Company: OKMN
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001079973-25-000885
Chunk: 8

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-05-16
Form: 10-Q
Item: Part I, Item 1
Chunk 8
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 in South East Oklahoma

In December 2021,
the Company exercised its option and entered into definitive agreements with Blackrock to become a 50 252,526In the nine months ended March 31, 2025, lease operating expenditures at Pushmataha
were $14,851, and production revenues received were $1,388.

5. IMPAIRMENT
OF OIL AND GAS PROPERTIES

During the period ended March 31, 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. An impairment charge of $15,761was recorded as an expense in the nine months ended March 31, 2025.

6. REVENUES
AND COST OF REVENUES

For the nine months ended March 31, 2025, the Company
had production revenue of $17,462compared to revenue of $53,930for the nine months ended March 31, 2024. Refer to the table below of
production and revenue for the period ended March 31, 2025. For the nine months ended March 31, 2025 and March 31, 2024 our cost of revenue,
consisting of lease operating expenses and production and excise taxes was $30,538and $80,694respectively.

  Schedule of production and revenue                                                                             
                                          Oil                                           Natural Gas              
  Project                                 Production                                    Production               
  Black Rock JV                                           252       56       62.47                       15,719  
  Pushmataha                                              —         —        —                            1,388  
  West Sheppard                                           —         —        —                                —  
  Vitt Lease                                              5.44      101      65.17                          355  

Subject to the Company being able to secure adequate
additional financing, Okmin may also acquire the rights to and participate in drilling and/or other mining operations. The Company will
evaluate exploration and mining opportunities and other strategic corporate opportunities as they become available from time to time.

There are no proven reserves of any classification in any of the projects
listed above.

7. STOCKHOLDERS’ EQUITY

Preferred stock

The Company is authorized
to issue 50,000,000 0.0001 5,000,