PROPERTY AND EQUIPMENT

12 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

5. PROPERTY AND EQUIPMENT

Property and equipment consisted of the following:

	September 30, 2023			September 30, 2022
Oil and natural gas properties, at cost	$	10,501,244		$	8,029,234
Construction in progress		-			460,306
Less: accumulated depletion		(289,456	)		(184,658	)
Oil and natural gas properties, net		10,211,788			8,304,882
Other property and equipment, at cost		205,315			127,542
Less: accumulated depreciation		(55,684	)		(5,648	)
Other property and equipment, net		149,631			121,894
Property and equipment, net	$	10,361,419		$	8,426,776

Depletion and depreciation expense was $154,834 and $105,503 for the years ended September 30, 2023 and 2022, respectively.

PERMEX PETROLEUM CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

YEARS ENDED SEPTEMBER 30, 2023 AND 2022