Company: OKMN
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001079973-25-000885
Chunk: 1

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-05-16
Form: 10-Q
Item: Part I, Item 1
Chunk 1
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 Net Cash from Investing Activities                                                           —                               —  
  Cash (Used) Provided by Financing Activities                                                                                    
  Repayment of note payable                                                             ( 18,000                        ( 10,000  
  Net cash from financing activities                                                    ( 18,000                        ( 10,000  
  Net change in cash                                                                    ( 31,595                       ( 130,670  
  Cash - beginning of period                                                              72,281                         214,316  
  Cash - end of period                                                $                   40,686      $                   83,646  

See accompanying notes to the unaudited consolidated
financial statements.

   4  

OKMIN RESOURCES INC. AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

As of March 31, 2025

1.        ORGANIZATION
AND NATURE OF OPERATIONS

Business description

Okmin Resources, Inc. (collectively with its subsidiaries,
“ Okmin” or the “ Company”) was incorporated in Nevada in December 2020 to engage in the business of the acquisition,
exploration and development of oil and gas properties, mineral rights, and other natural resource assets.

Okmin has been focused on the acquisition and development
of domestic oil and gas fields and 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, organized on May 25, 2021 in the State of Kansas, and Okmin Energy LLC, organized
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 Southeast 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.

The Company’s activities are subject to significant
risks and uncertainties, including failing