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Meridian Announcement

April 12, 2018


Through the hard work and dedication of the Meridian team, and the resources made available by Meridian’s investors, Meridian has been able to make substantial progress towards completion and financing of the development of the Davis Refinery project in North Dakota. The most recent achievements include:

  • Substantial progress in satisfying the requirements for issuance of the final Permit to Construct from the North Dakota Department of Health, including fully responding to the nearly 11,000 comments received during the public comment period ending in January, and paving the way for final issuance of the permit by the North Dakota Department of Health;

  • Execution of a letter of intent with a major publicly traded design-construction firm to cover the engineering, procurement and construction of the first phase of the Davis Refinery – a press release is being finalized and will be issued early next week; and,

  • Additional progress in finalizing the detailed terms and conditions, including indexed pricing provisions, of long-term agreements with substantial crude suppliers and refined product offtakers covering the majority of the production of the Davis Refinery (public announcements pending).

Achieving these milestones represents a substantial increase in the value of Meridian. As a result, and to protect the interests of its current shareholders and employees, Meridian will be raising the price of its common stock to $7.50 per share, effective midnight, Pacific Daylight Time, on Monday, April 16, 2018.