Thursday, July 7, 2022

Can MMEX Resources Corp (OTCMKTS:MMEX) Restore Our Faith

MMEX Resources Corp (OTCMKTS:MMEX) went on a torrid run yesterday. MMEX saw a 32% rip up the chart across Tuesday, even with a slight dip before the bell.
MMEX is a stock we remain skeptical about. That said, the company is taking steps to restore confidence. At the center of the problem is the question of whether or not MMEX Resources can deliver on its objective of building a $450 million crude oil refinery in the Permian Basin near Fort Stockton, Texas.
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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MMEX Resources Corp is making progress on the Permian Basin refinery project. On July 31, 2017, the Company announced the closing of a 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 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 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.
MMEX Resources Corp (OTCMKTS:MMEX) is far from getting the thumbs-up from investors, but the company is moving in the right direction. MMEX has a market cap of $28.01M with 2.48B in shares outstanding. We are watching this company and their balance sheet closely, so we will be providing readers with updates soon. For up-to-date coverage on shares of $MMEX stock, as well as our other breakout picks, sign up for our free newsletter today and get our next hot stock pick!
Disclosure: We hold no position in $MMEX, either long or short, and we have not been compensated for this article.

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