Okmin Resources Reports $22,180 Revenue Decline and $597,167 Net Loss for Fiscal Year Ending June 30, 2025

Okmin Resources, Inc. reported a revenue of $22,180 for the fiscal year ending June 30, 2025, a decrease from $42,543 in the previous year. The decline in revenue is attributed to lower oil and gas prices and curtailed operations. The company's costs of revenue also decreased significantly to $42,713 from $92,024, reflecting reduced lease operating costs due to limited operations and cash resources. The net loss for the year was $597,167, an improvement from the $873,214 loss reported in the prior fiscal year, which included a one-time impairment charge of $167,003 related to the fair value of oil and gas properties.

In terms of operational changes, Okmin Resources has made strategic adjustments, including the disposal of its entire interest in the Blackrock Joint Venture in exchange for $25,000 cash and an additional 45% interest in the Pushmataha Gas Field, increasing its stake in that project to 95%. The company has focused on reworking existing wells and upgrading infrastructure across its projects, which are primarily located in Oklahoma and Kansas. As of June 30, 2025, Okmin's total assets were valued at $133,322, with total liabilities amounting to $753,927, primarily due to convertible debt and accrued compensation.

The company has two wholly owned subsidiaries, Okmin Operations, LLC and Okmin Energy LLC, which are involved in oil and gas activities. Okmin's projects include a 72.5% net revenue interest in the Vitt oil lease in Kansas, a 10% overriding royalty interest in the West Sheppard Pool in Oklahoma, and the aforementioned 95% joint venture interest in the Pushmataha gas project. The company has not conducted reserve evaluations and currently has no proven reserves on any of its properties.

Looking ahead, Okmin anticipates cash needs of approximately $270,000 for the fiscal year 2026 to cover general corporate overhead and operations on existing lease properties. The company plans to raise additional capital through private sales of securities or debt financing, although there is no assurance that such financing will be available on acceptable terms. The management has expressed concerns regarding the company's ability to continue as a going concern, given its history of operating losses and the need for substantial capital to fund ongoing operations and growth initiatives.