MMEX Resources Corp (OTCMKTS:MMEX)
Shares of MMEX Resources Corp (OTCMKTS:MMEX) rose after the energy company released news of a $3 million investment in the firm by Crown Bridge Partners, LLC. MMEX announced, at the same time, plans to build a 10,000 barrel-per-day (BPD) refinery near Fort Stockton, TX. The refinery is a smaller-scale version of the $450 million, 50,0000 BPD unit the company had previously announced it was building earlier this year. MMEX management believes that the permitting of the smaller facility will accelerate the permitting process for the entire project. Crown Bridge Partners LLC will fund development expenses of the project on an as-needed basis. Construction is set to begin in early 2018 and is expected to last fifteen months.
News sent the shares higher by over 12.5% but volumes in MMEX shares on the OTCPink exchange increase by more than ten-fold. MMEX has a 30-day, daily average volume of 11.5 million but today over 160 million shares traded hands. MMEX shares ended the day at $0.0095. MMEX shares have a 52-week low of $0.0001 and a 52-week high of $0.0563.
Jack Hanks, CEO of MMEX Resources Corp (OTCMKTS:MMEX), will be giving a presentation on the company’s future in Roscoe, TX tomorrow. The presentation will cover the afore-mentioned refinery, the markets it will serve, and the economic impact to the area which will result from the 400 jobs that will be created.
Hanks commented “As crude production levels throughout the Permian Basin and demand for crude products in western Mexico and South America have both continued to rise, the need for refining facilities throughout West Texas has become paramount. MMEX Resources Corp. is pleased to be joining energy thought leaders from across the state to explore the recovery of America’s oil and gas industry and how MMEX’s Pecos County refinery project can play a part.”
I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. All information, or data, is provided with no guarantees of accuracy.
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About the author: Marc has a degree in economics and a MSc. in Finance. Over his 20-year career, Marc has worked for global investment firms in Europe and the United States as an analyst, fund manager, and consultant.