MMEX Resources Corp (OTC: MMEX) is a pre-revenue energy development company that is working to construct a crude oil refinery in Pecos County, Texas. The company has no operating revenue. Its planned facility, developed in partnership with Polaris Engineering, is designed as an up to 11,600 barrel-per-day modular refinery intended to produce zero sulfur 87-octane gasoline, ultra-low sulfur diesel, and low-sulfur fuel oil under the Ultra Fuels brand. A companion Blue Hydrogen project, converting natural gas to hydrogen, is planned to supply the refinery's fuel gas and eliminate CO2 emissions. As of the fiscal year ended April 30, 2025, the company reported general and administrative expenses of $1,395,748, project costs of $5,430, and interest expense of $461,672, with no revenue. The company owns a 126-acre site near Permian Basin production areas. Funding has been sourced through convertible promissory notes and related-party debt. Jack W. Hanks serves as Chairman, CEO, President, and CFO as of July 29, 2025.

Revenue model

No revenue as of fiscal year ended April 30, 2025. The company is pre-revenue and development-stage. Financing has been conducted through convertible promissory notes, including related-party notes with Maple Resources totaling $180,000 per agreement, issued with warrants and carrying 18% fees in lieu of interest.

Products and services

Ultra Fuels modular refinery configuration producing zero sulfur 87-octane gasoline, ultra-low sulfur diesel, and low-sulfur fuel oil. A companion Blue Hydrogen project planned to convert natural gas to hydrogen for refinery fuel gas. Front-End Load-2 (FEL-2) engineering package completed for the refinery design.

Customers and end markets

Planned end markets are transportation fuel consumers in and around the Permian Basin, Texas. No customers as of the fiscal year ended April 30, 2025.

Value-chain role

Upstream-adjacent downstream refiner in development. The planned facility would sit at the crude-oil-to-finished-fuels conversion step, positioned directly near Permian Basin crude oil production areas.

Geographic exposure

Single planned site: 126-acre owned property in Pecos County, Texas, near Permian Basin production areas.

Source: SEC 10-K, filed 2025-07-29

Industry: Services-Allied To Motion Picture Production Peers: Plastic2Oil, Inc. Marathon Petroleum Corp Phoenix Rising Companies VECTOR 21 HOLDINGS, INC.