Document:

EXHIBIT 10.2

 

Agreement

NOW
ON this 1st day of July, 2021, this Agreement is by and between OKMIN OPERATIONS, LLC, a Kansas Limited Liability Company (hereinafter
referred to as “Okmin”), EARNEST ASHLOCK (hereinafter referred to as “Ashlock”) (Okmin and Ashlock sometimes hereinafter
referred to as the “Buyers”), and J & S MCCOY ENTERPRISES, LLC, a Kansas Limited Liability Company (hereinafter referred
to as “McCoy”).

WHEREAS, McCoy is the owner of 100% of the working
interest in the “Vitt Lease” described as follows (hereinafter referred to as the “Vitt Lease”):

 

	LESSOR:	Edward Vitt and Marilyn G. Vitt 
	LESSEE:	Jon McCoy
	DATE OF LEASE:	04/20/1983
	RECORDED:	on 4/22/1983 at Book 93M pages 369-370
	LEGAL DESCRIPTION:	NW/4 of Section 1, Township 29S, Range 20E, Neosho County, Kansas  

AND WHEREAS, McCoy has agreed to sell, and Buyers
have agreed to purchase, part of the Vitt Lease working interest on the terms set forth herein.

FOR GOOD AND VALUABLE CONSIDERATION, the receipt
and sufficiency of which is acknowledged, the parties enter into the following agreement:

1.       LEASE.

McCoy sells and conveys
to Buyers, and Buyers hereby purchase, the following shares of McCoy’s working interest in the Vitt Lease:

	Name	Percentage of Working Interest	Net Revenue Interest Percentage
	Earnest Ashlock	0.114285714286	0.100
	Okmin Operations, LLC	0.828571428571	0.725
	Working Interest retained by J & S McCoy Enterprises, LLC	0.057142857143	0.050
	TOTALS	1.0000000000	0.875

together with all oil
and gas wells thereon, all oil and gas equipment and fixtures thereon, all easements and agreements related thereto, and all files and
records pertaining to the same, including but not limited to drilling data, electric logs, Lease files, land files, well files, division
order files, abstracts, title files, gas content data, geophysical data, maps, regulatory files and records.

 

    	 

    	 

    

 

2.       PURCHASE PRICE.

The purchase price for
the Vitt Lease is the sum of $25,000, payable by Okmin to McCoy by wire transfer or bank cashier’s check at closing.

3.       REPRESENTATIONS
& WARRANTIES; INDEMNIFICATION.

		3.1	McCoy represents and warrants that, as of the date of
this Agreement and as of the closing date:

		a.McCoy	is a duly organized and validly existing limited liability company in good standing under the laws of
the State of Kansas, has the authority to own the Vitt Lease and to carry on its business as now being conducted.

		b.	McCoy has taken all necessary action to authorize the execution, delivery and performance of this Agreement;
this Agreement is legal, valid and binding with respect to the obligations of McCoy and
is enforceable in accordance with its terms.

		c.	McCoy has no material debt, liability, obligation or commitment, absolute or contingent, that relates
to the Vitt Lease.

		d.	This Agreement and the transaction contemplated hereunder does not require any court approval.

		e.	McCoy has not violated any applicable law, ordinance, regulation, writ, judgment, decree or order of any
court or government or  governmental unit in connection with the Vitt Lease, the consequence of which,
individually or in the aggregate, would have a material adverse affect on McCoy
or the Vitt Lease.

		f.To	McCoy’s knowledge,

		(1)	there are no material contracts related to the operation of the Vitt Lease except
for ordinary service and supply agreements that are subject to termination on 60 days notice or less;

		(2)	no action, suit or proceeding is pending, threatened or contemplated
against McCoy or the Vitt Lease;

		(3)	all ad valorem, property, production, severance and similar
taxes and assessments relating to the Vitt Lease have been paid and are not in arrears;

		(4)	all royalties, bonus payments, option payments, rentals and deposits due under the Vitt Lease have been
timely paid and to there has been no notice of default associated with the Vitt Lease or notice of forfeiture or demand that the Vitt
Lease be released;

		(5)	McCoy is the owner of all of the working interest in the
Vitt Lease free and clear of all liens and encumbrances, except for the Oil and Gas Lease Mortgage and Assignment of Production Payment
from MSG Resources, Inc. to McCoy; and

		(6)	no materials or labor have been provided to the Vitt Lease by any party that remains unpaid and could
form the basis for a lien to be filed on the Vitt Lease.

		3.2Except	as specifically noted in this Agreement, the interests in the Vitt Lease are sold ‘as is’
and in the condition it may be in on the closing date.

		3.3	McCoy agrees to indemnify and hold Okmin and Ashlock harmless from all debts, liabilities and claims arising
out of or relating to operation of the Vitt Lease prior to the closing date, and any breach of McCoy’s representations and warranties
in section 3.1 above.

 

    	 

    	 

    

 

4.       CLOSING
DATE.

The closing date will
be within 10 days after this Agreement has been signed by all parties, and on the closing date:

		a.	Okmin shall cause the purchase price to be delivered to McCoy; and

		b.	McCoy shall cause the following documents to be delivered to Buyers: Assignment of the Vitt Lease, the
form of which is attached as Exhibit A, and Release of Oil and Gas Lease Mortgage and Production Payment Assignment, the form of which
is attached as Exhibit B;

and each party shall
deliver any other documents that may be required.

5.       MISCELLANEOUS

		5.1	This Agreement may not be amended, altered or modified, and no term or condition herein shall be deemed
waived or released, except by written agreement signed by the parties, and no oral amendment, alteration, modification, waiver or release
shall be effective or binding.

		5.2	This Agreement shall be governed by and construed in accordance with the laws of the State of Kansas,
and the parties irrevocably consent to trial by a District Judge and waive any right to trial by a jury.

		5.3	This Agreement shall be binding upon and inure to the benefit of the heirs, executors, administrators,
trustees, successors and assigns of the parties.

		5.4	This Agreement is the result of joint negotiations and efforts in drafting, and nothing herein shall be
construed against any party simply as a result of such party being the draftsman of this Agreement. Each party has consulted with, or
had adequate opportunity to consult with, an attorney and is fully aware of and satisfied with all terms of this Agreement.

		5.5	Headings in this Agreement are for convenience only and shall not be considered in interpreting this Agreement.

		5.6	If any term or provision of this Agreement is held invalid or unenforceable, the remainder of the Agreement
shall not be affected thereby, and each provision of this Agreement shall be valid and enforceable to the fullest extent permitted by
law.

		5.7	This Agreement may be executed by the parties by facsimile, or by copy signed, scanned and sent via E-mail,
and this Agreement may be executed in counterparts and shall be deemed one document.

		5.8	Following the Closing Date, each party will promptly execute and deliver
to the other such additional documents as the other party reasonably requests to consummate or confirm the transactions provided for herein,
to accomplish the purpose hereof or to assure to the other party the benefits hereof.

		5.9	Prior to or on the closing date each party shall execute and deliver an Operating Agreement for the Vitt
Lease, the form of which is attached as Exhibit C, naming Ashlock’s company, Petron Oil and Gas, LLC, as the operator of the Vitt
Lease.

IN WITNESS WHEREOF, the parties have executed
this Agreement effective the date first above written.

 

**************** signatures are on the following three
pages ****************

 

    	 

    	 

    

 

 

Okmin Operations, LLC

 

By: /s/ Jonathan Herzog

Jonathan Herzog,

President of Okmin Resources, Inc.,

Managing Member

 

 

 

/s/ Earnest Ashlock

Earnest Ashlock

 

 

 

J & S McCoy Enterprises, LLC

 

By: /s/ Jon M McCoy

Jon M. McCoy

Trustee of the Jon M. McCoy and Sheryl A. McCoy Living Trust
dated March 25, 2016

Managing Member

 

 

 

 

    	 

    	 

    

 

Exhibit A 

to the Agreement between

Okmin Operations, LLC, Earnest Ashlock, and
J & S McCoy Enterprises, LLC

 

Form of Bill of Sale and Assignment

 

 

Assignment of Oil & Gas Lease

KNOW ALL MEN BY THESE PRESENTS:

FOR ONE DOLLAR AND OTHER GOOD AND VALUABLE
CONSIDERATION, receipt of which is acknowledged, J & S MCCOY ENTERPRISES, LLC, a Kansas limited liability company (hereinafter referred
to as the “ASSIGNOR”) hereby grants, bargains, sells, conveys, transfers, assigns and warrants the following:

		(1)	to OKMIN OPERATIONS, LLC (hereinafter referred to as “OKMIN”), 0.8285714286
of the working interest, this being a 0.725 (72.5%) net revenue interest, in the “Vitt Lease” described below; and

		(2)	to EARNEST ASHLOCK (hereinafter referred to as “ASHLOCK”), 0.1142857143
of the working interest, this being a 0.10 (10%) net revenue interest, in the “Vitt Lease” described below;

(OKMIN and ASHLOCK both hereinafter referred
to as the “ASSIGNEES”) together with all rights incident to the leasehold estate and rights, privileges and interests created
thereby subject to all the terms and conditions of said Vitt Lease and extensions thereof, and the personal property thereon or used in
connection therewith, including but not limited to all equipment, wells, structures and personal property, to include fixtures and improvements,
currently located on Vitt Lease, and used or useable in connection with oil and gas exploration, production, treatment, storage and marketing
activities together with all rights incident thereto and all easements, permits and agreements related thereto, all tenements, hereditaments
and appurtenances to the Vitt Lease, and all files and records pertaining to the same, including but not limited to drilling data, electric
logs, lease files, land files, well files, division order files, geophysical data, studies, evaluations, projections, reports, appraisals,
valuations, maps, regulatory files and records (hereinafter referred to as the “Vitt Lease Property”).

TO HAVE AND TO HOLD the Vitt Lease and Vitt
Lease Property with all and singular the rights, privileges, and appurtenances thereunto or in any wise belonging to the said Assignees,
their successors, personal representatives, administrators, executors and assigns forever.

ASSIGNOR warrants that ASSIGNOR has good,
merchantable title to the Vitt Lease and Vitt Lease Property, free and clear of all liens and encumbrances, and that ASSIGNOR has 100%
of the working interest in the Vitt Lease, this being a 87.5% net revenue interest.

ASSIGNOR and ASSIGNEES acknowledge and agree
that after this Assignment ownership of the Vitt Lease and Vitt Lease Property shall be as follows:

	                                               Name	Percentage of Working Interest	Net Revenue Interest Percentage
	Earnest Ashlock	0.114285714286	0.100
	Okmin Operations, LLC	0.828571428571	0.725
	J & S McCoy Enterprises, LLC	0.057142857143	0.050
	TOTALS	1.00	0.875

 

    	 

    	 

    

 

To the extent transferable, ASSIGNEES are hereby
granted the right of full substitution and subrogation in and to any and all rights and warranties which ASSIGNOR has or may have with
respect to the Vitt Lease and Vitt Lease Property of which ASSIGNOR has or may have against any and all preceding owners, vendors or warrantors.
The Vitt Lease and Vitt Lease Property shall include all right, title and interest which ASSIGNOR may have in and to the same, including
but not limited to, leasehold interests, rights of assignment or reassignment, overriding royalties, contractual rights, regulatory authorities
and permits or licenses, easements and rights-of-way.

The parties agree to execute, acknowledge
and deliver such other and further instruments or documents, and to take such other and further actions as may be reasonably necessary
to carry out the provisions of this Assignment.

IN WITNESS WHEREOF, ASSIGNOR and ASSIGNEES
have executed this Assignment effective ___________________________, 2021, at ____:________ __.m..

 

signatures of the parties and notary
jurat

    	 

    	 

    

 

Exhibit B

to the Agreement between

Okmin Operations, LLC, Earnest Ashlock, and
J & S McCoy Enterprises, LLC

 

Form of Release of Mortgage and Production Payment
Assignment

 

Partial Release of Mortgage and Production Payment

 

J & S MCCOY ENTERPRISES, LLC (hereinafter referred
to as the “Mortgagee” and “Assignee”) hereby partially releases the following:

 

		(1)	The Oil and Gas Lease Mortgage (hereinafter referred to as the “Mortgage”) from MSG RESOURCES,
INC. to Mortgagee dated July 29, 2016 and recorded with the Register of Deeds of Neosho County, Kansas, on August 8, 2016 at Book 507
page 168, insofar as said Mortgage covers the following described oil and gas lease (hereinafter referred to as the “Lease”):

 

	LESSOR:	Edward Vitt and Marilyn G. Vitt 
	LESSEE:	Jon McCoy
	DATE OF LEASE:	04/20/1983
	RECORDED:	on 04/22/1983	at Book 93M	Pages 369-370
	LEGAL DESCRIPTION:	NW/4 of Section 1, Township 29S, Range 20E, Neosho County, Kansas  

 

AND

 

		(2)	The Assignment of Production Payment (hereinafter referred to as the “Assignment”) from MSG
RESOURCES, INC. to Assignee dated July 29, 2016 and recorded with the Register of Deeds of Neosho County, Kansas, on August 8, 2016 at
Book 507 page 172, insofar as said Assignment covers the Lease.

 

The Mortgage and Assignment remain in full force and
effect on all remaining oil and gas leases described in the Mortgage and Assignment.

 

Dated effective this ______ day of _________________,
2021.

 

 

signature and notary jurat

 

 

 

    	 

    	 

    

 

Exhibit C 

to the Agreement between

Okmin Operations, LLC, Earnest Ashlock, and
J & S McCoy Enterprises, LLC

 

Form of Operating Agreement

 

 

Operating Agreement

This Operating Agreement is entered into this
_______ day of ________________, 2021, by and between PETRON OIL AND GAS, LLC, a Kansas Limited Liability Company (hereinafter referred
to as “Operator”), OKMIN OPERATIONS, LLC, a Kansas Limited Liability Company (hereinafter referred to as “Non-Operator
One”), EARNEST ASHLOCK (hereinafter referred to as “Non-Operator Two”), and J & S MCCOY ENTERPRISES, LLC, a Kansas
Limited Liability Company (hereinafter referred to as “Non-Operator Three”)(Non-Operator
One, Non-Operator Two and Non-Operator Three all sometimes hereinafter referred to as the "Non-Operators” or as a “Non-Operator”).

WHEREAS, Non-Operators are the owners of all
(meaning 100%) of the working interest, this being an 87.5% net revenue interest (“NRI”), in the following oil and gas lease
(hereinafter referred to as the “Vitt Lease”):

 

	LESSOR:	Edward Vitt and Marilyn G. Vitt 
	LESSEE:	Jon McCoy
	DATE OF LEASE:	04/20/1983
	RECORDED:	on 04/22/1983	at Book 93M	Pages 369-370
	LEGAL DESCRIPTION:	NW/4 of Section 1, Township 29S, Range 20E, Neosho County, Kansas  

and the working interest share and NRI of
Non-Operators is shown on the attached Exhibit A.

WHEREAS, Operator agrees to operate the Vitt
Lease on behalf of Operator and the Non-Operators based on the terms and conditions of this Operating Agreement.

NOW THEREFORE, FOR GOOD AND VALUABLE CONSIDERATION,
the receipt and sufficiency of which is acknowledged, the parties agree as follows:

		1.	Non-Operators hereby designate Operator as the operator of the Vitt Lease.

		2.	The parties agree that there shall be an upfront charge of $3,000 by Operator for administrative overhead,
and reimbursements of up $1,000 for personal and travel expenses, per month for the first three months, and beyond that the parties will
mutually agree on charges by Operator for administrative overhead. Non-Operators agree to pay their proportionate share of expenses for
all third-party charges for materials and services provided to the Vitt Lease, such share to be based on the percentage of the working
interest owned by each Non-Operator. Non-Operators shall each be billed their proportionate share of these third-party costs based on
their working interest in the Vitt Lease. Operator agrees that all third-party charges for materials and services provided to the Vitt
Lease shall be billed to Non-Operators at actual cost with no “mark up” on such charges.

		3.	Operator agrees to provide Non-Operators a full and complete Joint Interest Billing for the Vitt Lease
on a monthly basis according to the terms and conditions of this Operating Agreement. Further, Operator agrees to promptly, upon request,
provide Non-Operators with copies of back-up invoices for all Joint Interest Billings to Non-Operators. Operator shall maintain a separate
bank account for Vitt Lease operations and will provide monthly accounting summaries to Non-Operators.

    	 

    	 

    

 

		4.	Operator shall at all times during the term of this Operating Agreement (i) maintain its status as a licensed
Operator of oil and gas leases and wells with the Kansas Corporation Commission (KCC), and (ii) operate the Vitt Lease in compliance with
Kansas law and KCC rules and regulations and any Federal Agency having jurisdiction over the Vitt Lease.

		5.	Operator shall operate the Vitt Lease according to the reasonable prudent operator standard prevailing
in Southeast Kansas and shall maintain all reasonable insurance policies, including but not limited to casualty and liability insurance
naming Non-Operators as additional insureds. At all times while operations are conducted hereunder, Operator and any contractors and subcontractors
shall fully comply with Kansas workers compensation laws.

		6.	Proceeds from the sale of oil and/or gas produced from the Vitt Lease shall be distributed directly to
the working interest owners according to the working interest shares shown on the attached Exhibit A.

		7.	This Operating Agreement shall be effective immediately upon the assignment to Non-Operators of their
interests in the Vitt Lease.

		8.	Notwithstanding Section 2 above, for the purpose of this Operating Agreement, Non-Operator One shall pay
all third-party charges up to a total of $50,000.00 for enhancement work, repairs, reworks, recompletions, treatments, insurance, or other
work necessary to attempt to increase oil and gas production and also including legal fees and administrative overhead and reimbursements
as set forth in Section 2 above. Thereafter, except as provided in section 11 below, Non-Operators shall pay for Vitt Lease third-party
charges proportional to their working interest share shown on the attached Exhibit A.

		9.	The liability of the parties shall be several and not joint or collective. Each party shall be responsible
only for its respective obligations and shall therefore be liable for only its proportionate share of the costs of operating the Vitt
Lease. It is not the intention of the parties to create nor should this Operating Agreement be construed as establishing a mining or other
partnership, joint venture or association or render the parties in any manner liable as partners.

		10.	Operator shall have the right pursuant to the terms of this Operating Agreement to incur any Vitt Lease
operating expenditures up to the sum of $2,500.00. However, for any anticipated expenditure that will exceed the sum of $2,500.00, Non-Operators
shall have the right to approve such expenditure. This limitation on expenditures shall not apply in the case of an emergency. Therefore,
if an emergency situation is deemed to exist in the sole discretion of the Operator, Operator is hereby authorized on behalf of Non-Operators
to spend within reason such sums as are necessary to resolve such emergency. 

		11.	If any Non-Operator does not approve drilling a new well or wells on the Vitt Lease, the Non-Operator(s)
who approve the drilling shall have the option and right to proceed with drilling such new well(s) and in such case the approving Non-Operators
shall be responsible for all costs and expenses associated with drilling, completing, producing and plugging the new well(s) and shall
be entitled to receive all oil and gas production from the new well(s). The non-approving Non-Operator’s share of oil and gas production
from the new well(s) shall be proportionally divided between the approving Non-Operators. Nothing herein precludes the approving and non-approving
Non-Operators from mutually agreeing to terms to allow the non-approving Non-Operator to participate in oil and gas production from the
new well(s).

		12.	In the event Non-Operators fail to pay any undisputed Joint Interest Billing to Operator within thirty
(30) days after the receipt of such Joint Interest Billing, then and in that event, Operator shall be entitled to charge interest on any
unpaid balance at the annual rate of Twelve Percent (12%) per annum.

		13.	In the event Non-Operators fail to pay any Joint Interest Billing due to the Operator and the same becomes
delinquent for a period of ninety (90) days, then and in that event, the Operator shall have the right to file an Operator’s Lien
against the working interest of the delinquent Non-Operator and shall be entitled to utilize all legal remedies that are available to
Operator so that the Operator can be paid for all Joint Interest Billings incurred in the operation of the Vitt Lease. Further, should
Non-Operator fail to pay any Joint Interest Billing due Operator for a period of one hundred and twenty (120) days, then and in that event,
Operator may declare the delinquent Non-Operator as being in substantial default and Operator shall be entitled to direct the crude oil
buyer to suspend all payments of production proceeds to the delinquent Non-Operator and Operator shall be entitled to assess a repayment
charge of 110% (meaning, actual amount plus 10%) of the past due Joint Interest Billings which Operator shall be entitled to recover prior
to the delinquent Non-Operator being restored to his receipt of oil production proceeds.

    	 

    	 

    

 

		14.	In the event that Operator or any Non-Operator violates any of the terms and conditions of this Operating
Agreement and if legal proceedings are brought to enforce the terms and conditions of this Operating Agreement, then and in that event,
the prevailing party in such litigation shall be entitled to recover its reasonable attorney’s fees and costs as a part of the terms
of this Operating Agreement.

		15.	The Non-Operators hereby designate Operator as the operator of the Vitt Lease for so long as Non-Operators
are working interest owners in the Vitt Lease. Notwithstanding the above, Non-Operators may remove Operator of the Vitt Lease and terminate
this Agreement if Operator (a) becomes a debtor in bankruptcy, or (b) commits a material breach or default hereunder and fails to cure,
or commence and thereafter diligently proceed to cure, such breach or default within 30 days after receipt of written notice from a Non-Operator
describing the breach or default or (c) is deemed guilty of willful or gross negligence in the operation of the Vitt Lease, or (d) is
not timely paying third-party vendors who perform services or provide materials or equipment to the Vitt Lease, provided however that
non-payment of vendors will be excused if Non-Operators have failed to timely pay their share of Joint Interest Billings.

		16.	This Operating Agreement shall be binding upon and inure to the benefit of the parties, their successors
and assigns.

		17.	Whenever this Operating Agreement requires the approval of or action by the Non-Operators, such approval
or action shall be based on the affirmative vote of those owning a majority of the non-operating working interest.

		18.	This Operating Agreement may be executed by the parties by Fax, or by copy signed, scanned and sent via
Email, and this Operating Agreement may be executed in counterparts and shall be deemed one document.

		19.	If any term or provision of this Operating Agreement is held invalid or unenforceable, the remainder of
the Operating Agreement shall not be affected thereby, and each provision of this Operating Agreement shall be valid and enforceable to
the fullest extent permitted by law.

		20.	This Operating Agreement has been made in, and shall be governed by and construed in accordance with,
the laws of the State of Kansas.

		21.	This Operating Agreement constitutes the entire agreement concerning the operation of the Vitt Lease and
may be modified only in writing signed by all parties.

IN WITNESS WHEREOF, this Operating Agreement
is executed and effective the day and year first above written.

 

Signatures of the parties

 

    	 

    	 

    

 

Exhibit A

to the Operating Agreement between

Petron Oil and Gas, LLC, Okmin Operations, LLC, Earnest
Ashlock, and J & S McCoy Enterprises, LLC

 

~ List of Working Interest Owners ~

	Name	Percentage of Working Interest	Net Revenue Interest Percentage
	Earnest Ashlock	0.114285714286	0.100
	Okmin Operations, LLC	0.828571428571	0.725
	J & S McCoy Enterprises, LLC	0.057142857143	0.050
	TOTALS	1.0000000000	0.875EXHIBIT 10.3

 

JOINT VENTURE AGREEMENT – WEST SHEPPARD
POOL FIELD

BETWEEN BLACKROCK ENERGY, LLC and OKMIN ENERGY LLC

 

 

Blackrock Energy, LLC (Blackrock) has entered into
an agreement with Cane Creek Energy Partners, Inc. to purchase certain oil/gas leases in Okmulgee County, Oklahoma as listed and further
detailed on Exhibit A and Exhibit B.

 

Okmin Energy LLC or its designated subsidiary nominee
(Okmin) desires to joint-venture with Blackrock in the purchase and development of the West Sheppard Pool Field including any and all
equipment as is included in the Exhibit A and Exhibit B documents (the “Project”).

 

An outline of the deal structure is as follows:

 

		1.	Okmin will make a payment of $150,000 (including a $5,000 deposit previously
paid, ie $145,000) to Blackrock upon the signing of this Joint Venture Agreement (“JV”) in exchange for 50% working interest
in the leases comprising the Project, Okmin is entitled to 50% of revenues from oil/gas sales. 

 

		2.	Blackrock and Okmin agree that net income from the operations at West Sheppard
Pool will be paid to Okmin until the sum of $75,000 has been repaid. Blackrock will be paid a flat sum of $500/month, which will be deducted
from its 50% share of future net income. At the point that $75,000 has been repaid to Okmin, thereafter, Blackrock and Okmin will split
the net income with 50% to Blackrock and 50% to Okmin. Net income is defined as gross oil/gas sales, less royalties, taxes, parts, labor,
electrical costs, accounting fees, subcontractor expenses and any other repair or workover costs required to maintain and operate the
leases at the West Sheppard Pool Field. 

 

		3.	Okmin commits to provide such additional funding as it deems necessary (the
“Additional Funding”) for the rehabilitation and development of the Project to be utilized for legal fees, electric meter
fees, repairs, insurance policies, rig time and other work to enhance production from the leases in the West Sheppard Pool Field. 

 

		4.	Blackrock confirms that pursuant to its purchase agreement with Cane Creek
Energy Partners, Inc. it has assumed rights, titles and interests in the Project and hereby agrees to assign at closing to Okmin its 50%
share of such rights, titles and interests. 

 

		5.	Blackrock will operate the leases as operator of record and will diligently
manage every aspect of the leases to increase production, revenues, profits, and value. Blackrock will not charge an operator’s
fee for these services but will be paid its pro rata share of net profits.

 

		6.	Blackrock will maintain a bank account for these leases, manage the finances
and will provide quarterly accounting summaries to Okmin, or possibly more frequently as reasonably requested to assist Okmin in its own
reporting requirements. 

 

		7.	Blackrock will have its accounting firm generate the annual tax returns
for the joint venture. Cost of the tax returns will be paid out of cash flows. 

 

		8.	Blackrock will utilize its best efforts to negotiate and obtain best pricing
on all parts, labor, repairs, enhancement work and other associated costs. Blackrock will bill these expenses to Okmin within the framework
of the Additional Funding “at cost” with no markup. 

 

		9.	Blackrock will have its oil/gas law firm draft all assignments of working
interest on behalf of both Blackrock and Okmin, and the cost of this legal work will be paid by Okmin within the framework of the Additional
Funding. Okmin may also have its law firm review such agreements. Additionally, a West Sheppard Pool Joint Operating Agreement will be
signed concurrently with this agreement between Blackrock and Okmin. 

 

    	 

    	 

    

 

 

		10.	Both Blackrock and Okmin understand that initially Additional Funding by
Okmin is for Phase I work. If the venture is successful and subject to the mutual agreement of both parties, there could be a desire by
both parties to continue with a Phase II development of the Project, which might include additional enhancements such as water flooding,
recompletions to tap “behind pipe” reserves, drilling new wells or other options.

 

		11.	Both Blackrock and Okmin understand that oil/gas ventures can be risky and
there is no guarantee of results, cash flows, or profits.

 

		12.	This agreement between Okmin and Blackrock forms part of the strategic alliance
between both companies to seek out joint venture opportunities together. Notwithstanding the above, Okmin and Blackrock have previously
formed a Joint Venture Agreement for acquisition of other oil and gas leases in Okmulgee County, Oklahoma. That joint venture is separate
and distinct from this Joint Venture Agreement for the West Sheppard Pool Field.

 

		13.	To the extent that either Okmin or Blackrock intend to introduce to the
Project or bring in any farm-in partners or add any additional parties to this Joint Venture Agreement on the West Sheppard Pool Field,
the consent of both parties shall be required to admit such a new entity as a participant.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 

    	 

    

 

 

		14.	This Joint Venture Agreement – West Sheppard Pool Field shall not
be effective and binding on the parties until Blackrock exercises its option to participate in the venture in writing.

 

 

 

 

/s/ Steve Kirkpatrick 11/29/21

Steve Kirkpatrick for Blackrock Energy, LLC

 

 

 

 

/s/ Jonathan Herzog 11/29/21

Jonathan Herzog for Okmin Energy LLC

 

    	 

    	 

    

 

EXHIBIT A

 

WEST SHEPPARD POOL FIELD

 

 

	Section 7	Tennison	40 acres
	Section 7	Foster	120 acres
	Section 8	Marshall	80 acres
	Section 8	Grogan	80 acres
	Section 9	King 1-9	320 acres
	Section 16	Opel King	10 acres
	Section 16	King #2, King	40 acres
	Section 16	King #3	40 acres
	Section 17	Eram	80 acres
	Section 17	King 1, King 2	80 acres
	Section 17	Thomason	80 acres
	Section 21	Fowler 1 & 2	80 acres
	Section 19	Opel King	120 acres
	Section 28	Hutton	160 acres
	Section 30	Jane Golden	160 acres
	Section 30	Kimbrough	160 acres
	Section 32	Neustadt/Frazier	320 acres
	 	 	 
	 	 	 

 

 

 

 

 

 

 

 

    	 

    	 

    

 

EXHIBIT B

 

CANE CREEK AGREEMENT AND BILL OF SALE WITH BLACKROCK
ENERGY, LLC ON WEST SHEPPARD POOL LEASES AND EQUIPMENT (INCLUDING EXHIBIT “A”, EXHIBIT “B”, EXHIBIT “C”,
EXHIBIT “D”

AND EXHIBIT “E” ATTACHED THERETO)

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