MMEX Resources Corp (MMEX)

[jmjjw]

They are building a refinery, not growing crops. Perfect land for a refinery, and not close to town or residential areas. The $10 was clearly for the first part of the land. The second part is for the full refinery due in Dec/Jan and will complete the $250,000 or so cost. Maybe Hayes Parker prefers shares? Btw, this also explains why the land purchase was not significant as it was $10

The company is talking about, and generating PR about building a refinery - that is substantively different than actually building, or having the resources/means to build a refinery. The commentary re. location and land use has nothing to do with agriculture - one can put on a PR show, by obtaining a deed to otherwise worthless, non-marketable land, as a "demonstration" of progress.

The application form is beyond obvious. While MMEX does this, so does Concophillips and Exxon. Please review the permit application itself. It is quite well done and required significant engineering skill. Go ahead, ask me how I know? Perhaps I am one of the only ones qualified to say it. If one had spoken to the TCEQ after the fact, they would corroborate the application being well done as well

I've reviewed the application, and issued permit. Again, no specialized expertise, other than being literate enough to complete the application is required. There is no extensive review, other than "check box" for a PBR application. It is trivial, and requires only the ability to transcribe from the spec for a CDU and appurtenant facilities into the application. Again, a trivial "investment" in the permit fee, and possibly paying a consultant to prep the application, to demonstrate "progress."

Yet. A CDU cannot be built without financing. We are all waiting for that soon

The S-1 suggests that the 10,000bbl CDU has an associated cost of about $50-million. It is not specified what this cost estimate includes, however a 10Kbbl CDU is modular, and can be done with contemporary skid-mount units for far less than that, inclusive of the heater, steam generation, column, etc. Modern units of this type are common in in-field processing applications, and are essentially off-the-shelf. Some, but not a lot, of engineering is required to cobble one together. Nothing special, and not $50-million worth of hardware...

incorrect and misleading. The first unit would separate components of the feedstock into saleable items such as diesel and drilling fluids. This adds value and creates cash flow.

Setting aside transportation and other issues, the use of diesel as a frac fluid is uncommon. In Texas, it requires a special UIC permit from RCT. The side-stripped diesel from a topping unit is "straight" diesel, unsuitable for sale as OTR or un-taxed ag diesel - which must be ULSD (de-sulphured). It has no direct use, other than in downstream refining. Naptha and other light fractions would have to be trucked out, or tanked out - to the north-east, into markets where they are already abundant. AR and heavy fractions are similarly low-value, and not worth transporting out in raw form. Raw gasoline similarly would need to be transported out for further refining. Again, an atmospheric CDU is virtually useless in isolation, marginally more useful with a vacuum unit, but still represents just the front-end of a real refining operation.

again, this is misleading as the State is going to fix the bridge per recent news. It is also news on the mmex website. Please review the mmex website for correct info.

While the S-1 gives this minimal treatment, the South Orient has a 10-mph speed limit south of Ft. Stockton. The line is virtually impassible south of Tinaja, and has seen no traffic in more than a decade. The costs to make the line usable for any significant rail traffic from that point in Presidio County south would be significant, and without the bridge, there is no meaningful reason to do so. This is "catch-22," or chicken-and-egg logic. Without the rail line, MMEX has no means of transporting refined product, other than perhaps by truck, to Mexico, and no real market in the U.S.

again, please review the application and the S-1 as it clearly indicates to investors what will be made and sold in the market.

I've reviewed the S-1, and pretty much all material related to MMEX. Facts are facts. Due diligence involves taking a hard look at them.