Vivakor, Inc. (NASDAQ:VIVK) on Thursday announced that it has amended its previously announced letter of intent (LOI) with Olenox Industries, Inc. (NASDAQ:OLOX) for the proposed sale of its CPE Gathering MidCon, LLC business for approximately $36 million.
The amendment establishes a target closing date of July 31, 2026, allowing both companies to continue due diligence, secure third-party approvals, and finalize transaction documents.
Omega System Supports STACK Region Operations
CPE Gathering operates the Omega system, an Oklahoma midstream platform providing crude oil gathering, transportation, terminaling, and pipeline connectivity across the state’s STACK region.
Driven by take-or-pay contractual arrangements, the assets are expected to generate approximately $4.56 million in annual EBITDA.
The system provides producers with flexible transportation and direct access to storage, blending facilities, and pipeline injection points.
Asset Optimization and Strategic Growth
Vivakor CEO James Ballengee stated,” Both organizations continue to make meaningful progress toward closing the transaction. The additional time allows the parties to complete customary diligence, documentation and third-party approvals while maintaining our focus on executing our broader growth strategy.”
According to Vivakor, the sale aligns with its initiative to optimize its asset portfolio and expand its integrated energy infrastructure platform, with a specific focus on increasing recurring commercial activity across its transportation, storage, supply, and trading segments.
VIVK Price Action: Vivakor shares rose 2.90% to $0.36 in premarket trading on Thursday, according to Benzinga Pro data.
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