Company: OKMN
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001079973-25-001512
Chunk: 221

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1C
Chunk 221
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Net Revenue Interest of the lease reverts back to the landowners.

18 

This
lease currently has fifteen wells on site. Nine oil and gas wells, two idle wells that require further evaluation, and four injection
wells. These are shallow wells drilled down to the Bartlesville zone at a depth of 525 feet. The operator conducted some work on the wells
in 2023, including rebuilding the downhole pumps, though the wells are not currently operating, as some additional maintenance work is
required.

One
of the injection wells onsite remains idle.  The Vitt lease is equipped with pump jacks, oil and water tanks and other equipment. Since
we acquired the lease a nominal amount of oil has been sold from it, contributing a nominal $354 to revenues in the last fiscal year ended
June 30, 2025.

West Sheppard Pool
Field in North East Oklahoma

In August 2021, the Company entered into an option
agreement with Blackrock to acquire a 50% joint venture interest in the West Sheppard Pool Field, a series of leases totaling 1,930 acres
located in Okmulgee County, Oklahoma. In November 2021, the Company exercised its option and entered into a definitive joint venture and
operating agreement with Blackrock at a cost of $150,000 in cash.

The 26 existing wells on the leases range from 850
feet to 1,950 feet in depth with gas production from several zones as their main objective. The Company received limited revenue from
the property as gas sales were suspended due to required pipeline work and the failure of equipment owned by the gas pipeline company
at its compressor station.

In November 2024, the Company assigned its 50% interest
in the West Sheppard Pool project to Sheppard Pool Operating, LLC, the operator of the project. After Sheppard Pool Operating has received
$22,850 in revenue from the project, the Company will receive a 10% overriding royalty interest (“ORRI”) in the project. Sheppard
Pool may elect to reduce the 10% ORRI to 5% by a one-time payment of $100,000 to the Company within 4 years of the effective date of the
agreement.

During the year ended
June 30, 2025, gas sales continued to be suspended on the property and the Company recorded no expenditures or revenues from the project.

Pushmataha County –
South East Oklahoma