Company: OKMN
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001079973-25-001512
Chunk: 340

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 10
Chunk 340
---
 30, 2025, lease operating expenditures were $21,506 with additional gas fees, transportation and taxes aggregating $691. The
operator believes with additional capital expenditures for reworking and recompletion efforts it can optimize the production
potential of this field. The application of newer technologies could also have an important impact on the economics for this asset.

5.       IMPAIRMENT
OF OIL AND GAS PROPERTIES

During the year ended June 30, 2025, the Company reviewed
the capitalized value of its oil and gas properties and conducted a test to determine the current fair value and if any impairment of
the capitalized values was necessary. As a result of this test, the Company determined that the capitalized value exceeded the current
fair value. For the year ended June 30, 2025, an impairment charge of $167,003 (year ended June 30, 2024 - $401,858) was recorded as an
expense.

6.        REVENUES
AND COST OF REVENUES 

For the year ended June 30, 2025, the Company had
production revenue of $22,180 compared to revenue of $42,543 for the year ended June 30, 2024. Refer to the table below of production
and revenue through June 30, 2025. For the years ended June 30, 2025 and June 30, 2024 our cost of revenue, consisting of lease operating
expenses and production and excise taxes was $42,713 and $92,024 respectively. 

    F-11 
    OKMIN RESOURCES INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTSJune 30, 2025 

    Schedule of production and revenue 

    Oil  
    Natural
    Gas  

    Project 
    Production (BBLS)  
    Avg.
                                            Cost ($)  
    Avg.
                                            Sales Price ($)  
    Production (MCF)  
    Avg.
                                            Cost ($)  
    Avg.
                                            Sales Price ($)  
    Total
                                            Revenue  ($) 

    Black Rock JV 
     328  
     56  
     61.83  
     —    
     0  
     —    
     20,294 

    Pushmataha 
     —    
     —