MMEX Resources Corp (OTCMKTS:MMEX)
Shares of MMEX Resources Corp (OTCMKTS:MMEX) fell 15% after the development stage company announced plans to construct a 10,000 barrel-per-day crude distillation unit in Texas. According to the Chief Executive Officer, Jack Hanks, the new refinery will accelerate the company’s cash flow potential.
In addition, the refinery should have a significant economic impact in terms of job creation and tax revenue for Pecos County. Construction of the Pecos County Refinery Project will begin following additional site preparation. The project will require approximately 15-months of construction time.
The $50 million project becomes the first oil refinery project to open in the U.S in 40 years. The area where MMEX Resources Corp (OTCMKTS:MMEX) is drilling holds significant oil supply and is connected to the country’s rail system.
The project is to be developed in two phases. The second phase will result in a 126-acre refinery able to produce 100,000 barrels.
“We had wonderful time commemorating this milestone with the Fort Stockton community, our partners, and investors. This groundbreaking signified yet another major step for the Pecos County Refinery Project and we are eagerly anticipating beginning the 12 months of construction in order to bring jobs and tax revenue to the Pecos County area,” said Mr. Hanks.
MMEX Resources Corp (OTCMKTS:MMEX) secured permit of approval from the Texas commission on Environmental Quality, in August, for the construction of the 10,000 barrel per day refinery.
MMEX Resources Corp (OTCMKTS:MMEX) Sell-off came as a surprise given that the stock has been rising higher since last month. While the stock is, up by more than 30% for the year it has come under pressure on touching highs of $0.05 a share in April. It faces immediate resistance at the $0.02 mark above which it could rise to $0.03.
The unveiling of the refinery project comes days after MMEX Resources Corp (OTCMKTS:MMEX) started trading in the OTC venture market. The Chief Executive Officer believes this is an important milestone in the company’s push to provide greater transparency and governance for shareholders.
“We are pleased to add the inclusion of our company listing on the OTCQB yet another project milestone we have achieved since March of this year. This is yet another significant step, as we have now completed the acquisition of our site location in Pecos County, Texas,” said Mr. Hanks.
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.
Don’t miss out! Stay informed on $MMEX and receive breaking news on other hot stocks by signing up for our free newsletter!