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://nnw.fm/1sFvh
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://nnw.fm/VIVK
About NetworkNewsWire
NetworkNewsWire (“NNW”) is a specialized communications platform with a focus on financial news and content distribution for private and public companies and the investment community. It is one of 75+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled recognition and brand awareness. NNW is where breaking news, insightful content and actionable information converge.
To receive SMS text alerts from NetworkNewsWire, text “STOCKS” to 888-902-4192 (U.S. Mobile Phones Only)
For more information, please visit https://www.NetworkNewsWire.com
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: https://www.NetworkNewsWire.com/Disclaimer
NetworkNewsWire
Austin, Texas
www.NetworkNewsWire.com
512.354.7000 Office
Editor@NetworkNewsWire.com
NetworkNewsWire is powered by IBN