Company: OKMN
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001079973-25-001512
Chunk: 153

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1A
Chunk 153
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 Company will require
additional working capital for the 2026 fiscal year. For the 2026 fiscal year which started in July, we anticipate cash needs of approximately
$270,000 for general corporate overhead and for operations on our existing lease properties. This amount does not include funding for
any potential workovers, re-entries, stimulation treatments and recompletions of existing non or low producing wells. Any new work on
our properties will require additional capital. The Company anticipates receiving limited revenue from oil and gas sales and intends to
obtain the remaining capital through private sales of securities and/or debt financing.

The Company’s future success is dependent upon
its ability to achieve profitable operations, generate cash from operating activities and obtaining additional financing. If such additional
financing is not available on terms acceptable to us or at all, then we may need to curtail our operations and/or take additional measures
to conserve and manage our liquidity and capital resources, any of which would have a material adverse effect on our financial position,
results of operations, and our ability to continue as a going concern. The financial statements do not include any adjustments that might
be necessary if the Company is unable to continue as a going concern.

The accompanying consolidated financial statements
do not include any adjustments related to the recoverability or classification of asset-carrying amounts or the amounts and classification
of liabilities that may result should the Company be unable to continue as a going concern.

    F-9 
    OKMIN RESOURCES INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTSJune 30, 2025 

4.        OIL AND GAS PROPERTIES

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