Company: OKMN
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001079973-25-001512
Chunk: 34

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1
Chunk 34
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 additional behind-pipe zones and the joint venture partners assessed recompleting a new zone in one of the wells called the KDC.
The operator previously had a rig out on site at KDC and commenced some work on the well and was planning to conduct a recompletion, though
weather conditions made it too dangerous to proceed. Plans were also underway for the operator to commence repairing or possibly
replacing the plunger lift systems of some of the wells, with the goal of dewatering the wells to enable the gas to flow freely. The joint
venture partners have deferred pursuing this active rework activity during the current downturn in natural gas pricing or until additional
capital is available.

In July 2022, a hydrocarbon
survey was conducted across these leases utilizing a third party patented remote sensing technology, which has provided the operator with
valuable data in charting the potential for the future development of this project. There is also space to drill new gas wells on the
3,840 acre leasehold, using the hydrocarbon mapping as a tool to locate the optimal drilling locations in these reservoirs. 

19 

In the fiscal year ended
June 30, 2025, lease operating expenditures were $21,506 with additional gas fees, transportation and taxes aggregating $691. 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.

The following table details
the Company’s net oil and gas production by project in the fiscal year ended June 30, 2025.

    Net Oil and Gas Production by Project For the fiscal year ended June 30, 2025

    Oil  
    Natural Gas  

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

    Black Rock JV 
     328  
     56  
     61.83  
     —    
     0  
     —    
     20,294 

    Pushmataha 
     —    
     —    
     —    
     811  
     24  
     1.89