Company: OKMN
Filing Date: 2025-02-20
Form Type: 10-Q
Source: 0001079973-25-000298
Chunk: 13

Company: OKMIN RESOURCES, INC.
Filing Date: 2025-02-20
Form: 10-Q
Item: Item 1
Chunk 13
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 ($)  
    Production (MCF)  
    Avg. Cost ($)  
    Avg. Sales Price ($)  
    Total Revenue  ($) 

    Black Rock JV 
     160  
     59  
     60.75  
     —  
     —  
     —  
     9,710 

    Pushmataha 
     —  
     —  
     —  
     939  
     10  
     1.32  
     1,238 

    West Sheppard 
     —  
     —  
     —  
     —  
     —  
     —  
     — 

    Vitt Lease 
     5.44  
     55  
     65.17  
     —  
     —  
     —  
     355 

Subject to the Company being able to secure adequate
additional financing, Okmin may also acquire the rights to and participate in drilling and/or other mining operations. The Company will
evaluate exploration and mining opportunities and other strategic corporate opportunities as they become available from time to time.

There are no proven reserves of any classification in any of the projects
listed above.

Subject to the Company being able to secure adequate
additional financing, Okmin may also acquire the rights to and participate in drilling and/or other mining operations. The Company will
evaluate exploration and mining opportunities and other strategic corporate opportunities as they become available from time to time.

    8 
    OKMIN RESOURCES INC. AND SUBSIDIARIESNOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTSAs of December 31, 2024 

7.    STOCKHOLDERS’ EQUITY

Preferred stock

The Company is authorized
to issue 50,000,000 shares of preferred stock with a par value of $0.0001 per share. As at December 31, 2024, the Company had a total
of 5,000,000 shares of Series A preferred stock issued and outstanding. Each share of Series A Preferred Stock has voting rights of ten
votes per share, though is not entitled to receive dividends. Additionally, each share of Series A preferred shares may be converted at
$0.01 per preferred share into ten shares of common stock for each share of