OKMN Okmin Resources Inc (QB)

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): November 18, 2024

 

Commission File Number: 000-56381

 

OKMIN RESOURCES INC.

(Exact name of registrant as specified in its charter)

 

Nevada	85-4401166
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

 

16501 Ventura Boulevard, Suite 400, Encino, CA 91436

(Address of principal executive offices)(Zip Code)

 

(818) 201-3727

(Registrant's telephone number, including area code)

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	N/A	N/A

 

Indicate by check mark whether the registrant is an emerging growth company as defined in in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☒

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

  

Item 2.01 Completion of Acquisition or Disposition of Assets.

 

The Company has assigned its 50% interest in the West Sheppard Pool project to Sheppard Pool Operating, LLC, the operator of the project. After Sheppard Pool Operating has received $22,850 in revenue from the project, the Company will receive a 10% overriding royalty interest (“ORRI”) in the project. Sheppard Pool may elect to reduce the 10% ORRI to 5% by a one-time payment of $100,000 to the Company within 4 years of the effective date of the agreement.

 

Item. 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit No.		Description of Exhibit
99.1		News Release dated November 18, 2024
104		Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document)

 

 

 

 

 SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	Okmin Resources Inc.
Dated: November 18, 2024	By:	/s/ Jonathan Herzog
		Jonathan Herzog
		Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT 99.1

Okmin Resources, Inc. Restructures its Interest at West Sheppard Pool

 

Encino, California, November 18, 2024 – Okmin Resources, Inc. ("Okmin” and the "Company") (OTCQB: OKMN), today announced that it has entered into an agreement to exchange its 50% working interest at the West Sheppard Pool project in Okmulgee County Oklahoma into a 10% Overriding Royalty Interest.

 

The Company has assigned its 50% interest in the West Sheppard Pool project to Sheppard Pool Operating, LLC, the operator of the project. After Sheppard Pool Operating has received $22,850 in revenue from the project, the Company will receive a 10% overriding royalty interest (“ORRI”) in the project. Sheppard Pool may elect to reduce the 10% ORRI to 5% by a one-time payment of $100,000 to the Company within 4 years of the effective date of the agreement.

 

The greater Sheppard Pool field encompasses over 5,000 acres, with existing wells on the leases ranging from 850′ to 1,950′ in depth with gas production from several zones historically as their main objective. Currently, there is no production from West Sheppard due to the pipeline company requiring additional gas throughput to replace a failed compressor and related infrastructure. Additional capital is needed to complete the required work to potentially restart production. In addition, there are several additional zones that have not yet been tested for oil and gas production.

 

“This transaction keeps us involved in the upside potential of the West Sheppard Pool field, without the overall burden of financial commitments”, said Okmin’s Chief Executive Officer, Jonathan Herzog. “The property operator can consolidate the West Sheppard Pool and East Sheppard Pool properties back into one larger project which increases the incentive for a new partner to enter the project and provide the necessary funding to properly develop a unified Sheppard Pool field.”

 

About Okmin Resources Inc.: 

 

Okmin Resources, Inc. ("Okmin” and the "Company") (OTCQB: OKMN) is focused on acquiring, exploring and developing natural resource assets. To date, the Company has predominantly directed its attention to the acquisition and development of domestic oil and gas fields. Okmin's projects are located in Oklahoma and Kansas. The Company’s lease holdings are all within the Cherokee Platform, a geological feature covering an area of northeastern Oklahoma and southeastern Kansas in the mid-continent region of the United States. The Cherokee Platform has been an established oil producing region for the last century. For more information about Okmin, please visit the Company’s website: www.okminresources.com.

 

Okmin is subject to the information and reporting requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and, in accordance with the Exchange Act, the Company files periodic reports, documents, and other information with the Securities and Exchange Commission (the “Commission”) relating to our business, financial statements, and other matters. These filings are available to the public on the Commission’s website at http://www.sec.gov.

 

Safe Harbor Provision

 

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created thereby. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expects,” “intends,” “plans,” “projects,” “estimates,” “anticipates,” or “believes” or the negative thereof or any variation thereon or similar terminology or expressions. These forward-looking statements are based upon current estimates and assumptions. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from results proposed in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can provide no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, those factors set forth in the Company’s Annual Report on Form 10-K for the year ended June 30, 2024 and its other filings and submissions with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statements. This press release includes forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, and also includes selected operating results presented without the context of accompanying financial results. These forward-looking statements include, among others, statements with respect to our objectives and strategies to achieve those objectives, as well as statements with respect to our beliefs, plans, expectations, anticipations, estimates or intentions. These forward-looking statements are based on our current expectations. We caution that all forward-looking information is inherently uncertain and actual results may differ materially from the assumptions, estimates or expectations reflected or contained in the forward-looking information, and that actual future performance will be affected by a number of factors, including economic conditions, technological change, regulatory change and competitive factors, many of which are beyond our control. Therefore, future events and results may vary significantly from what we currently foresee. We are under no obligation (and we expressly disclaim any such obligation) to update or alter the forward-looking statements whether as a result of new information, future events or otherwise.

 

Investor & Media Contacts:

Jonathan Herzog, President and Chief Executive Officer

Tel: +1 (818) 201-3727

info@okminresources.com

 

Investor Relations:

Jessica Abaian, Manager – Investor Relations

Tel: +1 (818) 201-3727

jessica@okminresources.com

 

 

 

 

v3.24.3

Cover	Nov. 18, 2024
Cover [Abstract]
Document Type	8-K
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Document Period End Date	Nov. 18, 2024
Entity File Number	000-56381
Entity Registrant Name	OKMIN RESOURCES INC.
Entity Central Index Key	0001848334
Entity Tax Identification Number	85-4401166
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	16501 Ventura Boulevard
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Encino
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91436
City Area Code	818
Local Phone Number	201-3727
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false

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