Exhibit 99.1

APPRAISAL OF

CERTAIN OIL AND GAS INTERESTS

OWNED BY PER MEX PETROLEUM CORPORATION

LOCATED IN

NEW MEXICO AND TEXAS

AS OF SEPTEMBER 30, 2022

PREPARED FOR

PERMEX PETROLEUM CORPORATION

SEC Pricing

MKM ENGINEERING

F-009377

Michele K. Mudrone, P.E.

November 21, 2022

Permex Petroleum Corporation

November 21, 2022

Page 2

MKM ENGINEERING
Oil and Gas Consulting Services
3905 Sagamore Hill Court
Plano, Texas 75025

November 21, 2022

Mr. Mehran Ehsan

Permex Petroleum Corporation

100 Crescent Court, Suite 700

Dallas, Texas 75201

Dear Mr. Ehsan:

As requested, we are submitting our estimates of proved and probable reserves and our forecasts of the resulting economics attributable to the interests of Permex Petroleum Corporation as of September 30, 2022, in certain properties located in Eddy County, New Mexico, Gaines, Stonewall, and Young Counties, Texas. We completed our evaluation on November 21, 2022. It is our understanding that the proved and probable reserves estimated in this report constitute 100% of all proved and probable reserves owned by Permex Petroleum Corporation in the United States.

This report has been prepared for Permex Petroleum Corporation’s use in filing with the SEC; in our opinion the assumptions, data, methods, and procedures used in the preparation of this report are appropriate for such purpose. Composite proved reserve estimates and economic forecasts are summarized below:

		Proved		Proved Developed Producing		Proved Non- Producing		Proved Undeveloped
Net Reserves
Oil/Condensate	MBbl		6,237.1		444.6		709.3		5,083.2
Gas	MMcf		3,001.2		286.2		578.6		2,136.4
Revenue
Oil/Condensate	M$		572,090.2		40,485.1		65,032.6		466,572.5
Gas	M$		17,390.7		1,736.5		3,287.4		12,366.8
Severance and Ad Valorem Taxes	M$		43,493.7		3,633.2		4,955.7		34,904.8
Operating Expenses	M$		48,136.3		11,893.8		5,610.1		30,632.4
Investments	M$		71,700.0		806.9		2,074.6		68,818.5
Operating Income (BFIT)	M$		426,150.9		25,887.7		55,679.6		344.583.6
Discounted @ 10%	M$		198,619.1		12,057.6		34,831.6		151,729.9

Permex Petroleum Corporation

November 21, 2022

Page 3

Composite probable reserve estimates and economic forecasts are summarized below:

		Probable		Probable Developed Producing		Probable Non- Producing		Probable Undeveloped
Net Reserves
Oil/Condensate	MBbl		7,452.1		1.9		115.9		7,334.3
Gas	MMcf		10,323.8		10.5		6.2		10,307.1
Revenue
Oil/Condensate	M$		680,179.1		164.4		10,469.2		669,545.5
Gas	M$		62,309.3		64.5		38.3		62,206.5
Severance and Ad Valorem Taxes	M$		41,500.1		28.4		750.3		40,721.4
Operating Expenses	M$		50,223.2		73.9		1,112.6		49,036.7
Investments	M$		107,884.9		0.0		0.0		107.884.9
Operating Income (BFIT)	M$		542,880.1		126.6		8,644.5		534,109.3
Discounted @ 10%	M$		229,567.4		53.4		3,247.1		226,266.9

While the oil and gas industry may be subject to regulatory changes from time to time that could affect an industry participant’s ability to recover its reserves, we are not aware of any such governmental actions which would restrict the recovery of the September 30, 2022 estimated reserves.

Primary Economic Assumptions

Values of proved and probable reserves in this report are expressed in terms of estimated future gross revenue, future net revenue, and present worth. Future gross revenue is that revenue which will accrue to the evaluated interests from the production and sale of the estimated net reserves.

Future net revenue is calculated by deducting estimated production taxes, ad valorem taxes, operating expenses, capital costs, and abandonment costs from the future gross revenue. Operating expenses include field operating expenses, transportation expenses, compression charges, and an allocation of overhead that directly relates to production activities. Future income tax expenses were not taken into account in the preparation of these estimates. Present worth of future net revenue is calculated by discounting the future net revenue at the arbitrary rate of IO percent per year compounded annually over the expected period of realization. Present worth should not be construed as fair market value because no consideration was given to additional factors that influence the prices at which properties are bought and sold.

Permex Petroleum Corporation

November 21, 2022

Page 4

Future prices were estimated using guidelines established by the SEC and the Financial Account Standards Board (FASB). The assumptions used for estimating future prices and expense are as follows:

Oil and Condensate Prices

Oil and condensate price differentials were calculated for each property based on prices received by Permex. The prices were calculated using these differentials to a posted West Texas Intermediate (WTI) at Cushing of $91.71 per barrel and were held constant for the lives of the properties. The WTI oil price of $91.71 per barrel is the 12-month average price calculated as the unweighted arithmetic average of the first-day-of-the-month price for each of the last three months of 2021 and the first nine months of 2022. The volume-weighted average product price over the life of the properties was $91.48 per barrel of oil.

Gas Prices

Gas price differentials were calculated for each property based on prices received by Permex. The prices were calculated using these differentials to a Henry Hub price of $6.126 per million British thermal units (MMBtu) and were held constant for the lives of the properties. The Henry Hub gas price of $6.126 per MMBtu is the 12-month average price calculated as the unweighted arithmetic average of the first-day-of-the-month price for each of the last three months of 2021 and the first nine months of 2022 British thermal unit factors were provided by Permex and used to convert prices from dollars per MMBtu to dollars per thousand cubic feet ($/Md). The volume-weighted average product price over the life of the properties was $ 5.98 per thousand cubic feet of gas.

Production and Ad Valorem taxes

Production taxes were calculated using the tax rates for the state in which the property is located. Ad valorem taxes were calculated using average rates for each county in which the property is located.

Operating Expenses, Capital Costs and Abandonment Costs

Operating costs were based on operating expense records of Permex Petroleum Corporation and based on current expenses, were held constant for the lives of the properties. Development costs were furnished to us by Permex and are based on authorization for expenditures for the proposed work or actual costs of similar projects. The development costs furnished to us were accepted as factual data and reviewed by MKM Engineering for their reasonableness; however, we have not conducted an independent verification of these costs. Capital expenditures for plugging, abandonment, and reclamation of the properties at the end-of-project life were included in this report.

The undeveloped reserves in this report have been incorporated herein in accordance with Permex’s plans to develop these reserves as of September 30, 2022. The implementation of Permex’s development plans and budget as presented to us and incorporated herein were approved by Permex’s management. Additionally, Permex has informed MKM Engineering that they are not aware of any legal, regulatory or political obstacles that would significantly alter the development plans.

Permex Petroleum Corporation

November 21, 2022

Page 5

The proved and probable reserve classifications conform to criteria of the Securities and Exchange Commission. Reserves are judged to be economically producible in future years from known reservoirs under existing economic and operating conditions and assuming continuation of current regulatory practices using conventional production methods and equipment. In the analyses of production decline curves, reserves were estimated only to the limit of economic rates of production under existing economic and operating conditions using prices and costs consistent with the effective date of this report, including consideration of changes in existing prices provided only by contractual arrangement but not including escalations based on future conditions. The reserves and economics are predicted on the regulatory agency classifications, rules, policies, laws, taxes, and royalties in effect on the date of this report except as noted herein. In evaluating the information at our disposal concerning this report, we have excluded from our consideration all matters as to which the controlling interpretation may be legal or accounting, rather than engineering and geosciences. Therefore, the possible effects of changes in legislation or other Federal or State restrictive actions have not been considered. An on-site field inspection of these properties has not been made nor have the wells been tested by MKM Engineering. Possible environmental liability related to the properties has not been investigated nor considered.

Methodology and Procedures

The reserves were estimated using a combination of the production performance, volumetric, and analogy methods, in each case as we considered to be appropriate and necessary to establish the conclusions set forth herein. All reserve estimates represent our best judgment based on data available at the time of preparation and assumptions as to future economic and regulatory conditions. It should be realized that the reserves actually recovered, the revenue derived therefrom, and the actual cost incurred could be more or less than the estimated amounts.

The process of estimated reserves is complex. It requires significant judgments and decisions based on available geological, geophysical, engineering, and economic data. These estimates may change substantially as additional data from ongoing development activities and production performance becomes available and as economic conditions impacting oil and gas prices and costs change.

For depletion type reservoirs or those whose performance disclosed a reliable decline in producing rate trends or other diagnostic characteristics, reserves were estimated by the application of appropriate decline curves or other performance relationships. In the analyses of production decline curves, reserves were estimated only to the limits of economic production based on existing economic conditions. In certain cases, when the previously named method could not be used, reserves were estimated by analogy with similar wells or reservoirs for which more complex data were available.

As circumstances change and additional data become available, reserve estimates also change.

Estimates made are reviewed and revised, either upward or downward, as warranted by the new information. Revisions are often required due to changes in well performance, prices, economic conditions, and governmental restrictions.

Permex Petroleum Corporation

November 21, 2022

Page 6

Although every reasonable effort is made to ensure that reserve estimates are accurate, reserve estimation is an inferential science. As a result, the subjective decisions, new geological or production information, and a changing environment may impact these estimates. Revisions to reserve estimates can arise from changes in year end oil and gas prices, and reservoir performance. Such revisions can be positive or negative.

Gas reserves estimated herein are expressed as sales gas. Sales gas is defined as the total gas to be produced from the reservoirs, measured at the point of delivery, after reduction for fuel use and shrinkage resulting from the field separation and processing. Gas reserves are expressed at a temperature base of 60 degrees Fahrenheit and at the pressure base of the state in which the resources are located. Gas reserves included herein are expressed in thousands of cubic feet (Met). Oil and condensate reserves estimated herein are those to be recovered by conventional lease separation. Oil and condensate reserves included in this report are expressed in barrels (bbl) representing 42 United States gallons per barrel.

The reserve estimates were based on interpretations of factual data furnished by Permex Petroleum Corporation. Ownership interests were supplied by Permex Petroleum Corporation and were accepted as furnished. To some extent, information from public records has been used to check and/or supplement this data. The basic engineering and geological data were utilized subject to third party reservations and qualifications. Nothing has come to our attention, however, that would cause us to believe that we are not justified in relying on such data.

MKM Engineering is independent with respect to Permex Petroleum Corporation as provided in the Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information promulgated by the Society of Petroleum Engineers (“SPE Standards”). Neither MKM

Engineering nor any of its employees has any interest in the subject properties. Neither the employment to make this study nor the compensation is contingent on the results of our work or the future production rates for the subject properties.

Our work papers and related data are available for inspection and review by authorized parties.

	Respectfully submitted,
	MKM ENGINEERING
	Texas Registered Engineering Firm F-009733
	Michele K. Mudrone, P.E.
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