Vivakor, Inc. has amended its Letter of Intent with Olenox Industries, Inc. regarding 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, reflecting the parties' progress toward meeting customary closing conditions. The transaction value is based on CPE Gathering's expected annual EBITDA of approximately $4.56 million under take-or-pay contractual arrangements.

Since the original Letter of Intent was executed, the companies have advanced due diligence, obtained required third-party consents, and negotiated definitive transaction documentation. The new target date provides adequate time to complete these remaining items and satisfy all other customary closing requirements.

Omega System Supports STACK Region Operations

CPE Gathering operates the Omega system, an on-basin midstream platform in the STACK region of Oklahoma. The system provides crude oil gathering, transportation, terminaling, and pipeline connectivity. It is designed to generate stable, fee-based cash flows, reduce hauling and terminaling costs for producers, and offer scalable operational improvements.

Transaction Details

Asset Optimization and Strategic Growth

James Ballengee, Chief Executive Officer of Vivakor, stated that the additional time allows the parties to complete customary diligence, documentation, and third-party approvals. He emphasized that the transaction represents a step in enhancing shareholder value and positioning Vivakor for long-term growth. The proposed sale aligns with Vivakor's strategy of optimizing its asset portfolio while expanding its integrated energy infrastructure platform.

Vivakor has reset the payment date for its previously announced special dividend to September 5, 2026, to allow additional time for administrative and regulatory steps. The record date and all other terms of the dividend remain unchanged, and no action is required by eligible shareholders. The company expects the distribution to occur on or before the new date.

The special dividend will be distributed in the form of shares of Adapti, Inc. common stock. Based on Vivakor's shares outstanding as of the record date, eligible shareholders will receive approximately 0.0074 shares of Adapti, Inc. for each share of Vivakor common stock held. This distribution excludes shares held by the company's Chairman, President and Chief Executive Officer and former Chief Financial Officer, who waived their right to participate.

Vivakor currently holds approximately 206,595 shares of Adapti, Inc. The company continues to work toward completing the necessary processes to facilitate the distribution.

Dividend Details