Business
Olenox Industries Amends Letter of Intent to Acquire Vivakor's Midstream Business in Oklahoma Stack Play
Time of Targeted Closing Amended to April 30, 2026 CONROE, TX / ACCESS Newswire / April 10, 2026 / Olenox Industries Inc. (NASDAQ:OLOX) ("Olenox Industries"
About this update from Olenox Industries Inc.
[{"type":"text","content":"Time of Targeted Closing Amended to April 30, 2026 CONROE, TX / ACCESS Newswire / April 10, 2026 / Olenox Industries Inc. (NASDAQ:OLOX) (\"Olenox Industries\" or the \"Company\"), today announced that it has amended its Letter of Intent with Vivakor, Inc. (OTC:VIVKD), to acquire the midstream business and transportation assets of its wholly owned subsidiary CPE Gathering MidCon, LLC (\"CPE Gathering\"), owner and operator of the Omega pipeline system, an integrated crude-oil gathering, transportation, terminaling and pipeline connection platform serving the Oklahoma STACK play.As mentioned in the Company's prior release of January 29, 2026, the parties targeted a closing date on or before March 31, 2026. In furtherance of continual diligence and in light of the respective companies audit requirements, the parties have revised the projected closing date to April 30, 2026, but in no event later than May 15, 2026.CPE Gathering operates the Omega system, an on-basin midstream platform that provides crude gathering, transportation, terminaling and pipeline connectivity in the STACK region of Oklahoma. Omega is positioned to generate fee-based cash flows, reduce hauling and terminaling costs for producers, and provide a scalable on-ramp for technology and services that improve uptime and lower operating expenses. The transportation assets also offer producers flexible, cost-competitive gathering and transport to a network of storage and blending facilities and pipeline injection points.The transaction, valued at approximately $36 million, will be paid in a combination of cash, promissory note, common and preferred stock, and is based on $4.56 million in annual EBITDA, pursuant to a take-or-pay guarantee of Vivakor.Olenox is executing an acquire-and-integrate strategy that elevates core brands to build an integrated energy, technology and infrastructure platform. Acquiring CPE Gathering from Vivakor would complement that strategy by expanding Olenox's addressable market for services, increasing fee-based, predictable revenue through integrated gathering and terminaling (thereby reducing exposure to commodity volatility), and generating operational synergies by aligning midstream logistics with Olenox's field services to lower per-well costs and improve uptime.About Olenox Industries Inc.Olenox Industries, Inc. is a vertically integrate...