Company: OKMN
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001079973-25-000885
Chunk: 7

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-05-16
Form: 10-Q
Item: Part I, Item 1
Chunk 7
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 Acres in Okmulgee County

•Hessom Lease - 183 Acres in Okmulgee County

•Chastain Lease - 80 Acres in Okmulgee County

25% Working Interest

•Hollingsworth Lease - 80 Acres
in Okmulgee County

There are no proven reserves of any classification in the Blackrock Joint
Venture leases.

Vitt Project - Kansas

In July 2021, the Company through its wholly owned
Kansas subsidiary, Okmin Operations, LLC entered into an agreement to acquire a72.5% Net Revenue Interest in the Vitt Lease located in
Neosho County, Kansas. Okmin Operations, LLC acquired the lease with a cash payment of $25,000together with a commitment to make additional
expenditures, initially of at least $50,000 to rework the wells on the lease. The lease covers 160 acres and includes eleven existing
oil and gas wells, of which two sit idle requiring equipment and four water injection wells. As of March 31, 2025, aggregate additional
expenditures beyond the purchase totaled approximately $108,550. During the nine months ended March 31, 2025, the Company’s expenditures
at the Vitt Lease totaled $550, and the Company received $355in revenues from the project.

West Sheppard Pool Field in North East Oklahoma

The Company previously had
a50% joint venture interest in the West Sheppard Pool Field, a series of leases totaling 1,930 acres located in Okmulgee County, Oklahoma.
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.

As of November 2024, the Company assigned its50%
interest in the West Sheppard Pool project to Sheppard Pool Operating, LLC, the operator of the project. After Sheppard Pool Operating
has received $22,850in 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 $100,000to the Company within 4 years of the effective
date of the agreement.

During the nine months
ended March 31, 2025, gas sales continued to be suspended on the property and the Company recordednoexpenditures or revenues from the
project.

Pushmataha