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,
About this update from Vivakor, Inc.
[{"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. 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. 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. 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.” 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 parties are working toward definitive agreements with a targeted closing on or before March 31, 2026, subject to customary closing conditions. About Olenox Industries, Inc. Olenox Industries, In...