Company: OKMN
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001079973-25-001512
Chunk: 338

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 10
Chunk 338
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 to acquire a 50% joint venture interest in the West Sheppard Pool Field, a series of leases totaling 1,930 acres
located in Okmulgee County, Oklahoma. In November 2021, the Company exercised its option and entered into a definitive joint venture and
operating agreement with Blackrock at a cost of $150,000 in cash.

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. The Company received limited revenue from
the property as gas sales were suspended due to required pipeline work and the failure of equipment owned by the gas pipeline company
at its compressor station.

In 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 Company will receive a 10% overriding royalty interest (“ORRI”) in the project. Sheppard
Pool may elect to reduce the 10% ORRI to 5% by a one-time payment of $100,000 to the Company within 4 years of the effective date of the
agreement.

During the year ended
June 30, 2025, gas sales continued to be suspended on the property and the Company recorded no expenditures or revenues from the project.

    F-10 
    OKMIN RESOURCES INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTSJune 30, 2025 

Pushmataha County –
South East Oklahoma

In December 2021,
the Company exercised its option and entered into a definitive joint venture and operating agreement with Blackrock to acquire a 50% joint
venture interest with Blackrock in the Pushmataha Gas Field, comprising 6 leases covering an area of 3,840 acres located in Pushmataha
County, Oklahoma. Blackrock had previously entered into a separate option to acquire working interests
ranging from 92 -100% in the existing wells and lease acreage from a third party. In connection with the initial acquisition, the Company
expended approximately $253,000 in cash. Under the terms of the Joint Venture agreement, after deducting operating costs including a flat
sum of $1,000 per month to Blackrock as operator, the Company shall receive all net income