FORT STOCKTON, TEXAS , Aug. 08, 2017 (GLOBE NEWSWIRE) -- MMEX Resources Corp. (OTCPK: MMEX), a development-stage company focusing on the acquisition, development and financing of oil, gas, refining and infrastructure projects in Texas and South America, today applauded the Texas Department of Transportation’s (TxDOT) plans to use a $7 million federal grant from The U.S. Department of Transportation to strengthen existing rail infrastructure in Permian Basin. As announced on August 4, the funds are expected to help rebuild the Presidio-Ojinaga International Rail Bridge and 72 miles of track on the South Orient Rail Line that run from the Mexico border to near Coleman, Texas owned by the state of Texas but maintained and operated by Texas Pacifico Transportation, Ltd. under a lease with TxDOT.
Jack W. Hanks, President and CEO of MMEX Resources Corp., commented, “TxDOT’s planned recompletion of the bridge at Presidio-Ojinaga and improvements of the rail line from Alpine, Texas to Presidio are a major step for exporters and importers of all commercial goods from Western Mexico out of and into the West Texas Permian Basin area. We located our proposed refinery site on the railroad in Pecos County, Texas precisely for this reason.”
The Texas Pacifico-South Orient railroad gives MMEX rail access to Western Mexico including its Pacific deep water ports, the Dallas-Fort Worth – Mid-Continent Region and the Texas Gulf Coast Ports thru the various interconnections of the Texas Pacifico-South Orient railroad to the Union Pacific, Burlington Northern Santa Fe, Fort Worth and Western, Kansas City Southern and Ferromex rail lines and allows for the U.S. marketing of refined products and exports internationally.
“Last week was a trifecta for us in terms of milestones,” added Hanks. “We closed on the initial land purchase for our proposed refinery site and filed our permit application with the TCEQ on the same day then greeted this TxDOT announcement at the end of the week with great excitement.”
On July 31, 2017 MMEX announced its completed purchase of its 126-acre land site on the Texas Pacifico-South Orient Railroad in Pecos County, Texas approximately 20 miles northeast of Fort Stockton, Texas. The land will house MMEX’s Phase I, 10,000 BPD crude distillation unit announced last month which will have a total footprint of 15 acres and be a companion to the planned Phase II $450M, 50,000 BPD refinery announced in March.
Additionally, on July 31, 2017 MMEX filed necessary permits for the initial unit with the Texas Commission on Environmental Quality. It expects to be able to obtain full permitting on the initial unit within 45 days of filing, and, assuming that adequate financing is obtained, anticipates the approximately 15 month period construction period to begin as soon as all permits are issued.
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 general business conditions, the requirement to obtain 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. MMEX undertakes no obligation to update forward-looking statements.
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