Business
Vivakor Signs Letter of Intent to Sell its Midstream Business in Oklahoma STACK Play for $36 Million to Olenox Industries
Dallas, TX, Feb. 02, 2026 (GLOBE NEWSWIRE) -- Vivakor, Inc. (OTCPINK: VIVK) (“Vivakor” or the “Company”), an integrated provider of energy transportation, storage, reuse, and remediation service, today announced that it has executed a non-binding Letter of Intent to sell its midstream business and transportation assets of CPE Gathering MidCon, LLC (“CPE Gathering”) to Olenox Industries, Inc. (NASDAQ: OLOX) for approximately $36 million. Vivakor is the owner and operator of the Omega pipeline sys
About this update from Olenox Industries Inc.
[{"type":"image","alt":"Vivakor, Inc.","displaySize":"","headline":null,"caption":"Vivakor, Inc.","className":"","disableSlideshowImg":false,"size":{"original":{"width":300,"height":75,"url":"https://media.zenfs.com/en/globenewswire.com/95f4a53d4f837350cbda5c142959acfd"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/15cuugx8pYc7mUz5dmmFGw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTQyMDtoPTEwNTtjZj13ZWJw/https://media.zenfs.com/en/globenewswire.com/95f4a53d4f837350cbda5c142959acfd","width":300,"height":75}},"lazy":false},{"type":"text","content":"Dallas, TX, Feb. 02, 2026 (GLOBE NEWSWIRE) -- Vivakor, Inc. (OTCPINK: VIVK) (“Vivakor” or the “Company”), an integrated provider of energy transportation, storage, reuse, and remediation service, today announced that it has executed a non-binding Letter of Intent to sell its midstream business and transportation assets of CPE Gathering MidCon, LLC (“CPE Gathering”) to Olenox Industries, Inc. (NASDAQ: OLOX) for approximately $36 million.","length":440,"tagName":"p"},{"type":"text","content":"Vivakor is the owner and operator of the Omega pipeline system, an integrated crude-oil gathering, transportation, terminaling and pipeline connection platform serving the Oklahoma STACK play.","length":192,"tagName":"p"},{"type":"text","content":"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.","length":233,"tagName":"p"},{"type":"text","content":"Vivakor Chairman and Chief Executive Officer James Ballengee commented, “This transaction will enable us to further strengthen our balance sheet and focus on our Permian Basin, Crude Oil Supply and Trading and Remediation Processing Centers (“RPC”) businesses. This Oklahoma STACK play will complement Olenox’s strategy by expanding its addressable market for services, increasing fee-based, predictable revenue through integrated gathering and terminaling, and generate operational synergies by aligning midstream logistics with Olenox’s field services to lower per-well costs and improve uptime. Olenox Industries makes a great partner for this midstream business, which we believe will flourish under their ownership.”","length":721,"tagName":"p"},{"type":"text","content":"CPE Gathering operates the Omega system, an ...