Vivakor Amends LoI With Olenox Regarding Sale Of Its CPE Gathering MidCon Unit For ~$36M; Expects Deal To Close By July 31

Vivakor, Inc. (NASDAQ: VIVK ) ("Vivakor" or the "Company"), an integrated provider of energy transportation, storage, reuse, and remediation services, today announced that it has executed an amendment to its previously announced Letter of Intent with Olenox Industries, Inc. (NASDAQ: OLOX ) in connection with the proposed sale of the Company's CPE Gathering MidCon, LLC business.

The amendment reflects the parties' continued progress toward meeting customary closing conditions and establishes a target closing date of July 31, 2026.

Since execution of the original Letter of Intent, the parties have continued to advance due diligence, obtain required third-party consents, negotiate definitive transaction documentation and satisfy other customary closing requirements.

To provide adequate time to complete these remaining items, the parties have agreed to target a July 31, 2026 closing and continue working toward execution of definitive transaction agreements and satisfaction of all remaining closing conditions.

CPE Gathering operates the Omega system, an on-basin midstream platform that provides crude oil gathering, transportation, terminaling and pipeline connectivity throughout the STACK region of Oklahoma.

Omega is positioned to generate stable, fee-based cash flows, reduce hauling and terminaling costs for producers, and provide a scalable platform to improve operational uptime and lower operating expenses.

The transportation assets also offer producers flexible, cost-competitive gathering and transportation services to a network of storage, blending facilities and pipeline injection points.

The approximately $36 million transaction value reflects CPE Gathering's expected annual EBITDA of approximately $4.56 million generated under the Company's take-or-pay contractual arrangements. "We remain excited about the strategic transaction with Olenox and the value we believe it will create for both companies," said James Ballengee, Chief Executive Officer of Vivakor. "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.

As we continue building momentum across the business, we believe this transaction represents another meaningful step in enhancing shareholder value and positioning Vivakor for long-term growth." The proposed transaction represents another step in Vivakor's strategy of optimizing its asset portfolio while expanding its integrated energy infrastructure platform.

The Company remains focused on increasing recurring commercial activity across its transportation, storage and supply & trading businesses while pursuing strategic transactions designed to enhance shareholder value and support disciplined, long-term growth.