Vivakor Signs Definitive Agreement to Acquire Endeavor Entities for $120 Million - Seite 2

The closing of the acquisition, is subject to, among other things completion of due diligence satisfactory to the parties, delivery of audited financials for the periods ended December 31, 2022 and 2023 for the Endeavor Entities, Vivakor's receipt of a satisfactory fairness opinion to the underlying transaction, approval under the Hart Scott Rodino Act, and other customary closing conditions. Vivakor is currently targeting the Acquisition to close by the end of the fiscal quarter ending June 30, 2024.

Vivakor Chairman and CEO James Ballengee commented, "We are excited to bring all of these operations and assets together under one roof at Vivakor. We believe there are strong synergies between the business segments which will allow Vivakor to more completely capture the value chain and expect to be able to streamline operations that should result in significant cost efficiencies. Of note, the proposed transaction requires no cash, is risk mitigated due to the 10-year take or pay contracts, and most importantly, will provide Vivakor with positive free cash-flow to support on-going growth and current operations. We look forward to moving this acquisition toward closing by the end of June and will continue to update our valued shareholders and the financial community as we move this transaction toward a successful close."

Endeavor Crude, LLC is a interstate crude oil carrier headquartered in Dallas, Texas and presently operates 132 tractors which are leased from Meridian Equipment Leasing, LLC. Endeavor Crude, LLC presently operates in Texas, Louisiana, Oklahoma, New Mexico, Colorado, and North Dakota.

Equipment Transport, LLC is an active freight carrier which hauls produced water and other water products for the oil industry and operates primarily in Texas.

Meridian Equipment Leasing, LLC owns various trucking equipment which it leases directly to Endeavor Crude, LLC and/or Endeavor Crude, LLC's independent owner-operators.

CPE MidCon, LLC operates an approximate 40-mile oil gathering pipeline, and oil storage and logistics facility in Oklahoma.

Silver Fuels Processing, LLC operates multiple truck pipeline injection stations located in multiple regions of Texas, New Mexico, and North Dakota.

Clear Street, LLC acted as Financial Advisor to Vivakor while Lucosky Brookman LLP served as exclusive legal advisor to Vivakor on this transaction.

About Vivakor, Inc.

Vivakor, Inc. (NASDAQ:VIVK), is a clean energy technology company focused on the oil remediation and natural resources sectors. Vivakor's corporate mission is to create, acquire, accumulate, and operate distinct assets, intellectual properties, and exceptional technologies. Its Silver Fuels Delhi, LLC, and White Claw Colorado City, LLC subsidiaries include crude oil gathering, storage, and transportation facilities, which feature long-term ten year take-or-pay contracts.