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

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-05-16
Form: 10-Q
Item: Part I, Item 2
Chunk 16
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 3,840-acre leasehold, using the hydrocarbon mapping as a tool to locate the optimal drilling locations in these reservoirs.

In the nine months ended March 31, 2025, the Company’s
lease operating expenditures on the project were $14,211 with additional gas fees, transportation and taxes aggregating $640. For the
nine months ended March 31, 2025 the Company recorded $1,388 in revenues from the project compared to revenues for the nine months ending
March 31, 2024 of $10,849. The revenue amount for the current nine-month period was negatively affected by a reduction in production and
differences between revenue accruals made during the first quarter which were later adjusted downward in the second quarter due to the
final sales receipts.

The operator believes with additional
capital expenditures for reworking and recompletion efforts it can further optimize the production potential of this field. The application
of newer technologies could also have an important impact on the economics for this asset.

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Management is actively evaluating various new strategic
investment and acquisition opportunities in the resources sector, including opportunities to potentially broaden our activities beyond
the development of conventional oil and gas projects.

No agreements to acquire new assets or interests have
been reached, and any future agreements would be subject to the Company being able to secure adequate additional financing.

RESULTS OF OPERATIONS

For the Three months ended
March 31, 2025, as compared to the Three months ended March 31, 2024

Revenue

We generated $6,159 in revenue from oil and gas sales
for the three months ended March 31, 2025, as compared to $8,465 in revenues generated in the three months ended March 31, 2024. The decrease
in revenue is predominantly attributable to lower oil and natural gas prices. These lower prices not only reduced the sales price we received
for production sold, but also led to the curtailment of operations on certain of our properties until prices improve which resulted in
a decrease of our production volumes. We also received $265 in interest income from our cash balances for three months ended March 31,
2025.

General and Administrative
Expense

General and administrative
expenses decreased to $59,037 for the three months ended March 31, 2025 compared to $99,065 for the three months ended March 31, 2024.
This decrease is largely attributable to management actively reducing expenses, including minimizing