MMEX Resources Corp is a development stage firm engaged in the exploration, extraction, refining, and distribution of oil, gas, petroleum products and electric power. Since its inception in 2005, the company has continually pursued the acquisition, development, and financing of oil, gas, refining and electric power projects in Texas, Peru, and other countries in Latin America.
The current focus of the MMEX under the leadership of Jack Hanks is to build crude oil refining facilities in the Permian Basin in West Texas. On June 12, 2017, the company entered into an Equity Purchase Agreement with Crown Bridge Partners, LLC to purchase the MMEX’s common stock up to a tune of $3,000,000. The company’s asset base also increased on July 28th, 2018 when it acquired the 126-acre parcel of the land on which the planned Distillation Unit for the refinery is set to be constructed.
Information sent out by the MMEX Resources in July last year indicated that the firm is focusing on developing a solar power project to offer electric power to its scheduled 10,000 barrel-per-day (BPD) crude distillation unit and its crude oil refinery in Pecos County near Fort Stockton, Texas.
The president and CEO, Jack W. Hanks said, “We are pleased to announce an add-on of solar power to our business plan. We have formed MMEX Solar Resources, LLC to develop a solar power project to supply solar power renewable energy to our refinery project in Phases 1 and 2.” This information is imperative to the investors, especially now that the firm is seeking funding to actualize its strategic business plan.
On December 19th, 2018, MMEX Resource Corp. acquired its membership in the Texas Solar Power Association (TSPA). The organization is a statewide industry trade organization encompassing firms engaged in the development of solar photovoltaic products and projects in Texas. “Texas has been an energy leader, and solar power is now a valuable addition to our energy portfolio. We are excited to work with MMEX Resources as they expand into solar power and join a growing roster of companies bringing cost-competitive solar to the market,” said Charlie Hemmeline, executive director of the TSPA.
The decision to use solar power as renewable energy to facilitate MMEX’s operations was explained by the president and CEO, as being pegged on the convergence of tremendous resources in Pecos County and the efficiency associated with using renewable energy. “We have a confluence of tremendous resources in Pecos County, for that matter, in the Permian Basin. You’ve got the largest oil field in the world. You’ve got great sun and solar power metrics right there. And it made a lot of sense to us, instead of buying power from the grid that we could utilize renewable energy of our own,” Hanks said.
The initial step in executing the use of renewable energy to power MMEX Resources Corp.’s operations is to bring on board an engineering and procurement contractor. The contractor will work with the TSPA to create a solar plan. The firm intends to develop the distillation unit and solar project simultaneously. The execution of this plan, according to Hanks, is well planned and on course. The only possible delay, if there might be any, could be a regulatory scheme of things, which are highly unlikely.
The solar power generated will power the MMEX Resources Corp. facilities though it can potentially power nearby cities, according to Hanks. The renewable energy that the company intends to use will generate additional revenue from power supplied to other external users. “We’ve already had discussions with some stakeholders, and we are encouraged that there are opportunities for us to supply solar power to some cities around us, said Hanks. “We could also provide solar power to other oil field operations because there is a need for it,” he affirmed. Jack W. Hanks forecasts that the solar-powered refinery could be up and running by the end of the first quarter of 2020.