QualityStocksNewsBreaks – Vivakor, Inc. (OTCPINK: VIVK) Signs LOI to Sell CPE Gathering Midstream Assets to Olenox for Approximately $36 Million
Vivakor (OTCPINK: VIVK) announced it has executed a non-binding letter of intent to sell its midstream business and transportation assets of CPE Gathering MidCon, LLC to Olenox Industries, Inc. (NASDAQ: OLOX) for approximately $36 million. The proposed transaction involves Vivakor’s Omega pipeline system, an integrated crude oil gathering, transportation, terminaling, and pipeline connection platform serving the Oklahoma STACK play, and is structured as a combination of cash, promissory note, and common and preferred stock based on approximately $4.56 million in annual EBITDA under a take-or-pay guarantee. Vivakor expects the divestiture to strengthen its balance sheet and sharpen focus on its Permian Basin, crude oil supply and trading, and remediation processing…