Company: OKMN
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001079973-25-001512
Chunk: 266

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1C
Chunk 266
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ppard 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.

    F-10 
    OKMIN RESOURCES INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTSJune 30, 2025 

Pushmataha County –
South East Oklahoma

In December 2021,
the Company exercised its option and entered into a definitive joint venture and operating agreement with Blackrock to acquire a 50% joint
venture interest with Blackrock in the Pushmataha Gas Field, comprising 6 leases covering an area of 3,840 acres located in Pushmataha
County, Oklahoma. Blackrock had previously entered into a separate option to acquire working interests
ranging from 92 -100% in the existing wells and lease acreage from a third party. In connection with the initial acquisition, the Company
expended approximately $253,000 in cash. Under the terms of the Joint Venture agreement, after deducting operating costs including a flat
sum of $1,000 per month to Blackrock as operator, the Company shall receive all net income from revenues of the project until it has recouped
$125,000, thereafter, the parties shall equally split the income.

In August 2025, the Company
entered into an agreement with Blackrock to exchange its 50% working interest in another project with Blackrock for $25,000 cash and an
additional 45% interest in the Pushmataha Gas Field. As a result of this transaction, the Company currently has a 95% Joint Venture interest
in the Pushmataha property.

The
leases owned by the Joint Venture are subject to land owner royalties and other commitments resulting in net revenue interests to the
joint venture of between 71% - 76%, with the exception of the Stephenson well, which has a net revenue interest of approximately 68%. 

Pushmataha has 7 existing
gas wells ranging in depth from 10