Company: OKMN
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001079973-25-001512
Chunk: 259

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1C
Chunk 259
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 Southeast Oklahoma

Subsequent to the end of its fiscal year ended June
30, 2025, the Company disposed of its entire interest in the Blackrock JV for consideration of $25,000 cash and an additional 45% interest
in the Pushmataha joint venture. This transaction increased the Company’s interest in Pushmataha from 50% to 95%.

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 to secure additional funding to advance the Company’s current plan to rework and possibly
develop its existing projects and to identify and acquire new projects.

The Company’s fiscal year end is June 30.

2.        SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES

Basis of Presentation

The Company maintains its accounts on the accrual
method of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
Accounting principles followed and the methods of applying those principles, which materially affect the determination of financial position,
results of operations and cash flows are summarized below.

The financial statements are presented on a consolidated
basis and include all of the accounts of Okmin Resources, Inc and its subsidiaries. All significant intercompany balances and transactions
have been eliminated.

Use of Estimates

The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America requires management to make estimates and certain assumptions
that affect the amounts reported in these consolidated financial statements and accompanying notes. Actual results could differ from these
estimates.

Cash and cash Equivalents

The Company considers all highly liquid temporary
cash investments with an original maturity of three months or less to be cash equivalents. At June 30, 2025, the Company cash equivalents
totaled $11,488.

    F-7 
    OKMIN RESOURCES INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTSJune 30, 2025 

Oil and gas properties

The Company uses the
full cost method of accounting for exploration and development activities as defined by the Securities and Exchange Commission (“SEC”).
Under this method of accounting, the costs of unsuccessful, as well as successful, exploration and development activities are capitalized
as properties and equipment. This includes any internal costs that are directly related to property acquisition, exploration and development
activities but does not