Company: OKMN
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001079973-25-001512
Chunk: 339

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 10
Chunk 339
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 from revenues of the project until it has recouped
$125,000, thereafter, the parties shall equally split the income.

In August 2025, the Company
entered into an agreement with Blackrock to exchange its 50% working interest in another project with Blackrock for $25,000 cash and an
additional 45% interest in the Pushmataha Gas Field. As a result of this transaction, the Company currently has a 95% Joint Venture interest
in the Pushmataha property.

The
leases owned by the Joint Venture are subject to land owner royalties and other commitments resulting in net revenue interests to the
joint venture of between 71% - 76%, with the exception of the Stephenson well, which has a net revenue interest of approximately 68%. 

Pushmataha has 7 existing
gas wells ranging in depth from 10,000-12,300 feet. The wells were inactive since 2019 due to line leaks and lower gas prices, though
in April 2021 some wells were put back online and have at various intervals produced between 100-300 MCFD. Through the
fiscal year ended June 30, 2025, we recorded $1,532 in revenues from gas sales at the project. 

The existing seven wells
show 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. 

In the fiscal year ended
June