Company: OKMN
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001079973-25-001512
Chunk: 109

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1A
Chunk 109
---
 are reasonably likely to materially affect us, our business
strategy, results of operations or financial condition.

ITEM 2. PROPERTIES.

Okmin’s principal office is located at 16501
Ventura Blvd., Suite 400, Encino, CA, 91436.  The Company has a month-to-month lease arrangement for our corporate offices at a cost
of approximately $150 - $200 per month, with meeting space available to it on demand on a pay per use basis. Outside of this, the Company
also utilizes office space provided to it by associates at no charge. These arrangements are adequate for the Company’s current
needs.

At this time, Okmin does not anticipate purchasing
any real estate, nor does it anticipate purchasing any real property for its office.

Oil and Gas Properties

The Company’s lease holdings are all within
the Cherokee Platform, a geological feature underlying an area of northeastern Oklahoma and southeastern Kansas in the mid-continent region
of the United States. The Cherokee Platform has been an established oil producing region for the last century.

Oklahoma – Blackrock Joint Venture 

In February 2021, Okmin entered into a Joint Venture
Agreement and Operating Agreement committing $100,000 in the initial phase to acquire working interests in ten oil and gas leases located
in Okmulgee and Muskogee Counties in Oklahoma. Under the Operating Agreement, Okmin’s Joint Venture partner, Blackrock Energy
LLC (“Blackrock”) was the Operator of the project, handling the day-to-day operations on the ground. Pursuant to a further
agreement entered into on June 10, 2022, the Company added an additional five oil and gas leases across 739 acres to its joint venture
with Blackrock, thereby expanding the overall project to fifteen leases covering over 1,500 acres.

The Company, through its
joint venture partner Blackrock, put considerable effort into reworking and rehabilitating these leases. The land owner royalties
on these leases derived from gross revenue production varies from 12.5% to 23.5%. State production tax on oil sales is 7%. In the
fiscal year ended June 30, 2025, the Company’s share of revenues from oil and gas sales from the Blackrock Joint Venture totaled $20,294.

The property has been negatively
affected by persistent infrastructure issues, nearly stagnant oil prices, and increasing operating costs. In August 2025, the Company
entered into