Jack W. Hanks — CEO of MMEX Resources Shows Bright Prospects for Investors

MMEX Resource Corp. is a developmental-stage company focused on leveraging global demand for oil in Texas, South America and the neighboring regions. The company has undertaken projects in locating, extracting, refining and distributing of oil, gas, petroleum products, development of infrastructure as well as provision of surplus electric solar power to the grid. Since its commencement in 2005, the company has focused on acquisition, development, and financing of Oil refinery projects in Texas, Peru and other states in the Southern and Latin America. MMEX Resources Corp marked the first oil refinery in Pecos County in the state of Texas in 40 years that commenced on 17 November 2017.

Jack W. Hanks, President, and CEO of MMEX Resources Corp. commented, “We are excited to commemorate this next milestone for the Pecos County refinery project and hope that the Fort Stockton community will join us on November 17. While we’ve made a significant amount of progress in a very short amount of time this year, breaking ground on the smaller-scale, first refinery unit is a particularly important accomplishment as we look to begin construction and bring jobs to the Pecos County area.”.

Jack Hanks commented on their intended ground-breaking ceremony that attracted the attendance of over 150 investors as well as the Fort Stockton Major, Chris Alexander, who greatly valued the essence of the projects saying, “It’s important to our community and our country. We have a great need to diversify our economy.”  The Pecos County project would not only provide precious job opportunities to the community but also bridge the issue of meeting the heightening demand for oil. The company estimated more than 400 jobs at the peak which would in place accelerate other related jobs to the project like transport and housing. “And with a large-scale refinery, it’s a sizable tax base for Pecos County. This is a $1 billion investment.” Jack Hanks said.  

“We’ve accomplished a great deal since announcing the project back in March,” Jack Hanks, MMEX Chief Executive Officer (CEO) and President announced.  The company got the approval from the Texas Commission on Environmental Quality to permit the building of a 10,000 barrels per day crude distillation plant on their 126- acre refinery near Fort Stockton, Texas. “We bought the land, we got the permits, obtained an easement from University Lands, we’ve graded the road to the hardtop,” he recounted. The company announced its intention to develop the New Permian refinery plan in two “Baby steps” as the CEO Jack W. Hanks refers to them;

  • Phase One which focuses on a simple distillation unit.
  • Phase two focused on a full-scale Green Field refinery production.

Phase one

The focus of the MMEX under the leadership of Jack Hanks was 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 was set to be constructed.

MMEX Resources Corp developed phase one was projected to be up and running by the fall of 2018 with the aim to construct a simplified refinery to distill crude oil for the non-transport purpose. The refinery would extract crude oil into low octane naphtha, diesel, and residual fuels. The first phase was labeled as the Receipt Storage dispatch which would receive crude oil by truck, store it and then transport it by the already available rail to the Texas Gulf market.  “We’re fortunate to have the railroad transverse our property,” Said Jack Hanks. This would boost the companies’ ability to move their products to the market and also to the pre-permitted storage tanks which would lead to a projected volume of 400,00 barrels per month.

The Texas Oil Refinery Investment would also use its crude products for the running of the Permian Refinery. High Sulphur diesel would be used in the drilling process; naphtha would be used in the blending of crude oil for refining operations. Distillation would also produce hydraulic fracturing fluid and other useful residual fuels. MMEX operations had a breakthrough in having multiple available transportation routes which would shape into railway, trucks, seaborne transport and later pipeline routes. Phase one would serve as a preparation for the onset of phase two by the development of rail trackage, loading and unloading equipment needed for the later phase. During this phase, MMEX would apply for the permit and to put up the worlds largest refinery which would prevail in phase two.

Phase Two

Phase two is projected to be a large-scale greenfield refinery in the production of transport grade diesel, gasoline, liquified petroleum gas, and jet fuel. The estimated output of this second unit is up to 100,000 barrels per day (BPD). According to Jack Hanks, the available rail guided the decision to produce transportation fuel to serve the demand in the growing markets of Mexico and the Western United States as well as tap into seaborne transportation outlets to South American Markets. Transportation to Mexico will also be facilitated by the Texas Pacifico that connects to Ferromex at Presidio thus gaining access to Western Mexico.

Renewable Energy

MMEX Resource Corp. CEO Jack W. Hanks visionary and creative in carving the Texas Oils Refinery Investment project into pieces to ease its development and equally innovative to device a plan om how to power the refinery in a cost-effective approach. MMEX’s membership in the Texas Solar Power Transmission (TSPT) has to build upon the companies’ search for alternative source of renewable energy to run the Pecos County Oil Refinery as well as the Neighboring community.

 “We are pleased to announce an add-on of solar power to our business plan. We have formed MMEX Solar Resources, LLC and filed the trademark (above) to develop a solar power project to potentially supply solar power renewable energy to our refinery projects in Phases 1 and 2. We already own 126 acres in our site, and with an approximate industry configuration of four acres to build out one megawatt (MW) of solar power, we have ample space to start an initial solar phase alongside our CDU Phases 1(a) and (b) construction. Also, we have entered into preliminary discussions to lease additional acreage allowing us to develop an additional 75 MW to 100 MW of solar power. Our planned refinery complex will utilize about two MW of power in Phase1(a) and (b) and about 35-50 MW in Phase 2. We believe the remainder of the power can be sold into the grid.” Said Jack W. Hanks.

Utilization of an alternative energy source will facilitate the expansion of the Permian Refinery to an estimated 300,000 bpd processing capacity by 25% in the foreseeable future. According to Jack Hanks, Pecos County Refinery being the largest oil field in the world with the consideration on the high sun and potential solar power metrics production, it would make a lot of sense utilizing renewable energy from their sources other than purchasing power from the already stressed Grid in Texas. Surplus energy would, also, be a source of cash needed to run the oil refinery plant. The solar-powered refinery is projected to be up and running by the end of the first quarter of 2020.