MMEX Resources Corp (MMEX)

[jmjjw]

MMEX-scam is toast.

3-plus years of failure, failed promises, lies, and incompetence has come home to roost:

- Apache Corp. has shuttered operations in the Alpine High
- Conoco has divested of all its Permian operations
- more than a dozen services companies have reduced operations, filed chapter 11, or shuttered completely
- today’s stunning collapse of the crude futures market will crater all of the over-leveraged producers in the region
- the glut caused by oversupply will push WTI down to $20 - $22 before its all over, and kill the market for high-API WTI-Light

Even if MMEX-scam were a legit business (and it’s not), their failure to execute, and lag into this catastrophe is one of the last few nails in the coffin.

There is no opportunity for an inland regional in the Permian. Never was. Certainly there is no opportunity for a $100-million plus rudimentary crude topping unit, in a stranded, isolated location with no pipeline access.

MMEX - You’ve Been Scammed!