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

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1
Chunk 10
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 viable leases or mineral property assets or interests.

Okmin presently only has partial interests in projects
and leases with limited activity. The Company is currently seeking to identify other strategic opportunities and leases or mineral properties
to acquire but the Company cannot guarantee it will find any valuable leases or mineral properties. Even if the Company enters into additional
joint ventures or acquires additional interests in leases or other mineral properties on land being developed by a mining company, the
Company cannot guarantee that it will be able to capitalize on the increased value of its leasehold.

If the Company cannot acquire any viable leases, mineral
property assets or mineral property interests, or cannot find any oil and gas or minerals on such leases or mineral properties, or it
is not economical to recover the oil and gas or minerals from those properties, the Company may have to curtail or cease operations.

Drilling for and producing oil and natural
gas are highly speculative and involve a high degree of risk.

Exploring for and developing
oil and natural gas involves a high degree of operational and financial risk. Predicting the costs involved in exploration and drilling
is difficult to achieve with a high degree of certainty. Our potential drilling locations are in various stages of evaluation, ranging
from locations that are ready to drill, to locations that will require substantial additional interpretation before they can be drilled.
The budgeted costs of planning, drilling, completing and operating wells are often exceeded, and such costs can increase significantly
due to various complications that may arise during the drilling and operating processes. Before a well is spudded, we may incur significant
licensing, geological and geophysical costs, which are incurred whether a well eventually produces commercial quantities of hydrocarbons
or is drilled at all. Exploration wells bear a much greater risk of loss than development wells. If our actual drilling and development
costs are significantly more than our estimated costs, we may not be able to continue our operations as proposed and could be forced to
modify our operating and/or drilling plans accordingly.

If we decide to drill a certain
location, there is a risk that no commercially productive oil or natural gas reservoirs will be found or produced. We may recomplete
existing wells, drill new wells, or participate in new wells that are not productive. We may drill wells that are productive, but that
do not produce sufficient net revenues to return a profit after drilling, operating and other costs. There is no way to predict in advance
with absolute certainty whether any particular location will yield oil or natural gas in