Meridian Energy Group, Inc. is a privately held South Dakota corporation focused on developing oil refineries in strategic locations. Meridian also partners with capable entities to develop related infrastructure opportunities.
In the Bakken, we are building a state of the art crude oil refinery near the production fields. This will provide many benefits to the oil production companies who currently pay as much as $12.00 a barrel to ship their crude oil to distant refineries. Also benefitting will be the environment and the state of North Dakota who, because of a lack of refining capacity, has a severe diesel fuel shortage.
Importantly, our shareholders stand to reap handsome rewards as a result of Meridian bringing the Davis Refinery online. At a rated capacity of up to 49,500 barrels per day (“bpd”), Davis could produce as much as 800mm gallons per year of refined products from local crude to serve regional markets, the earnings each year on a small plant of only 20,000 barrels a day is estimated at more than $150 million .
On February 8th, 2019 Meridian entered into an agreement for site control for the Permian Refinery, a 58,000 bpd refinery in the Permian Basin (Texas) and began site studies, designs and permitting work. Site can accommodate up to three additional units.
We anticipate that the common shares of the Company could be worth an amount several earnings multiples of this current offering price. Meridian shares will be worth considerably more than the current price, and investors could earn up to 40% IRR on the first two projects, alone.