MMEX Resources Corp (OTCMKTS:MMEX) Secures Construction Permit

MMEX Resources Corp (OTCMKTS:MMEX)

Shares of MMEX Resources Corp (OTCMKTS:MMEX) traded lower after the company announced it had received permits for the construction of a 10,000 barrel per day crude distillation facility in Texas. The stock was down by 19.32% in Friday’s trading session to end the week at $0.0167 a share.

Stock Performance

MMEX Resources Corp (OTCMKTS:MMEX) continues to trade in a downtrend after retreating from this year’s highs of $0.06 per share. The stock is currently trading in a $0.01 – $0.02 trading range having struggled to rise above $0.03 a share mark, a key resistance level.

The development stage company specializes in the exploration, extraction, refining, and distribution of oil, gas, and associated petroleum products. It appears the stock’s sentiments on Wall Street have taken a hit on oil prices struggling to rise above the $50 a barrel mark as uncertainty continues to grip the energy industry.

MMEX Resources Corp (OTCMKTS:MMEX)
One month stock price chart for MMEX

Investment Drive

Amidst the uncertainty in the industry, MMEX Resources Corp (OTCMKTS:MMEX) continues to invest in projects it believes will have a positive impact on its long term growth prospects. In July, the company confirmed the acquisition of 126 acres of land in Pecos County, where it intends to construct the 10,000 barrel-per-day (bpd) crude distillation facility.

MMEX Resources Corp (OTCMKTS:MMEX) plans to acquire an adjacent 350 acres of land where it will construct its Phase II 50,000 bpd refinery. The refinery site is strategically located, which should allow the company to take advantage of the existing railway as well as roadway and pipeline infrastructure.

“The closing of our Phase I land site is a major milestone for the Pecos County refinery project and a catalyst for significant milestones to come […].We’re eager to begin construction on this exciting project and start bringing new jobs to the region,” said CEO Jack W. Hanks.

Construction of the crude distillation facility is to start anytime and slated for completion after 15 months. The company expects the facility to have a significant economic impact on Pecos County during the construction phase and when it becomes fully operational.

The new facility marks yet another milestone in MMEX Resources Corp (OTCMKTS:MMEX) push to reinvigorate its growth prospects. In June, the company reached an agreement that paved way for it to gain access to $3 million in new financing. Part of the funds is to be used to pay down the company’s debt, cater for the construction of the new facility while also financing working capital operations.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any 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.

MMEX Resources Corp (OTCMKTS:MMEX) Inks Major Deal

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.

Don’t miss out! Stay informed on $MMEX and receive breaking news on other hot stocks by signing up for our free newsletter!

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.

MMEX Resources Corp (OTCMKTS:MMEX) and Trinity Consultants Join for Permian Basin Refinery

MMEX Resources Corp (OTCMKTS:MMEX)

MMEX Resources Corp (OTCMKTS:MMEX), a development stage company mainly engaged in acquiring, developing, as well as funding gas, oil, and infrastructure projects in South America and Texas has announced its partnership with Trinity Consultants, Inc. Trinity Consultants is a global environmental company that is involved in ensuring good air quality.

As part of the agreement, Trinity will help MMEX Resources obtain environmental authorizations, with regards to air quality, for refinery construction . The authorizations will include the application of the New Source Review Prevention of Significant Deterioration (PSD) permit which is a requirement from the Texas Commission on Environmental Quality (TCEQ), the Title V Federal Operating Permit and the application to EPA Region 6. Trinity will also offer wide environmental support including environmental feasibility evaluation of the site, analysis of regulatory applicability, developing a permitting strategy, preparation of permits –  negotiation as well as public participation.

MMEX Resources Corp (OTCMKTS:MMEX) in March announced plans to start construction of a crude oil refinery plant. The plant will be built in the Permian Basin near Fort Stockton Texas and will be subject to fulfillment of all regulatory requirements.

MMEX Resources Corp (OTCMKTS:MMEX) has signed an agreement with KP Engineering for the design and construction of the Pecos County refinery. In a statement, MMEX Resources Corp President & CEO Jack W. Hanks said plans to contract the refinery are proceeding and the selection of KPE as the project contractor is a very important step towards the start of the project. He added that KPE is widely experienced in the Texas market; their agility and scalability making them the ideal contractors to work on the project.

In yet another announcement made by MMEX Resources Corp (OTCMKTS:MMEX) and KPE, KPE will appoint Interstate Treating, Inc./RAMA Fabrication, Inc. as its subcontractor to fabricate and engineer the refinery’s vessels and process modules. This will ensure that the refinery is constructed exclusively on U.S sourced equipment and materials. While acknowledging the appointment, KP Engineering Chairman and CEO Brandon T. Steele said they are encouraged by the trust that MMEX Resources Corp (OTCMKTS:MMEX) has placed in them to construct the state-of-the-art refinery as well as the transport channels in the Permian Basin. He adds that KP Engineering has some of the best trained and experienced professionals in the engineering industry.