AUSTIN, TEXAS, March 07, 2017 (GLOBE NEWSWIRE) --
MMEX Resources Corp. (OTCPK: MMEX), a global energy company focusing on the acquisition, development and financing of oil, gas,
refining and infrastructure projects in Texas and South America, announced today that it plans to build a $450 million, 50,000
barrels per day capacity crude oil refinery in the West Texas Permian Basin, subject to the receipt of required governmental
permits and completion of required debt and equity financing.
Located 20 miles northeast of Fort Stockton, Texas, near the Sulfur Junction spur of the Texas Pacifico
Railroad, the 250-acre facility intends to utilize its connection to existing railways to export diesel, gasoline, and jet fuels;
liquefied petroleum gas; and crude oil to western Mexico and South America. Once completed, the Pecos County refinery will be
one of the first oil refineries built in the United States in more than 40 years.
Jack W. Hanks, President & CEO of MMEX Resources Corp., commented: “The Permian Basin is the largest continuous oil discovery in America and has experienced exponential gains in daily
production volume recently. The existing facilities and pipeline networks are largely unequipped to handle this growth and are
limiting where products can be transported. By building a state-of-the-art refinery along the region’s existing railway
infrastructure, we hope to bring a local and export market for crude oil and refined products which will add substantial job and
economic growth to West Texas.”
MMEX plans to surround the Pecos County refinery with an additional 250 acres of buffer property and leverage
state-of-the-art emissions technologies to yield minimal environmental impact. It also expects to feature closed-in water and
air-cooling systems, which will require very little local water resources. Construction is slated to begin in early 2018, following
the permitting process, and the facility is projected to begin operations in 2019.
The company anticipates the 18-month construction process will create approximately 400 jobs in the area during
peak construction, as well as foster a significant number of indirect jobs and revenue for companies in catering, workforce
housing, construction, equipment and other industries. Once operational, the facility is expected to provide an estimated 100
permanent jobs and generate substantial tax revenue for Pecos County.
The MMEX management team has more than 30 years of experience building and managing multi-million dollar gas
processing, pipelines, power plants, refinery and oil and gas operations in Peru and the United States. MMEX purchased the rights
to the project from Maple Resources Corporation. As with each of its previous projects, the management team will establish local
offices and representatives to keep the surrounding communities informed throughout the construction phase and once the refinery is
fully operational.
“MMEX Resources is eager to work alongside the Pecos County community to produce a state-of-the-art facility
that opens up economic and job opportunities for the region. The safety of our employees, the neighboring community and the
environment are our top priorities,” concluded Hanks.
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.
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.
###
Media Inquiries Danielle Urban Pierpont Communications 512-448-4950 durban@piercom.com Community Inquiries Travis Lawson Pierpont Communications 713-627-2223 tlawson@piercom.com
