MMEX forms solar power sub, MMEX Solar Resources, for its refinery projects in Pecos County, Texas
Fort Stockton, TX /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 Texasand South America, today announced it intends to develop a solar power project to provide electric power to its planned 10,000 barrel-per-day (BPD) crude distillation unit and its full-scale crude oil refinery in Pecos County near Fort Stockton, Texas.
Jack W. Hanks, President and CEO of MMEX Resources Corp., said, "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 of our CDU Phases 1(a) and (b) construction. In addition, 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."
Hanks added that Pecos County, Texas and the Permian Basin, generally, have great metrics for solar power, noting that other firms are also focusing on solar power in West Texas.
A recent announcement from the LCRA-AEP Texas has been made for upgrading transmission capabilities in Pecos County. On June 25, 2018, the companies announced to landowners:
"The transmission utilities are proposing to build and operate a new double-circuit 345-kilovolt (kV) electric transmission line in Pecos County due to increasing generation interconnection requests and growth in electrical demand by the oil and gas industry in the Far West Texas area. The new transmission line will connect AEP Texas existing Solstice Substation to LCRA TSC's existing Bakersfield Substation in order to strengthen the ability of the electric grid to reliably deliver electricity to oil and gas production and processing in the Far West Texas area along with other expanding commercial and residential needs. The proposed transmission line will also provide additional capacity for renewable power generation resources in Pecos County and the surrounding area. LCRA TSC will construct, own and operate the eastern half of the transmission line and AEP Texas will construct, own and operate the western half of the transmission line."
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.
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 the Company's ability to continue as a going concern, our lack of revenues, general business conditions, the requirement to obtain significant 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. In particular, readers should note MMEX undertakes no obligation to update forward-looking statements.
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