Permex Petroleum Corporation has entered into an option agreement to purchase producing oil and natural gas wells to potentially mine Bitcoin.
The agreement includes over 50 producing wells, gathering facilities, and undeveloped leasehold interests.
CEO Brad Taillon stated that the assets could expand gas production, co-develop hydrocarbon and Bitcoin assets, and add stable gas production to the company's portfolio.
Option Agreement for Energy Assets
Permex received a 6-month option to acquire oil and natural gas assets for US$3 million, potentially enhancing Bitcoin mining operations.
Diversifying Asset Base
The acquisition aims to diversify Permex's asset base by adding stable gas production alongside hydrocarbon reserves.
Strategic Partnership with 360 Energy
Permex plans to work with 360 Energy for potential Bitcoin mining deployments across current and future assets.
- The assets covered by the option agreement produce approximately 4 MW of power.
- Acquiring these assets could align with Permex's strategy of combining hydrocarbon and Bitcoin assets for increased financial potential.
Permex's strategic move to acquire energy assets for potential Bitcoin mining operations could mark a significant step in diversifying and expanding the company's revenue streams.