Company: OKMN
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001079973-25-001512
Chunk: 384

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 15
Chunk 384
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 development
of domestic oil and gas fields and investing in lower profile rework and recompletion opportunities with lower entry costs. The Company's
initial projects are located in Oklahoma and Kansas. 

The Company has two wholly owned subsidiaries that
conduct oil and gas activities: Okmin Operations, LLC, organized on May 25, 2021 in the State of Kansas, and Okmin Energy LLC, organized
on November 21, 2021 in the State of Oklahoma.

The Company has an interest in three separate projects:

    1)
    A 72.5% Net Revenue Interest in the Vitt oil lease located in Neosho County, Kansas

    2)
    A 10% overriding royalty interest in West Sheppard Pool, a natural gas project in Northeast Oklahoma

    3)
    A 95% Joint Venture interest in Pushmataha, a natural gas project in Southeast Oklahoma

Subsequent to the end of its fiscal year ended June
30, 2025, the Company disposed of its entire interest in the Blackrock JV for consideration of $25,000 cash and an additional 45% interest
in the Pushmataha joint venture. This transaction increased the Company’s interest in Pushmataha from 50% to 95%.

The Company has not conducted any reserve evaluations
or calculations, and there are currently no proven reserves on any of the Company’s properties.

The Company’s activities are subject to significant
risks and uncertainties, including failing to secure additional funding to advance the Company’s current plan to rework and possibly
develop its existing projects and to identify and acquire new projects.

The Company’s fiscal year end is June 30.

2.        SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES

Basis of Presentation

The Company maintains its accounts on the accrual
method of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
Accounting principles followed and the methods of applying those principles, which materially affect the determination of financial position,
results of operations and cash flows are summarized below.

The financial statements are presented on a consolidated
basis and include all of the accounts of Okmin Resources, Inc and its subsidiaries. All significant intercompany balances and transactions
have been eliminated.

Use of Estimates

The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America requires management to make estimates and certain assumptions
that affect the amounts reported in these consolidated financial statements