FORT STOCKTON, Texas (PRWEB) March 05, 2018
MMEX Resources Corp. (OTCQB: MMEX) today announced that it has signed an off-take agreement with Pilot Thomas Logistics for the sale of its Diesel fuel production from Phase 1 of the MMEX refinery project in Pecos County, Texas, a 10,000 BPD Crude Distillation Unit.
MMEX is building its refinery project approximately 20 miles northeast of Fort Stockton, Pecos County, Texas. The project is designed to allow for truck and railroad access in order to accommodate the various needs of customers who purchase products from MMEX. The agreement provides for Pilot Thomas Logistics to acquire 100% of the Diesel production from Phase 1, approximately 4,200 barrels per day, for markets in the Permian Basin area principally for use in drilling operations. According to the Baker Hughes Rig Count, which acts as a leading indicator of demand for oil products, as of February 23, 2018, the number of active oil rigs in the Permian Basin was 435 with a weekly average of 421.
With more than 71 years of experience in the industry, Pilot Thomas Logistics (https:/pilotthomas.com) is the premier provider of fuel, lubricants and chemicals to the Energy, Marine, Mining and Industrial markets. The Pilot Thomas corporate headquarters are located in Fort Worth, Texas, and currently, they have more than 2,200 team members located in 23 states throughout North America allowing Pilot Thomas Logistics to provide high-quality products and outstanding services to its valued customers.
“As part of our long-term commitment to providing exceptional service to our customers, we are excited to enter this relationship with MMEX to expand our local supply in the Permian,” said Dennis Cassidy, President and CEO of Pilot Thomas Logistics.
Jack W. Hanks, President and CEO of MMEX Resources Corp., commented, “MMEX is very pleased to announce this significant milestone agreement with Pilot Thomas Logistics to market our Diesel production to the Permian Basin drilling industry. As a major fuel provider in the United States, Pilot Thomas Logistics will be a great partner, and we look forward to working with Pilot Thomas in providing a major base load to the marketing program for our refinery production.”
About MMEX Resources Corp.
MMEX Resources Corporation (MMEX), a development stage company, is focused on building crude oil refining facilities in the Permian Basin in West Texas. For more information about MMEX, visit http://www.mmexresources.com.
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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 the Company’s ability to continue as a going concern, our lack of revenues, general business conditions, the requirement to obtain significant 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. In particular, readers should note that MMEX undertakes no obligation to update forward-looking statements.