MMEX predecessor, Maple Resources Corporation, was initially established in 1986 to invest in oil and gas related entities and assets in the United States. Between 1986 and 1988, these affiliates completed nine acquisitions, including transactions relating to oil and gas production interests and gas gathering, processing and transmission systems. In addition to these acquisitions, the Company also acquired two US-based companies whose assets included ten gas processing plants with capacity of approximately 300 MMcfd as well as approximately 1,287 km of natural gas gathering and transmission infrastructure. Following the completion of these acquisitions, the Company processed approximately 175 MMcfd of wellhead gas at its facilities and produced approximately 140 MMcfd of residue natural gas and 15,600 bpd of natural gas liquids.
The Company’s Peru development also included operation of a refinery in Pucallpa, workover of production wells in acreage connected to the refinery , drilling of exploration acreage in Block 31-E and the development of a sugar cane to ethanol project on the northern coast of Perú. The Company has invested in various exploration and production activities in Peru including geological campaigns, geochemistry programs, seismic processing, construction of roads and camp-sites and the drilling of three exploration wells. The integrated ethanol project included an agricultural component of 10,672 hectares of land, an industrial scale distillation unit converting sugar cane to ethanol and an off-shore ethanol export terminal. The Company completed the sale of its Peru assets in 2015.
MMEX is currently developing crude distillation units in Pecos County, Texas to include 2 10,000 BPD units plus hydrotreating in Phase 2. The EPC contracts and the Off-take agreements are in place. The refined products will be delivered in West Texas by truck and by rail to the Texas Gulf Coast markets.