Vivakor (OTCPINK: VIVK) announced it has executed a non-binding letter of intent to sell its midstream business and transportation assets of CPE Gathering MidCon, LLC to Olenox Industries, Inc. (NASDAQ: OLOX) for approximately $36 million. The proposed transaction involves Vivakor’s Omega pipeline system, an integrated crude oil gathering, transportation, terminaling, and pipeline connection platform serving the Oklahoma STACK play, and is structured as a combination of cash, promissory note, and common and preferred stock based on approximately $4.56 million in annual EBITDA under a take-or-pay guarantee. Vivakor expects the divestiture to strengthen its balance sheet and sharpen focus on its Permian Basin, crude oil supply and trading, and remediation processing center businesses, with the parties targeting a definitive agreement and closing on or before March 31, 2026, subject to customary conditions.
To view the full press release, visit https://ibn.fm/IxMDe
About Vivakor, Inc.
Vivakor, Inc. is an integrated provider of sustainable energy transportation, storage, reuse, and remediation services, operating one of the largest fleets of oilfield trucking services in the continental United States. Its corporate mission is to develop, acquire, accumulate, and operate assets, properties, and technologies in the energy sector. Vivakor’s integrated facilities assets provide crude oil and produced water gathering, storage, transportation, reuse, and remediation services under long-term contracts.
Once operational, Vivakor’s oilfield waste remediation facilities will facilitate the recovery, reuse, and disposal of petroleum byproducts and oilfield waste products.
NOTE TO INVESTORS: The latest news and updates relating to VIVK are available in the company’s newsroom at https://ibn.fm/VIVK
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