MMEX Resources Corporation (OTC Pink: MMEX) is engaged within the acquisition, development, expansion of oil & gas and refining projects. Shares of the oil refining company surged 52.67% during trading on Monday, October 22, 2018. Over the past month, MMEX Resources Corporation has seen average daily volume of 34.82 million shares. However, volume of 47.87 million shares or dollar volume of $95,740, exchanged hands on the day.
Shares of the energy company jumped on Monday, after the company announced that it has signed an agreement with Blanchard Industrial, LLC, naming the engineering firm to be the overall EPC contractor for the West Texas oil refinery. EPC stands for engineering, procurement, and construction. Here is the full press release detailing of the agreement and timeline for construction:
MMEX Resources Corporation Press Release:
FORT STOCKTON, Texas, Oct. 22, 2018 /PRNewswire/ — MMEX Resources Corp. (OTCPK: MMEX), a development stage company focusing on the acquisition, development and financing of oil, gas, refining and infrastructure projects in Texas and South America, and Blanchard Industrial, LLC (BIL), an industry leader in design, engineering, procurement and construction (EPC) solutions, announced today that BIL will be the overall EPC contractor to complete the detailed engineering and to construct the planned Pecos County Crude Distillation Unit refinery previously announced by MMEX.
Jack W. Hanks, President & CEO of MMEX Resources Corp., commented, “We are excited to announce that after several months delay, we have now selected the overall EPC contractor to guide MMEX to financial closing and project completion. Given the current Permian Basin exponential increase in oil and gas drilling and construction, resulting in 30 plus percent cost increases in steel, cement and labor rates, not to mention all the labor shortages, we have searched for the right EPC firm that can give us and our financial partners the confidence to deliver this project on time and on budget. As a Tier I engineering and construction company, BIL can do that. To have Blanchard Industrial on board with MMEX as our partner is a giant step forward.”
MMEX has announced plans to build a crude oil refinery complex in the Permian Basin Pecos County near Fort Stockton, Texas in two phases, with Phase 1 being a 10,000 BPD Crude Distillation Unit which produces diesel, naphtha and residual fuel oil, and Phase 2 being a full-scale crude oil refinery with capacity of up to 100,000 BPD, producing a full slate of refined products.
About MMEX Resources Corp.
MMEX Resources Corporation (MMEX) is 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. For more information about MMEX, visit www.mmexresources.com.
About Blanchard Industrial
Blanchard Industrial, part of the GIS family of companies (Grand Isle Shipyard, GIS Engineering, WHPacific) is a full service, industrial, EPC contractor, offering knowledge and experience in capital projects, commissioning, project start up, fabrication, general maintenance and a wide range of other services to meet the needs of their clients from start to finish, with offices and fabrication facilities in Galliano, Fourchon, and Baton Rouge, Louisiana, and Houston, Pasadena, and Odessa, Texas. BIL and GIS Engineering, who will be providing the engineering services, seek to provide maximum value to our customers through a partnership-minded approach that tailors our services to fit each clients’ unique business drivers and needs.
“We are very excited to be working with MMEX on this visionary project and look forward to being an active partner to help supervise and manage the engineering and construction phases to commercial operation,” said Toby Blanchard, President, BIL. “As a part of the GIS family of companies, we have the capability and experience to deliver added value to our clients because of our strategic engineering, fabrication, construction expertise and locations. From project planning and engineering, through the construction and fabrication phases to decommissioning, BIL’s business model makes our company ‘the right choice’ to deliver value and quality for our client’s project and construction needs.” For more information about Blanchard Industrial, LLC, visit: www.blanind.com.
The following constitutes a “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties, which could cause our actual results to differ materially from those described in the forward-looking statements. These risks include but are not limited to general business conditions, the requirement to obtain financing to pursue our business plan, our history of operating losses and other risks detailed from time to time in the Company’s SEC reports. MMEX undertakes no obligation to update forward-looking statements.