Vivakor and Olenox Industries have executed an amendment to their letter of intent for the approximately $36 million sale of Vivakor's CPE Gathering MidCon business, setting a target closing date of July 31, 2026. The parties continue to advance due diligence, obtain third-party consents, and negotiate definitive transaction documentation. CPE Gathering operates the Omega system, an on-basin midstream platform providing crude oil gathering, transportation, terminaling, and pipeline connectivity in the STACK region of Oklahoma. The transaction value reflects expected annual EBITDA of approximately $4.56 million under take-or-pay contractual arrangements. Vivakor CEO James Ballengee stated the additional time allows completion of customary diligence and approvals while supporting the company's broader growth strategy.
Olenox Industries Inc.Olenox is acquiring a midstream asset for $36 million, expanding its operations through a capital transaction.
Vivakor IncVivakor is selling its CPE Gathering MidCon business for $36 million, a capital event that provides cash and supports its growth strategy.