MMEX Resources Corp(OTCMKTS:MMEX) is one little penny stock with really big plans that has skyrocketed out of sub penny land over the past few months rising from triple zero lows to recent highs of $0.0563.
During this time, MMEX has become a volume leader and one of the top most traded stocks on the entire exchange with legions of shareholders who continue to bid this one higher.
MMEX Resources Corp(OTCMKTS:MMEX) bills itself as a development stage company formed to engage in the exploration, extraction, refining and distribution of oil, gas, petroleum products and electric power. MMEX focuses on the acquisition, development and financing of oil, gas, refining and electric power projects in Texas, Peru, and other countries in Latin America.
The run on MMEX started way back in March when the Company announced their plans to build a $450 million, 50,000 barrels per day capacity crude oil refinery in the West Texas Permian Basin.
MMEX plans to surround the Pecos County refinery with an additional 250 acres of buffer property and leverage state-of-the-art emissions technologies to yield minimal environmental impact. It also expects to feature closed-in water and air-cooling systems, which will require very little local water resources.The company anticipates the 18-month construction process will create approximately 400 jobs in the area during peak construction, as well as foster a significant number of indirect jobs and revenue for companies in catering, workforce housing, construction, equipment and other industries.
MMEX CEO Jack W. Hanks said at the time “The Permian Basin is the largest continuous oil discovery in America and has experienced exponential gains in daily production volume recently. The existing facilities and pipeline networks are largely unequipped to handle this growth and are limiting where products can be transported. By building a state-of-the-art refinery along the region’s existing railway infrastructure, we hope to bring a local and export market for crude oil and refined products which will add substantial job and economic growth to West Texas.”
In June MMEX announced today an agreement with Crown Bridge Partners, LLC for an issuance of up to $3 million of equity securities, as well as plans to build a 10,000 barrel-per-day (BPD) crude distillation unit near Fort Stockton, Texas as an initial unit for the $450M, 50,000 BPD Pecos County refinery project announced by MMEX earlier this year.
In July MMEX announced the purchase of 126 acres in Pecos County, Texas for the construction of its Phase I 10,000 barrel-per-day (BPD) crude distillation unit near Fort Stockton, Texas.
The 126-acre land site will house MMEX’s Phase I 10,000 BPD crude distillation unit announced last month, which will have a total footprint of 15 acres and be a companion to the Phase II $450M, 50,000 BPD refinery announced in March. MMEX intends to file the necessary permits for the initial unit immediately and expects to be able to obtain full permitting on the initial unit within 45 days of filing. Assuming that adequate financing is obtained, construction will begin as soon as all permits are issued and will take approximately 15 months to complete.
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As part of the land sale agreement, MMEX also intends to purchase an adjacent 350 acres for the construction of the Phase II 50,000 BPD refinery, which will have a footprint of 250 acres, no later than January 2018. When both land purchases are complete, the combined land site for both refineries will consist of 476 total acres with room for storage and expansion.
On August 30, MMEX announced it has secured permit approval from the Texas Commission on Environmental Quality (TCEQ) to build a 10,000 barrel-per-day (BPD) crude distillation unit near Fort Stockton, Texas.
MMEX anticipates beginning construction of the 10,000 BPD refinery project imminently. The project is expected to require approximately 15 months of construction time and make a significant economic impact in Pecos County during its fast-track construction as well as result in full-time positions going forward. These initiatives will also accelerate the potential for cash flow.
Jack W. Hanks, President and CEO of MMEX Resources Corp., commented, “MMEX joins with its strategic partners, Trinity Consultants, its environmental consultants, and VFuels, its design and engineering firm, in announcing that TCEQ has approved the MMEX air permit application, allowing construction to begin. The efficiency of the permitting process speaks volumes to the professional approach of all parties in the application preparation and technical review process, including TCEQ staff and administration.”
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Currently trading at a $24 million market valuation MMEX has minimal assets, no revenues to date and significant rising debt. But MMEX is an exciting story developing in small caps; the Company is making progress in their planned 10,000 barrel-per-day (BPD) crude distillation unit near Fort Stockton, Texas as an initial unit for the $450M 50,000 BPD Pecos County refinery project announced by MMEX earlier this year. Now that MMEX has secured permit approval the company can begin construction imminently. We will be updating on MMEX when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with MMEX.
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Disclosure: we hold no position in MMEX either long or short and we have not been compensated for this article.