MMEX Resources Corp (OTCMKTS:MMEX) has shown a +45% jump in a 5-day span. The positive trend is good news against the volatility that has plagued the stock as of late. MMEX is in the process of building a large-scale refinery in Fort Stockton, Texas, which I will detail more on below. The company plans to distill 10,000 barrels of oil per day. MMEX has been plagued by runs and then sell-offs because, mainly, the oil industry takes a lot of capital.
In addition, MMEX recently uplisted to the OTCQB and this should help generate more eyes going forward. MMEX has also been hampered by short-sellers who are betting that the company will fail to complete their final goal – a refinery has not been built in over 40 years in the U.S. According to the company, a year is still left on construction.
MMEX Resources Corp (OTCMKTS:MMEX) frames itself as a mining development Company leveraging global demand for mining assets located in the Americas. The company was 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 company’s management team apparently has extensive experience with natural resource project development and project financing in North and South America. MMEX is initially focusing on opportunities in Colombia and Peru. Moreover, MMEX Resources Corporation focuses on the exploration, extraction, refining, and distribution of oil, gas, and petroleum products in the United States and Latin America. It also intends to provide electric power.
MMEX Resources Corporation was formed in the State of Nevada on May 19, 2005 as Inkie Entertainment Group, Inc.
Subsequently, MMEX amended its articles of incorporation to change its name to MMEX Resources Corporation and to authorize the Company to issue up to 3,000,000,000 common shares and 10,000,000 preferred shares. We have seen massive and dilutive share creation in this stock already, and we have strong reason to believe that will only accelerate from here.
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The last news from MMEX stated construction of the Pecos County Refinery Project will begin following additional site preparation.
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) has a market cap of 9.69M and a float of 826.7M. The 10-day average volume stands at 13.39M and the recent 52-week high at 0.0563. We should see more news coming on the horizon from MMEX and the recent assault on the oil market because of a U.S. influx of oil does not bode well for the short-term price, but this is certainly a long-term play. We will be offering updates as more information comes out. Sign-up for continuing coverage on shares of $MMEX stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: We hold no position in $MMEX, either long or short, and we have not been compensated for this article.