Company: OKMN
Filing Date: 2025-02-20
Form Type: 10-Q
Source: 0001079973-25-000298
Chunk: 17

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-02-20
Form: 10-Q
Item: Item 1
Chunk 17
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ites and similar expressions,
are intended to identify forward-looking statements. We caution you that these statements are not guarantees of future performance or
events and are subject to a number of uncertainties, risks and other influences, many of which are beyond our control, which may influence
the accuracy of the statements and the projections upon which the statements are based.

Our actual results, performance
and achievements could differ materially from those expressed or implied in these forward-looking statements. Except as required by federal
securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether from new information,
future events or otherwise.

Unless otherwise indicated,
references to the “Company,” “us” or “we” refer to Okmin Resources, Inc. and its subsidiaries.

U.S. Dollars are denoted herein by “USD,”
“$” and “dollars”.

Overview

Okmin Resources, Inc. was organized in 2020 to engage
in the business of the acquisition, exploration and development of mineral rights and natural resource assets.

Okmin has been focused on the acquisition and development
of domestic oil and gas fields, investing in lower profile 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:

    1)
    The Blackrock Joint Venture encompassing 15 oil and gas leases in Oklahoma

    2)
    A 72.5% Net Revenue Interest in the Vitt oil lease located in Neosho County, Kansas

    3)
    A 10% overriding royalty interest in West Sheppard Pool, a natural gas project in North East Oklahoma; and

    4)
    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