Okmin Resources Reports Decrease in Net Loss and Revenue for Nine Months Ended March 31, 2026

Okmin Resources, Inc. reported a net loss of $309,037 for the nine months ended March 31, 2026, a decrease from a net loss of $353,785 during the same period in the previous year. The company's total revenue from oil and gas sales was $8,819, a significant decline from $17,461 in the prior year. The decrease in revenue is attributed primarily to the sale of the Blackrock Joint Venture project earlier in the fiscal year, which impacted overall production volumes. In contrast, revenue from the Pushmataha natural gas project increased to $7,551, up from $1,532 for the entire fiscal year ended June 30, 2025, due to improved operational conditions and pipeline issues being resolved.

In terms of operational expenses, Okmin's general and administrative expenses decreased to $258,390 for the nine months ended March 31, 2026, compared to $311,294 in the same period last year. This reduction was largely due to lower consulting and advisory fees, which fell to $64,935 from $119,000. However, the company recorded an impairment charge of $24,765 on its oil and gas properties, reflecting a reassessment of the capitalized values against current fair values. The total operating expenses for the nine-month period were $310,134, slightly lower than $331,132 in the previous year.

The company’s total assets as of March 31, 2026, were reported at $105,410, down from $133,322 as of June 30, 2025. This decline was primarily due to a decrease in non-current assets, particularly oil and gas properties, which totaled $70,053 compared to $121,797 in the prior period. Current liabilities stood at $691,027, with significant components including deferred compensation of $560,250 owed to the CEO and $30,000 in bridge loans. The company’s working capital deficit improved to $655,670 from $742,402, indicating a slight enhancement in liquidity.

Strategically, Okmin Resources has undergone significant changes, including the termination of a merger agreement with BevPoint Capital LP due to unmet closing conditions. The company has also engaged Andrew Glashow as a corporate advisor to enhance its capital market strategies. Looking ahead, Okmin anticipates cash needs of approximately $50,000 for the remainder of the fiscal year and plans to secure additional financing through debt or equity sales. The company’s future operations will depend heavily on its ability to generate cash flow from its projects and secure necessary funding to continue its business activities.