MMEX Resources Corporation filed a Form 8-K on November 5, 2026, reporting TCEQ approval of the Permit by Rule registration for the UltraClean Refinery North facility in Pecos County, Texas, and disclosing the issuance of approximately 27.48 billion shares of common stock through debt-to-equity conversions with consultants.

Key Highlights

  • TCEQ approval received: Effective October 30, 2026, the Texas Commission on Environmental Quality approved the Permit by Rule registration for the UltraClean Refinery North facility in Pecos County, Texas.
  • Both facilities approved: The UltraClean Refinery South had previously received TCEQ approval, making both facilities in the complex now permitted, according to the filing.
  • Combined capacity: The two facilities are designed to provide aggregate processing capacity of approximately 60,000 barrels of crude oil per day, with production of 22,344 barrels per day of Ultra Low Sulfur Diesel.
  • Shares issued: The company issued an aggregate of 27,483,541,015 shares of common stock to participating consultants and related parties.
  • Debt converted: The transactions resulted in the conversion of approximately $1.38 million of outstanding consultant obligations into equity.
  • Exemption claimed: The share issuances were not registered under the Securities Act of 1933, relying on Section 4(a)(2) and Regulation D exemptions.

TCEQ Permits and Debt Conversions at MMEX Resources

According to the Form 8-K filed with the SEC on November 5, 2026, Pecos UltraClean Refining, LLC, described as "a project affiliate of MMEX Resources Corporation," received notification from the Texas Commission on Environmental Quality on October 30, 2026, approving its Permit by Rule registration application for the proposed UltraClean Refinery North facility located in Pecos County, Texas. The filing notes that the UltraClean Refinery South facility had already received TCEQ approval prior to this event.

The filing states that the two facilities together "are designed to provide aggregate processing capacity of approximately 60,000 barrels of crude oil per day with production of 22,344 barrels per day of Ultra Low Sulfur Diesel." The company characterized the approvals as representing "a significant regulatory milestone in the development of the UltraClean Refinery complex" and disclosed its intention to continue advancing "financing, engineering, procurement and construction planning activities for the project." These statements are the company's own and are subject to its cautionary language.

Separately, the filing disclosed that the company completed debt conversion transactions under previously disclosed consulting and advisory agreements. Participating consultants, including certain related parties, elected to convert portions of amounts owed to them into equity. As a result, the company issued 27,483,541,015 shares of common stock, converting approximately $1.38 million of outstanding consultant obligations. The issuances were made in reliance on the exemptions from registration provided by Section 4(a)(2) of the Securities Act of 1933 and Regulation D promulgated thereunder. The filing does not state an exchange listing for the company's securities in the registered-securities table, noting "N/A" for Section 12(b) securities.

What Was Disclosed

MMEX Resources Corporation reported two events: TCEQ regulatory approval of the UltraClean Refinery North facility in Pecos County, Texas, effective October 30, 2026, and the issuance of approximately 27.48 billion shares of common stock converting roughly $1.38 million in consultant obligations into equity.