Company: OKMN
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001079973-25-000885
Chunk: 6

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-05-16
Form: 10-Q
Item: Part I, Item 1
Chunk 6
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to conserve and manage our liquidity and capital resources, any of which would have a material adverse effect on our financial position,
results of operations, and our ability to continue as a going concern. The condensed consolidated financial statements do not include
any adjustments that might be necessary if the Company is unable to continue as a going concern.

The accompanying consolidated financial statements
do not include any adjustments related to the recoverability or classification of asset-carrying amounts or the amounts and classification
of liabilities that may result should the Company be unable to continue as a going concern.

4. OIL AND GAS PROPERTIES

Blackrock Joint Venture - Oklahoma

In February 2021, Okmin entered into a Joint Venture
Agreement and Operating Agreement with Blackrock Energy, LLC (“ Blackrock”), committing $100,000in the initial phase to acquire
working interests and commence rehabilitation work on a package of ten oil and gas leases located in Okmulgee and Muskogee Counties in
Oklahoma. Under the Operating Agreement, Blackrock is the operator of the project. Pursuant to a further agreement entered into on June
10, 2022, Okmin added an additional five oil and gas leases across 739 acres to the 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 across the extended Joint Venture totaled $15,120. Our share of revenues attributable to the Joint Venture totaled $15,719.

Pursuant to the foregoing Joint Venture Agreements, the Company has acquired
working interests in the following leases:

50% Working Interest

•Chain Lease - 160 Acres in Okmulgee
County

•Burke Lease - 40 Acres in Okmulgee
County

•Preston Lease - 80 Acres in
Okmulgee County

•Goldner Lease - 160 Acres in
Okmulgee County

•Peavler Lease - 80 Acres in Okmulgee County

•Anthony Lease - 70 Acres in Muskogee County

•Calley Lease - 40 Acres in Okmulgee County

•
A bbey Lease - 40 Acres in Okmulgee County

•Duffy Lease - 40 Acres in Okmulgee County

•Shanks Lease - 160 Acres in Okmulgee County

•Waldrip Lease - 80 Acres in Okmulgee County

•Circle V Lease - 236