MMEX Resources Corp (MMEX)

[flemsnopes]

Hope we can pay a few of the bills this time.

Item 8.01.
Other Events.

We have previously disclosed that our Carpenter Creek, LLC subsidiary had an 80% interest in the Carpenter Creek coal prospect near Round Up, Montana and that all of our leases of surface rights in the prospect were in default due to non-payment on contractual lease payments. On March 22, 2011, we sold our Carpenter Creek assets to Great Northern Carpenter Creek, L.P. (assignee of 9 leases) and Great Northern Bull Mountains, L.P. (assignee of 2 leases). The sales price was approximately $2.5 million, and the net proceeds to the Company (after payments to landowners for past due rent, funding an escrow reserve, and closing costs) were approximately $1.25 million. We intend to apply the net proceeds from this transaction towards the required payments of our previously disclosed Hunza project in Colombia.