OKMIN RESOURCES, INC.
For the period ended Jun 30, 2025. Filed Sep 29, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Sep 29, 2025
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What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-06-30; filed 2024-10-15.
0001079973-24-001407
Item 7. MANAGEMENT’SDISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-K
Period ended 2025-06-30; filed 2025-09-29.
0001079973-25-001512
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 60 previous paragraphs and 40 current paragraphs.
27 unchanged; 12 reworded; 0 added; 21 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 1 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Removed paragraphs (21)
Previous report
Blackrock Joint Venture
Previous report
Okmin entered into a Joint Venture Agreement and Operating Agreement in February 2021, committing $100,000 in the initial phase to acquire working interests in ten oil and gas leases located in Okmulgee and Muskogee Counties in Oklahoma. Under the Operating Agreement, Okmin has a 50% Working Interest in 710 acres and a 25% interest in 80 acres. The Company’s Joint Venture partner, Blackrock Energy LLC (“Blackrock”), is the operator of the project. Pursuant to a further agreement entered into on June 10, 2022, the Company added an additional five oil and gas leases across 739 acres to its Joint Venture with Blackrock, thereby expanding the overall project to fifteen leases covering over 1,500 acres. In the fiscal year ended June 30, 2024, lease operating expenses including taxes recorded across the extended Joint Venture totaled $42,048 and our share of the Joint Venture recorded revenues of $28,285 from oil and gas sales, predominantly oil, compared with $46,875 in revenues for the corresponding fiscal year ended June 30, 2023.
Previous report
Vitt Lease
Previous report
The Company through its wholly owned Kansas subsidiary, Okmin Operations, LLC entered into an agreement in July 2021 to acquire a 72.5% Net Revenue Interest in the Vitt Lease located in Neosho County, Kansas. Okmin Operations, LLC acquired the lease with a cash payment of $25,000 together with a commitment to make additional capital and operating expenditures to rework the wells on the lease. The lease covers 160 acres and after initial reworking now includes nine oil wells, two idle wells and four water injection wells. At present the wells are not pumping, as they require additional maintenance work. As of the fiscal year ending on June 30, 2024, aggregate additional expenditures beyond the purchase totaled approximately $108,000. During the fiscal year ended June 30, 2024, the Company’s expenditures at the Vitt Lease totaled $6,719. For the year ended June 30, 2024, the Company received $1,972 in revenues from the project compared to revenues for the year ended June 30, 2023 of approximately $5,200.
Previous report
The Vitt Lease has now become a small nominal lease able to produce oil, though not on a consistent basis as we continue to encounter various maintenance issues that have to be addressed. The Company continues to explore a number of possibilities for the Vitt Lease, which may include involving a partner in its further development.
Previous report
West Sheppard Pool
Previous report
In August 2021, the Company entered into an option agreement with Blackrock to acquire a 50% joint venture interest in the West Sheppard Pool Field, a series of leases totaling 1,930 acres located in Okmulgee County, Oklahoma. In November 2021, the Company exercised its option and entered into a definitive joint venture and operating agreement with Blackrock at a cost of $150,000 in cash.
Previous report
The 26 existing wells on the leases range from 850 feet to 1,950 feet in depth with gas production from several zones as their main objective.
Previous report
During the second half of calendar 2023, our partner and operator, Blackrock Energy, LLC agreed to a farmout agreement of its working interests in West Sheppard Pool (with the exception of a 2% overriding royalty interest maintained by Blackrock). Blackrock’s interests were transferred to Sheppard Pool Operating, LLC (hereinafter referred to as “SPO”), the owner of the adjacent East Sheppard Pool leases. SPO also became the Operator of record on the project. This transaction does not change our working interests in the project.
Previous report
The Company and SPO had previously entered into a gas gathering agreement in June 2023 in an effort to restore and ultimately improve gas flows into the gas transit pipeline system. During the year ended June 30, 2024, we received no revenue from the property as gas sales continued to be suspended due to further required pipeline work and the failure of equipment owned by the gas pipeline company at its compressor station. In order to replace the failed equipment, the gas pipeline company is requiring additional gas throughput to justify the investment. SPO has been working to upgrade the gas gathering system on the property, including replacing older gas gathering lines with new modern lines. The older lines were discovered to contain numerous leaks which likely contributed to a lack of throughput to the compressor station. In the year ended June 30, 2024, the Company recorded expenditures at West Sheppard Pool of $14,594.
Previous report
Prior to the suspension of activities following a compressor outage, only 6 of the 26 wells on the property were selling into the pipeline. Subsequently an additional 4 wells were connected in late 2022, so in total there are now 10 of the 26 wells at West Sheppard Pool connected to the gas gathering system. Many of those wells would likely benefit from workovers to increase their production potential, and six wells were identified by the operator for reentry to perforate and fracture new zones for both oil and gas. The property also has the potential for infill drilling for new wells within the property. Any work is dependent upon obtaining additional capital, which could include adding an additional partner to fund this work program
Previous report
Pushmataha
Previous report
In December 2021, the Company exercised its option and entered into a definitive joint venture and operating agreement with Blackrock to acquire 50% of Blackrock’s interest in the Pushmataha Gas Field, comprising 6 leases covering an area of 3,840 acres located in Pushmataha County, Oklahoma. Blackrock had previously entered into a separate option to acquire working interests ranging from 92 -100% in the existing wells and lease acreage from a third party. In connection with the initial acquisition, the Company expended approximately $253,000 in cash. Under the terms of the Joint Venture agreement, after deducting operating costs including a flat sum of $1,000 per month to Blackrock as operator, the Company shall receive all net income from revenues of the project until it has recouped $125,000, thereafter, the parties shall equally split the income.
Previous report
The Company has a 50% ownership interest in the Joint Venture with Blackrock. The leases owned by the Joint Venture are subject to landowner 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%.
Previous report
Pushmataha has seven 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 thousand cubic feet per day (MCFD). Through the fiscal year ended June 30, 2024, we recorded $12,286 in revenues from gas sales at the project compared to revenues for the fiscal year ended June 30, 2023 of $60,066.
Previous report
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.
Previous report
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.
Previous report
In the fiscal year ended June 30, 2024, lease operating expenditures were $22,664 with additional gas fees, transportation and taxes aggregating $6,000. 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.
Previous report
Management is actively evaluating various new strategic investment and acquisition opportunities in the resources sector, including opportunities to potentially broaden our activities beyond the development of conventional oil and gas projects. To assist in this process, the Company has established a Board of Advisors and appointed Dr. John N. O’Brien as its Senior Advisory Board Member.
Previous report
No agreements to acquire new assets or interests have been reached, and any future agreements would be subject to the Company being able to secure adequate additional financing.
Previous report
The expenses during the period ended June 30, 2023 by comparison included: compensation $81,000 in cash and $81,000 accrued compensation, lease operating expenses (including taxes and royalties) of $263,018, interest of $19,510 and professional fees of $70,316. The net loss also included non-cash items of $85,100 in stock issued for services. Additionally, the Company incurred additional expenses as it started trading as a public company.
Reworded paragraphs (12)
Previous wording
We generated $42,543 in revenue from oil and gas sales for the fiscal year ended June 30, 2024, as compared to $114,098 in revenues for the fiscal year ended June 30, 2023. The decrease in revenue is attributable to lower oil and gas prices and curtailed operations. Costs of revenues were $92,024 in the year ended June 30, 2024 versus $260,768 for the year ended June 30, 2023, attributable to the Company decreasing lease operating costs as it conducted limited operations under the current market conditions and as a result of its limited cash resources.
Current wording
We generated $22,180 in revenue from oil and gas sales for the fiscal year ended June 30, 2025, as compared to $42,543 in revenues for the fiscal year ended June 30, 2025. The decrease in revenue is attributable to lower oil and gas prices and curtailed operations. Costs of revenues were $42,713 in the year ended June 30, 2025 versus $92,024 for the year ended June 30, 2024, attributable to the Company decreasing lease operating costs as it conducted limited operations under the current market conditions and as a result of its limited cash resources.
Previous wording
General and administrative expenses were steady at $406,181 for the year ended June 30, 2024 as compared to $380,747 for the year ended June 30, 2023. A significant component of this included non-cash amounts comprised of $28,805 of stock issued to our land and resource development Manager and $104,296 in connection with corporate, investor relations and consulting fees comprised of common stock that either vested and/or was issued in lieu of cash for services. Additionally, $141,750 of these expenses were accrued and deferred compensation.
Current wording
General and administrative expenses were lower at $388,579 for the year ended June 30, 2025 as compared to $406,175 for the year ended June 30, 2024. A significant component of this included non-cash amounts comprised of $9,000 of stock issued to our land and resource development Manager and $110,000 in connection with corporate compliance, investor relations and consulting fees comprised of common stock that was issued in lieu of cash for services and $24,100 in restricted common stock issued in lieu of legal fees. Additionally, $162,000 of these expenses were accrued and deferred compensation.
Previous wording
In the year ended June 30, 2024, of note we recorded the following expenses as compared to the corresponding year ended June 30, 2023: Interest expense was lower at $16,647 vs $19,510; listing & compliance related fees were lower at $16,380 vs. $26,912; legal fees were higher at $50,000 vs $21,835 as we engaged ongoing counsel on a more regular basis; audit fees were $22,302 vs $22,700; compensation in connection with accounting and bookkeeping $10,440 vs $17,784 and depreciation was higher at $5,194 vs. $3,970. Other expenses related to compensation, filing and transfer agent fees, rent and other general and administrative expenses necessary for our operations.
Current wording
In the year ended June 30, 2025, of note we recorded the following expenses as compared to the corresponding year ended June 30, 2024: Interest expense was higher at $17,262 vs $16,647; listing related fees were higher at $17,100 vs. $16,380; legal fees were lower at $29,100 vs $50,000 as we engaged counsel on a more as needed basis; audit fees were $31,385 vs $22,302; compensation in connection with accounting and bookkeeping $16,996 vs $10,440 and depreciation was higher at $5,436 vs. $5,194. Other expenses related to compensation, filing and transfer agent fees, rent and other general and administrative expenses necessary for our operations.
Previous wording
The net loss for the year ended June 30, 2024 was $873,214 compared to a net loss of $529,014 for the year ended June 30, 2023. This amount includes a one-off impairment charge of $401,858 that was recorded as an expense for the year ended June 30, 2024, following testing to determine current fair value of oil and gas properties and the Company’s subsequent review of the capitalized value of its oil and gas properties. Outside of the impairment charge, expenses totaled $503,393. The Expenses during the period ended June 30, 2024, included: compensation $20,250 in cash and $141,750 accrued compensation, $92,024 in lease operating expenses (including taxes and royalties), interest of $16,647, legal, accounting and other professional fees of $113,643 and other general and administrative expenses necessary for our operations. The net loss also includes non-cash items of $137,130 in stock issued for services.
Current wording
The net loss for the year ended June 30, 2025 was $597,167 compared to a net loss of $873,214 for the year ended June 30, 2024. This amount includes a one-off impairment charge of $167,003 that was recorded as an expense for the year ended June 30, 2025, following testing to determine current fair value of oil and gas properties and the Company’s subsequent review of the capitalized value of its oil and gas properties. Outside of the impairment charge, operating expenses totaled $394,015. The expenses during the period ended June 30, 2025 included: $162,000 accrued compensation, $42,713 in lease operating expenses (including taxes and royalties), interest of $17,262, accounting and audit fees of $48,381; other professional, legal and consulting fees of non-cash items in stock issued for services of $143,100; and other general and administrative expenses necessary for our operations.
Previous wording
In the year ended June 30, 2024, cash expended on investing activities was nil versus $45,212 in the year ended June 30, 2023. The lower amount this fiscal year is attributable to the Company not investing new capital into projects versus the previous year which included some ongoing rework expenses on the Company’s projects.
Current wording
In the years ended June 30, 2025 and 2024, cash expended on investing activities was $nil.
Previous wording
Net cash from financing activities in the year ended June 30, 2024 was negative $16,000, which consisted of repayments on the Convertible Note. In the previous year ended June 30, 2023 net cash from financing activities of $353,375 was predominantly comprised of private placements of equity securities.
Current wording
In the year ended June 30, 2025 net cash used in financing activities was $24,000 with the entire amount from the Repayment of Convertible Note. For the year ended June 30, 2024, financing activities used cash of $16,000, which consisted of repayments on the Convertible Note.
Previous wording
As of June 30, 2024, we had total assets of $366,621, comprised primarily of cash of $72,281, oil and gas properties of $294,237 and other assets of $103. As of June 30, 2024, we had total liabilities of $533,159, primarily comprised of convertible debt and related interest payable of $204,677 and deferred and accrued compensation of $276,750.
Current wording
As of June 30, 2025, we had total assets of $133,322, comprised primarily of cash of $11,488 and oil and gas properties of $121,834. As of June 30, 2025, we had total liabilities of $753,927, primarily comprised of convertible debt and related interest payable of $195,091, deferred and accrued compensation of $438,750, and trade credit facilities of $78,258.
Previous wording
The Convertible debt maintained by the company has a 10% annual interest rate, was initially set up with repayments of $3,500 per month commencing as of May 2022 and any open balance is convertible at the Lender’s discretion into shares of the Company’s common stock at $0.03 per share with warrant coverage at the same price on the basis of one warrant per every three shares issued under the note. The principal amount of the note is secured by a lien on the Vitt lease. In the related security agreement, the Company has agreed to remit the first $125,000 in net revenue received from its interest in the Pushmataha Gas Field toward the payment and performance of the note. As of June 30, 2024, the Company had a remaining balance of $155,135 on the note and outstanding interest of $49,542 and repayments have been revised with the lender at a minimum of $2,000 monthly. In July 2023, the Company reached an agreement with the Lender to temporarily suspend the monthly repayment requirement for three months, from July through September 2023, with the note accruing the usual interest during this period.
Current wording
The Convertible debt maintained by the company had a 10% annual interest rate, was initially set up with repayments of $3,500 per month commencing as of May 2022 and any open balance is convertible at the Lender’s discretion into shares of the Company’s common stock at $0.03 per share with warrant coverage at the same price on the basis of one warrant per every three shares issued under the note. The principal amount of the note was secured by a lien on the Vitt lease. In the related security agreement, the Company agreed to remit the first $125,000 in net revenue received from its interest in the Pushmataha Gas Field toward the payment and performance of the note. Beginning in November 2023, the Company and the lender agreed to reduce the monthly repayment to $2,000. As of June 30, 2025, the Company had a remaining balance of $131,135 on the note and outstanding interest of $63,956. Subsequent to the end of the fiscal year, the lender agreed to convert the entire remaining principal and interest due as of June 30 th 2025 into common shares of the Company at a deemed price of $0.03 per share. On September 19, 2025, the Company issued 6,503,024 common shares to the noteholder to settle the note in full.
Previous wording
The Company had a net loss of $873,214 for the year ended June 30, 2024 and an accumulated deficit of $1,708,518. As at June 30, 2024, we had a working capital deficit of approximately $460,878. We are still an early stage company and to date we have only achieved limited revenues from operations and anticipate that operating revenues will continue to be limited until the Company is in a position to commit substantial capital resources to its operations.
Current wording
The Company had a net loss of $597,167 for the year ended June 30, 2025 and an accumulated deficit of $2,305,685. As at June 30, 2025, we had a working capital deficit of approximately $742,439. We are still an earlier stage company and to date we have only achieved limited revenues from operations and anticipate that operating revenues will continue to be limited until the Company is in a position to commit substantial capital resources to its operations.
Previous wording
For the 2025 fiscal year we anticipate cash needs of approximately $300,000 for general corporate overhead and for operations on our existing lease properties. This amount does not include funding for any potential workovers, re-entries, stimulation treatments and recompletions of existing non or low producing wells. Any new work on our properties will require additional capital. A portion of the required cash will be obtained from oil and gas sales. The Company plans to obtain the remainder of the required capital through private sales of securities or debt financing.
Current wording
For the 2026 fiscal year we anticipate cash needs of approximately $270,000 for general corporate overhead and for operations on our existing lease properties. This amount does not include funding for any potential workovers, re-entries, stimulation treatments and recompletions of existing non or low producing wells. Any new work on our properties will require additional capital. A portion of the required cash will be obtained from oil and gas sales. The Company plans to obtain the remainder of the required capital through private sales of securities or debt financing.
Previous wording
As reflected in the accompanying audited financial statements, the Company had a net loss of $873,214 for the year ended June 30, 2024 and an accumulated deficit of $1,708,518 as of the same date. These factors, among others, raise doubt about the Company’s ability to continue as a going concern.
Current wording
As reflected in the accompanying audited financial statements, the Company had a net loss of $597,167 for the year ended June 30, 2025 and an accumulated deficit of $2,305,685 as of the same date. These factors, among others, raise doubt about the Company’s ability to continue as a going concern.
Previous wording
The Company had a working capital deficit of $460,878 as at June 30, 2024. In the 2025 fiscal year we anticipate cash needs of a minimum of $300,000, to maintain general corporate overhead and for continued work in maintaining our existing lease properties. This does not include any potential workovers, re-entries, stimulation treatments and recompletions of existing non or low producing wells, which would require additional capital commitments. The Company plans to obtain that capital by issuing equity securities, which may consist of either capital stock or convertible debt.
Current wording
The Company had a working capital deficit of $742,439 as at June 30, 2025. In the 2026 fiscal year we anticipate cash needs of a minimum of $270,000, to maintain general corporate overhead and for continued work in maintaining our existing lease properties. This does not include any potential workovers, re-entries, stimulation treatments and recompletions of existing non or low producing wells, which would require additional capital commitments. The Company plans to obtain that capital by issuing equity securities, which may consist of either capital stock or convertible debt.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
The expenses during the period ended June 30, 2024 by comparison included: compensation of $20,250 in cash and $141,750 accrued compensation, lease operating expenses (including taxes and royalties) of $92,024, interest of $16,647, and legal accounting and other professional fees of $113,643.