Home Financial Markets Penny Stocks Something to Keep an Eye on Before Buying MMEX Resources Corp (OTC:MMEX)

Something to Keep an Eye on Before Buying MMEX Resources Corp (OTC:MMEX)

On a performance basis, this stock’s weekly performance was -4.17% while its monthly performance was 64.29%. Over the last six months, the quarterly return has risen 2200.00%, and for the year-to-date, it has increased 2200.00%. The price range of the stock in the last 52 weeks has been $0.0001 – $0.0249.

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MMEX Resources Corporation (MMEX) is a company in the development stage that engages in the exploration, extraction, refining, and distribution of petroleum products, natural gas, and electric power. MMEX plans to acquire, develop and finance oil, gas, refining, and electric power projects in Texas, Peru, and other Latin American countries.

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WHAT HAPPENED RECENTLY

February 8, 2021, A Texas energy company, MMEX Resources Corp. (OTCPK: MMEX), has announced plans to develop solar energy to generate power for multiple projects producing hydrogen and ultra-low sulfur fuels, while also capturing carbon dioxide.

MMEX Resources Corp. CEO Jack W. Hanks wrote: We are announcing today a revised business plan which moves MMEX towards the use and production of clean energy. A key part of the company’s plan is to contribute to a clean energy future by helping to produce hydrogen and ultra-low sulfur transportation fuel through solar power in combination with carbon capture, as a transition to the hydrogen era moves forward.

A preliminary understanding was reached by MMEX and third parties to develop two potentially separate technologies – one using natural gas, the other using Permian light crude. MMEX Pecos County has entered into a development and financing agreement with a European co-developer partner to create and finance hydrogen and gas to liquids facility.

Also, MMEX and another technology provider are in talks regarding the possibility of establishing a second parallel plant in Pecos County.

By using the light crude oil and condensates from the Permian Basin, Polaris Engineering can produce ultra-low sulfur diesel, renewable diesel, and gasoline.

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MEANWHILE, the energy sector continues to be the most undervalued, trading near a discount of 22% compared with a premium of 6% concerning the overall market. In 2021, it seems likely the crude demand will begin to recover almost fully after the pandemic woes.

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