Company: OKMN
Filing Date: 2025-02-20
Form Type: 10-Q
Source: 0001079973-25-000298
Chunk: 11

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-02-20
Form: 10-Q
Item: Item 1
Chunk 11
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mulgee County

•
Duffy Lease – 40 Acres in Okmulgee County

•
Shanks Lease – 160 Acres in Okmulgee County

•
Waldrip Lease – 80 Acres in Okmulgee County

•
Circle V Lease – 236 Acres in Okmulgee County

•
Hessom Lease – 183 Acres in Okmulgee County

•
Chastain Lease – 80 Acres in Okmulgee County

25% Working Interest

• Hollingsworth Lease – 80 Acres
in Okmulgee County

There are no proven reserves of any classification in the Blackrock Joint
Venture leases.

    7 
    OKMIN RESOURCES INC. AND SUBSIDIARIESNOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTSAs of December 31, 2024 

Vitt Project – Kansas 

In July 2021, the Company through its wholly owned
Kansas subsidiary, Okmin Operations, LLC entered into an agreement to acquire a 72.5% Net Revenue Interest in the Vitt Lease located in
Neosho County, Kansas. Okmin Operations, LLC acquired the lease with a cash payment of $25,000 together with a commitment to make additional
expenditures, initially of at least $50,000 to rework the wells on the lease. The lease covers 160 acres and includes eleven existing
oil and gas wells, of which two sit idle requiring equipment and four water injection wells. As of December 31, 2024, aggregate additional
expenditures beyond the purchase totaled $108,550. During the six months ended December 31, 2024, the Company’s expenditures at
the Vitt Lease totaled $550, and the Company received $354 in revenues from the project.

West Sheppard Pool Field in North East Oklahoma

The Company previously had
a 50% joint venture interest in the West Sheppard Pool Field, a series of leases totaling 1,930 acres located in Okmulgee County, Oklahoma.
The 26 existing wells on the leases range from 850 feet to 1,950 feet in depth with gas production from several zones as their main objective.

As of November 2024, the Company assigned its 50%
interest in the West Sheppard Pool project to Sheppard Pool Operating, LLC, the operator of the project. After Sheppard Pool Operating
has received $22,850 in revenue from the project, the