000

LOSS PER SHARE (Tables)

LOSS PER SHARE (Tables)	9 Months Ended
LOSS PER SHARE (Tables)	Jun. 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 three and nine month periods ended June 30, 2024 and 2023 was based on the net losses attributable to common shareholders. The following table sets forth the computation of basic and diluted loss per share: SCHEDULE OF BASIC AND DILUTED LOSS PER SHARE Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended Net loss $ (1,248,755 ) $ (1,452,827 ) $ (2,415,991 ) $ (3,873,341 ) Weighted average common shares outstanding 551,503 491,036 551,503 485,779 Basic and diluted loss per share $ (2.26 ) $ (2.96 ) $ (4.38 ) $ (7.97 )

EQUITY (Tables)

EQUITY (Tables)	9 Months Ended
EQUITY (Tables)	Jun. 30, 2024
Equity [Abstract]
SCHEDULE OF STOCK OPTION TRANSACTIONS	Stock option transactions are summarized as follows: SCHEDULE OF STOCK OPTION TRANSACTIONS Number Weighted Average Balance, September 30, 2022 21,146 $ 53.04 Cancelled (833 ) 42.62 Balance, September 30, 2023 20,313 $ 54.23 Cancelled (3,333 ) 59.94 Balance, June 30, 2024 16,980 $ 53.11 Exercisable at June 30, 2024 16,980 $ 53.11
SCHEDULE OF STOCK OPTIONS OUTSTANDING	As June 30, 2024, the following stock options were outstanding: SCHEDULE OF STOCK OPTIONS OUTSTANDING Number Exercise Price Issuance Date Expiry Date 4,480 $ 88.88 December 4, 2017 December 4, 2027 1,250 $ 53.28 November 1, 2018 November 1, 2028 1,250 $ 8.88 March 16, 2020 March 16, 2030 10,000 $ 42.62 October 6, 2021 October 6, 2031 16,980
SCHEDULE OF WARRANTS TRANSACTIONS	Warrant transactions are summarized as follows: SCHEDULE OF WARRANTS TRANSACTIONS Number Weighted Balance, September 30, 2022 274,276 $ 48.48 Exercised (68,353 ) 11.44 Granted 73,823 18.00 Balance, September 30, 2023 279,746 $ 39.79 Granted 401,310 4.08 Expired (4,393 ) 95.90 Balance, June 30, 2024 676,663 $ 18.25
SCHEDULE OF WARRANTS OUTSTANDING	As June 30, 2024, the following warrants were outstanding: SCHEDULE OF WARRANTS OUTSTANDING Number Exercise Price Issuance Date Expiry Date 149,447 $ 50.40 March 29, 2022 March 29, 2027 73,823 $ 18.00 June 30, 2023 June 30, 2028 147,000 $ 4.08 April 16, 2024 April 16, 2029 254,310 $ 4.08 June 12, 2024 June 12, 2029 52,083 $ 35.52 September 30, 2021 September 30, 2031 676,663

BACKGROUND (Details Narrative)

BACKGROUND (Details Narrative)	9 Months Ended
BACKGROUND (Details Narrative)	Jun. 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	9 Months Ended
	Jul. 01, 2024	Jun. 30, 2024	Jun. 30, 2024
Subsequent Event [Line Items]
Loss incurred			$ 14,616,367
Working capital deficit		$ 4,480,663	$ 4,480,663
Proceeds from issuance of long-term debt		$ 1,365,000
Maturity date		Sep. 12, 2024
Subsequent Event [Member]
Subsequent Event [Line Items]
Subscription proceeds total	$ 2,400,000

SCHEDULE OF REVENUE DISAGGREGAT

SCHEDULE OF REVENUE DISAGGREGATED BY PRODUCT TYPE AND GEOGRAPHIC AREAS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue		$ 156,716	$ 75,466	$ 541,459
TEXAS
Disaggregation of Revenue [Line Items]
Revenue		114,486	39,857	425,174
NEW MEXICO
Disaggregation of Revenue [Line Items]
Revenue		42,230	35,609	116,285
Crude Oil [Member]
Disaggregation of Revenue [Line Items]
Revenue		155,701	75,466	533,335
Crude Oil [Member] \| TEXAS
Disaggregation of Revenue [Line Items]
Revenue		113,471	39,857	417,050
Crude Oil [Member] \| NEW MEXICO
Disaggregation of Revenue [Line Items]
Revenue		42,230	35,609	116,285
Natural Gas [Member]
Disaggregation of Revenue [Line Items]
Revenue		1,015		8,124
Natural Gas [Member] \| TEXAS
Disaggregation of Revenue [Line Items]
Revenue		1,015		8,124
Natural Gas [Member] \| NEW MEXICO
Disaggregation of Revenue [Line Items]
Revenue

REVENUE (Details Narrative)

REVENUE (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
REVENUE (Details Narrative) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenue		$ 156,716	$ 75,466	$ 541,459
Trade Accounts Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenue			$ 2,983		$ 48,165

CONCENTRATION OF CREDIT RISK (D

CONCENTRATION OF CREDIT RISK (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
CONCENTRATION OF CREDIT RISK (Details Narrative) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023
Concentration Risk [Line Items]
Non trade receivables current	$ 13,962		$ 13,962
Credit losses on receivables			9,587
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Customer [Member]
Concentration Risk [Line Items]
Trade receivables	$ 6,164		$ 6,164		$ 73,021
Revenue Benchmark [Member] \| Customer Concentration Risk [Member] \| Two Customer [Member]
Concentration Risk [Line Items]
Concentration risk percentage		93%	100%	92%

SCHEDULE OF PROPERTY AND EQUIPM

SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)	Jun. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Oil and natural gas properties, at cost	$ 10,501,244	$ 10,501,244
Less: accumulated depletion	(305,706)	(289,456)
Oil and natural gas properties, net	10,195,538	10,211,788
Other property and equipment, at cost	205,315	205,315
Less: accumulated depreciation	(94,263)	(55,684)
Other property and equipment, net	111,052	149,631
Property and equipment, net	$ 10,306,590	$ 10,361,419

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depletion and depreciation	$ 14,875	$ 37,286	$ 54,829	$ 120,459

SCHEDULE OF RIGHT OF USE OPERAT

SCHEDULE OF RIGHT OF USE OPERATING LEASES (Details) - USD ($)	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Right-of-use assets	$ 96,058	$ 146,912
Ending balance	109,329
Current lease liabilities	78,791	77,069
Long-term lease liabilities	30,538	81,456
Office Premises [Member]
Property, Plant and Equipment [Line Items]
Right-of-use assets	96,058	146,912
Beginning balance	158,525	244,906
Addition
Liability accretion	12,346	24,221
Lease payments	(61,542)	(110,602)
Ending balance	109,329	158,525
Current lease liabilities	78,791	77,069
Long-term lease liabilities	$ 30,538	$ 81,456
Weighted-average remaining lease term (in years)	1 year 5 months 1 day	2 years 2 months 1 day
Weighted-average discount rate	12%	12%

SCHEDULE OF LEASE COST (Details

SCHEDULE OF LEASE COST (Details) - USD ($)	3 Months Ended		9 Months Ended
SCHEDULE OF LEASE COST (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases
Operating lease cost	$ 20,573	$ 27,704	$ 63,200	$ 92,947
Variable lease expense	15,469	22,516	45,905	48,513
Sublease income		(12,367)		(32,762)
Net lease cost	$ 36,042	$ 37,853	$ 109,105	$ 108,698

SCHEDULE OF FUTURE LEASE PAYMEN

SCHEDULE OF FUTURE LEASE PAYMENTS (Details)	Jun. 30, 2024 USD ($)
Leases
2024	$ 20,648
2025	84,664
2026	14,180
Total lease payments	119,492
Less: imputed interest	(10,163)
Total lease liabilities	$ 109,329

SCHEDULE OF ASSETS RETIREMENT O

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

ASSET RETIREMENT OBLIGATIONS (D

ASSET RETIREMENT OBLIGATIONS (Details Narrative) - USD ($)	9 Months Ended		12 Months Ended
ASSET RETIREMENT OBLIGATIONS (Details Narrative) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023
Asset Retirement Obligation Disclosure [Abstract]
Asset retirement obligation, revision of estimate			$ (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 ($)	3 Months Ended
SCHEDULE OF CONVERTIBLE DEBENTURES (Details) - USD ($)	Jun. 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] \| July 12, 2024 [Member]
Short-Term Debt [Line Items]
Principal Amount	$ 500,000
Interest rate	10%
Maturity Date	Jul. 12, 2024
Extended Maturity Date	Sep. 12, 2024
Senior Secured Convertible Debenture [Member] \| September 12, 2024 [Member]
Short-Term Debt [Line Items]
Principal Amount	$ 865,000
Interest rate	10%
Maturity Date	Sep. 12, 2024

DEBT (Details Narrative)

DEBT (Details Narrative)	3 Months Ended	9 Months Ended		12 Months Ended
DEBT (Details Narrative)	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	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	$ 494,219
Warrants and rights outstanding, term	5 years	5 years
Proceeds allocated to warrants	$ 431,666		$ 781,953
Debt discount	$ 348,556
Interest rate	10%	10%		6%
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				1,182
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	$ 1,421,829	$ 1,421,829
Convertible Debt [Member]
Short-Term Debt [Line Items]
Repayments of loan				$ 38,291	$ 52,454
Private Placement [Member]
Short-Term Debt [Line Items]
Convertible debentures issued \| shares	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

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)				3 Months Ended		9 Months Ended
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	Jul. 01, 2024	Apr. 29, 2024	May 01, 2022	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Oct. 01, 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%		20%
Subsequent Event [Member]
Employee settlment description	Subsequent to June 30, 2024, the Company signed a separation agreement to terminate Mr. Ehsan’s employment. The settlement includes: i) a lump sum payment of $100,000 payable upon the Company’s receipt of capital investment of no less than $1,000,000 or by October 31, 2024, whichever occurs first; ii) six equal monthly payments of $7,500 starting October 1, 2024 (with the first payment already made); and iii) the transfer of ownership of a Company vehicle with a fair value of $35,155.
Lump sum settlment payment	$ 100,000
Monthly payments								$ 7,500
Fair value of vehicle	$ 35,155
Employee Agreement [Member]
Management salary				$ 62,500	$ 62,500	$ 187,500	$ 187,500
Bradley Taillon [Member] \| Employee Agreement [Member]
Annual base salary		$ 250,000
Management salary				59,812		59,812
One-time sign-on bonus				50,000		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 is also eligible on an annual basis for a cash bonus of up to 100% of annual salary, subject to the discretion of the board of directors.
Chief Financial Officer [Member] \| Employee Agreement [Member]
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				$ 12,500	$ 12,500	$ 37,500	$ 37,500

SCHEDULE OF BASIC AND DILUTED L

SCHEDULE OF BASIC AND DILUTED LOSS PER SHARE (Details) - USD ($)		3 Months Ended		9 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net loss		$ (1,248,755)	$ (1,452,827)	$ (2,415,991)	$ (3,873,341)
Weighted average common shares outstanding, basic	[1]	551,503	491,036	551,503	485,779
Weighted average common shares outstanding, diluted	[1]	551,503	491,036	551,503	485,779
Basic loss per share		$ (2.26)	$ (2.96)	$ (4.38)	$ (7.97)
Diluted loss per share		$ (2.26)	$ (2.96)	$ (4.38)	$ (7.97)

[1]The number of shares has been restated to reflect the 4:1

LOSS PER SHARE (Details Narrati

LOSS PER SHARE (Details Narrative) - shares	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Number of options	16,980		20,313
Number of warrants	676,663	279,746	279,746	274,276

SCHEDULE OF STOCK OPTION TRANSA

SCHEDULE OF STOCK OPTION TRANSACTIONS (Details) - $ / shares	9 Months Ended	12 Months Ended
	Jun. 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	(3,333)	(833)
Weighted average exercise price, cancelled	$ 59.94	$ 42.62
Number of options, Ending balance	16,980	20,313
Weighted average exercise price, ending balance	$ 53.11	$ 54.23
Exercisable	16,980
Weighted average exercise price, exercisable	$ 53.11

SCHEDULE OF STOCK OPTIONS OUTST

SCHEDULE OF STOCK OPTIONS OUTSTANDING (Details) - $ / shares	9 Months Ended
	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Offsetting Assets [Line Items]
Number of options	16,980	20,313	21,146
Exercise Price	$ 53.11	$ 54.23	$ 53.04
Stock Option One [Member]
Offsetting Assets [Line Items]
Number of options	4,480
Exercise Price	$ 88.88
Issuance date	Dec. 04, 2017
Expiry date	Dec. 04, 2027
Stock Option Two [Member]
Offsetting Assets [Line Items]
Number of options	1,250
Exercise Price	$ 53.28
Issuance date	Nov. 01, 2018
Expiry date	Nov. 01, 2028
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	10,000
Exercise Price	$ 42.62
Issuance date	Oct. 06, 2021
Expiry date	Oct. 06, 2031

SCHEDULE OF WARRANTS TRANSACTIO

SCHEDULE OF WARRANTS TRANSACTIONS (Details) - $ / shares	9 Months Ended	12 Months Ended
SCHEDULE OF WARRANTS TRANSACTIONS (Details) - $ / shares	Jun. 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	401,310	73,823
Weighted average exercise price, granted	$ 4.08	$ 18
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)	9 Months Ended
SCHEDULE OF WARRANTS OUTSTANDING (Details)	Jun. 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 ($)				3 Months Ended		9 Months Ended		12 Months Ended
EQUITY (Details Narrative) - USD ($)		Oct. 23, 2023	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	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
Warrant sterm				5 years		5 years
Payments of Stock Issuance Costs							$ 93,861
Payments for repurchase of warrants			$ 544,164
Deemed dividend					$ 543,234		543,234
Fair value adjustments of warrants			$ 930		(136)		(22,570)
Percentage issued and outstanding for common stock				10%		10%
Expected term						10 years
Aggregate intrinsic value of warrants outstanding
Exercise price range, minimum						$ 8.88
Exercise price range, maximum						$ 88.80
Weighted average remaining contractual life						5 years 11 months 4 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 for which exercise price amended								253,966
Stock issued during period shares new issues			68,353
Shares Issued, Price Per Share			$ 11.44		$ 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
Price per share								$ 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

CONTINGENCIES (Details Narrativ

CONTINGENCIES (Details Narrative)	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Loss contingency claims from trade vendor	$ 455,447
Loss contingency accrual product liability net	$ 446,783

SUBSEQUENT EVENT (Details Narra

SUBSEQUENT EVENT (Details Narrative) - USD ($)		3 Months Ended
SUBSEQUENT EVENT (Details Narrative) - USD ($)	Jul. 01, 2024	Jun. 30, 2024	Sep. 30, 2023	Apr. 28, 2023
Subsequent Event [Line Items]
Principal amount				$ 209,497
Interest rate		10%	6%
Private Placement [Member]
Subsequent Event [Line Items]
Convertible debentures issued		1,365
Private Placement [Member] \| Convertible Debenture [Member]
Subsequent Event [Line Items]
Proceeds from subscription		$ 2,400,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Interest rate	10%
Subsequent Event [Member] \| Private Placement [Member]
Subsequent Event [Line Items]
Convertible debentures issued	18,635
Subsequent Event [Member] \| Private Placement [Member] \| Convertible Debenture [Member]
Subsequent Event [Line Items]
Principal amount	$ 1,000
Common share purchase warrants	523
Warrant exercisable period	5 years
Exercise price of warrants or rights	$ 1.91