OKMIN RESOURCES, INC. (OKMN): M&A transaction — Okmin assigns its 50% working interest in West Sheppard Pool for contingent royalty interest

OKMIN RESOURCES, INC.

Company assigned 50% working interest to Sheppard Pool Operating, LLC; will receive 10% ORRI after operator receives $22,850 in revenue.
Operator can reduce ORRI to 5% via one-time $100,000 payment to Okmin within 4 years of effective date.
West Sheppard Pool currently has no production; pipeline compressor failure and infrastructure repairs needed.
CEO says deal keeps Okmin involved in upside without financial commitments, encouraging unified field development.

item 2.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

OKMIN RESOURCES, INC. completed a disposition involving Sheppard Pool Operating, LLC (closed 2024-11-18).

Action: disposition
Counterparty: Sheppard Pool Operating, LLC
Closing: 2024-11-18

Exact text from the filing

The Company has assigned its 50% interest in the West Sheppard Pool project to Sheppard Pool Operating, LLC, the operator of the project.

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OKMIN RESOURCES, INC. filing history →

Source: SEC EDGAR

accession 0001079973-24-001563

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