OKMIN RESOURCES, INC. Files 2024 10-K

TL;DR

OKMIN RESOURCES, INC. filed its 2024 10-K. All systems go for oil & gas.

AI Summary

OKMIN RESOURCES, INC. filed its 2024 10-K report, covering the fiscal year ending June 30, 2024. The company, operating in crude petroleum & natural gas, is incorporated in Nevada and headquartered in Encino, California. The filing details financial data and operational information for the period.

Why It Matters

This 10-K filing provides a comprehensive overview of OKMIN RESOURCES, INC.'s financial health and operational status for the fiscal year 2024, crucial for investors and stakeholders to assess the company's performance and future prospects.

Risk Assessment

Risk Level: medium — As a company in the volatile crude petroleum & natural gas sector, OKMIN RESOURCES, INC. faces inherent market and operational risks.

Key Numbers

• 2024-06-30 — Fiscal Year End (The end date for the reporting period covered by the 10-K.)
• 2024-10-15 — Filing Date (The date the 10-K report was officially filed with the SEC.)

Key Players & Entities

• OKMIN RESOURCES, INC. (company) — Filer of the 10-K report
• CRUDE PETROLEUM & NATURAL GAS (industry) — Company's Standard Industrial Classification
• NV (state) — State of incorporation
• ENCINO, CA (location) — Company's business and mailing address
• 818-201-3727 (phone_number) — Company's business phone number

FAQ

Key Financial Figures

• $0.0001 — Exchange Act: Common Stock, par value $0.0001 per share (Title of class) Indicate
• $300,000 — anticipate cash needs of approximately $300,000 for general corporate overhead and for

Filing Documents

• okmin_10k.htm (10-K) — 933KB
• ex31x1.htm (EX-31.1) — 8KB
• ex31x2.htm (EX-31.2) — 8KB
• ex32x1.htm (EX-32.1) — 3KB
• ex32x2.htm (EX-32.2) — 3KB
• image_004.jpg (GRAPHIC) — 5KB
• 0001079973-24-001407.txt ( ) — 3597KB
• okmin-20240630.xsd (EX-101.SCH) — 25KB
• okmin-20240630_cal.xml (EX-101.CAL) — 35KB
• okmin-20240630_def.xml (EX-101.DEF) — 80KB
• okmin-20240630_lab.xml (EX-101.LAB) — 232KB
• okmin-20240630_pre.xml (EX-101.PRE) — 191KB
• okmin_10k_htm.xml (XML) — 307KB

Business

Business 1 Item 1A

Risk Factors

Risk Factors 5 Item 1B Unresolved Staff Comments 18 Item 1C. Cybersecurity 18 Item 2

Properties

Properties 18 Item 3

Legal Proceedings

Legal Proceedings 23 Item 4 Mine Safety Disclosures 23 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 24 Item 6

Selected Financial Data

Selected Financial Data 25 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 8 Consolidated Financial Statements and Supplementary Data 30 Item 9 Changes In and Disagreements With Accountants On Accounting and Financial Disclosure 30 Item 9A

Controls and Procedures

Controls and Procedures 30 Item 9B Other Information 32 PART III Item 10 Directors, Executive Officers and Corporate Governance 32 Item 11

Executive Compensation

Executive Compensation 34 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 35 Item 13 Certain Relationships and Related Transactions, and Director Independence 36 Item 14 Principal Accountant Fees and Services 36 Item 15 Exhibits 37 PART I

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K (this "Annual Report") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), that involve substantial risks and uncertainties. The forward-looking statements are contained principally in Part I, Item 1. "Business," Part I, Item 1A. "Risk Factors," and Part II, Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations," but are also contained elsewhere in this Annual Report in some cases you can identify forward-looking statements by terminology such as "may", "should", "potential", "continue", "expects", "anticipates", "intends", "plans", "believes", "estimates", and similar expressions. These statements are based on our current beliefs, expectations, and assumptions and are subject to a number of risks and uncertainties, many of which are difficult to predict and generally beyond our control, that could cause actual results to differ materially from those expressed, projected or implied in or by the forward-looking statements. You should refer to Item 1A. "Risk Factors" section of this Annual Report for a discussion of important factors that may cause our actual results to differ materially from those expressed or implied by our forward-looking statements. As a result of these factors, we cannot assure you that the forward-looking statements in this Annual Report will prove to be accurate. Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all. We do not undertake any obligation to update any for

BUSINESS

ITEM 1. BUSINESS. Overview Okmin Resources, Inc. (collectively with its subsidiaries, "Okmin" or the "Company") was incorporated in Nevada in December 2020 to engage in the business of the acquisition, exploration and development of oil and gas properties, mineral rights and other natural resource assets. Okmin has been focused on the acquisition and development of domestic oil and gas fields, 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 four separate projects: 1) The Blackrock Joint Venture encompassing 15 oil and gas leases in Oklahoma 2) A 72.5% Net Revenue Interest in the Vitt oil lease located in Neosho County, Kansas 3) A 50% Joint Venture interest in West Sheppard Pool, a natural gas project in Northeast Oklahoma 4) A 50% Joint Venture interest in Pushmataha, a natural gas project in Southeast Oklahoma The Company has not conducted any reserve evaluations or calculations, and there are currently no proven reserves on any of the Company's properties. Our business strategy is to enhance the value of our acquired operated assets through evaluation of certain properties with the goal of increasing production. We plan to deploy capital in a strategic manner and pursue value-enhancing transactions and expect to continuously evaluate strategic alternative opportunities that we believe will enhance shareholder value. 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 corpora

Legal Proceedings

Legal Proceedings We are not currently a party to any material legal proceedings. Reports to Security Holders We intend to furnish our shareholders annual reports containing financial statements audited by our independent registered public accounting firm and to make available quarterly reports containing unaudited financial statements for each of the first three quarters of each year. We file Quarterly Reports on Form 10-Q, Annual Reports on Form 10-K and Current Reports on Form 8-K with the SEC in order to meet our timely and continuous disclosure requirements. We may also file additional documents with the SEC if they become necessary in the course of our company's operations. The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. The address of that site is www.sec.gov.

RISK FACTORS

ITEM 1A. RISK FACTORS. An investment in our common stock involves a high degree of risk. You should carefully consider the following material risk factors as well as all other information set forth or referred to in this report before purchasing shares of our common stock. Summary Risk Factors our ability to obtain sufficient cash flow from operations, borrowing, and/or other sources to fulfill our business plan; volatility in oil and natural gas prices, including further declines in oil prices and/or natural gas prices, which would have a negative impact on operating cash flow and could require further ceiling test write-downs on our oil and natural gas assets; the possibility that the oil and natural gas industry may be subject to new adverse regulatory or legislative actions (including changes to existing tax rules and regulations and changes in environmental regulation); the general risks of exploration and development activities, including the failure to find oil and natural gas in sufficient commercial quantities to provide a reasonable return on investment; future oil and natural gas production rates; environmental risks; availability of pipeline capacity and other means of transporting crude oil and natural gas production, and related midstream infrastructure and services; 5 competition in acquiring interest in existing properties and new acreage with other operating companies, resulting in less favorable terms or fewer opportunities being available; higher drilling and completion costs related to competition for drilling and completion services and shortages of labor and materials; disruptions resulting from unanticipated weather events, natural disasters, and public health crises and pandemics, such as the coronavirus, resulting in possible delays of drilling and completions and the interruption of anticipated production streams of hydrocarbons, which could impact expenses and revenues; our lack of effective disclosure controls

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View this 10-K filing on SEC EDGAR