Company: OKMN
Filing Date: 2025-11-25
Form Type: 10-Q
Source: 0001553350-25-000149
Chunk: 14

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-11-25
Form: 10-Q
Item: Item 1
Chunk 14
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 ended
September 30, 2025, lease operating expenditures were $4,265 with additional gas fees, transportation and taxes aggregating $286.
The operator believes with additional capital expenditures for reworking and recompletion efforts it can optimize the production
potential of this field. The application of newer technologies could also have an important impact on the economics for this asset.

5.     IMPAIRMENT OF OIL
AND GAS PROPERTIES

During the year ended June 30, 2025, the Company reviewed
the capitalized value of its oil and gas properties and conducted a test to determine the current fair value and if any impairment of
the capitalized values was necessary. As a result of this test, the Company determined that the capitalized value exceeded the current
fair value. For the year ended June 30, 2025, an impairment charge of $167,003 was recorded as an expense and for the three months ended
September 30, 2025 there was no further impairment charged.

    9 

OKMIN RESOURCES INC. AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

As of September 30, 2025

6.     REVENUES AND COST
OF REVENUES 

For the quarter ended September 30, 2025, the Company
had production revenue of $2,088 compared to revenue of $5,991 for the quarter ended September 30, 2024. Refer to the table below of production
and revenue through September 30, 2025. For the quarters ended September 30, 2025 and September 30, 2024 our cost of revenue, consisting
of lease operating expenses and production and excise taxes was $6,968 and $9,717 respectively. 

    Schedule
    of production and revenue

    Oil 
    Natural Gas 

    Project 
    Production (BBLS) 
    Avg. Cost ($) 
    Avg. Sales Price ($) 
    Production (MCF) 
    Avg. Cost ($) 
    Avg. Sales Price ($) 
    Total Revenue  ($)

    Black Rock JV 
     21  
     72  
     60.59  
     —  
     0  
     —  
     1,268 

    Pushmataha 
     —  
     —  
     —