Company: OKMN
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001079973-25-000885
Chunk: 13

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-05-16
Form: 10-Q
Item: Part I, Item 2
Chunk 13
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 rework and recompletion opportunities with lower entry costs. The Company's
initial projects are located in Oklahoma and Kansas.

The Company has two wholly owned subsidiaries that
conduct oil and gas activities, Okmin Operations, LLC, incorporated on May 25, 2021 in the State of Kansas, and Okmin Energy LLC, incorporated
on November 21, 2021 in the State of Oklahoma.

The Company has an interest in four separate projects:

  The Blackrock Joint Venture encompassing 15 oil and gas leases in Oklahoma                                  
  A 72.5% Net Revenue Interest in the Vitt oil lease located in Neosho County, Kansas                         
  A 10% overriding royalty interest in West Sheppard Pool, a natural gas project in North East Oklahoma; and  
  A 50% joint venture interest in Pushmataha, a natural gas project in South East Oklahoma.                   

The Company has not conducted any reserve evaluations
or calculations, and there are currently no proven reserves on any of the Company’s properties.

Blackrock Joint Venture

Okmin entered into a Joint Venture Agreement and Operating
Agreement in February 2021, committing $100,000 in the initial phase to acquire working interests in ten oil and gas leases located in
Okmulgee and Muskogee Counties in Oklahoma. Under the Operating Agreement, Okmin has a 50% Working Interest in 710 acres and a 25%
interest in 80 acres. The Company’s Joint Venture partner, Blackrock Energy LLC (“ Blackrock”), is the operator of the
project. Pursuant to a further agreement entered into on June 10, 2022, the Company added an additional five oil and gas leases across
739 acres to its Joint Venture with Blackrock, thereby expanding the overall project to fifteen leases covering over 1,500 acres. In the
nine months ended March 31, 2025, lease operating expenses including taxes recorded across the extended Joint Venture totaled $15,120
and our share of the Joint Venture recorded revenues of $15,719 from oil and gas sales, predominantly oil, compared with $41,109 in revenues
for the corresponding nine months ended March 31, 2024.

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Vitt Lease

The Company through its wholly owned Kansas subsidiary,
Okmin Operations, LLC entered into an agreement in July 2021 to acquire a 72.5% Net Revenue Interest in the Vitt Lease located in Neosho
County, Kansas. Okmin