Sunday, May 07, 2017 1:53:17 PM
They are buying the surface rights on the land, but the minerals are owned by the state of Texas, and cannot be "severed", or sold separately. If there is any oil under the land, MMEX can STILL get it developed and pumped, but the state gets half for Tx school funds. Not worth it unless oil goes way up again. That's why the land is still fairly cheap.
FWIW, the price of crude can go to $100 or back to $25 and it won't have a big impact on MMEX profits until the existing wells dry up. Just look at refiners PPS during the last oil price drop, like PSX, Hardly any impact at all, while upstream stocks plunged, CHK, for instance.
Recent MMEX News
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- Form PRE 14C - Other preliminary information statements • Edgar (US Regulatory) • 01/08/2024 02:30:21 PM
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- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 12/14/2023 03:11:12 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/06/2023 04:48:44 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/14/2023 06:42:49 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 09/11/2023 08:50:05 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/14/2023 01:30:20 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 07/17/2023 08:55:16 PM
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