Vivakor Signs Letter of Intent to Sell its Midstream Business in Oklahoma STACK Play for $36 Million to Olenox Industries [Yahoo! Finance]
Olenox Industries Inc. (OLOX)
Company Research
Source: Yahoo! Finance
transportation, storage, reuse, and remediation service, today announced that it has executed a non-binding Letter of Intent to sell its midstream business and transportation assets of CPE Gathering MidCon, LLC (“CPE Gathering”) to Olenox Industries, Inc. (NASDAQ: OLOX) for approximately $36 million. Vivakor is the owner and operator of the Omega pipeline system, an integrated crude-oil gathering, transportation, terminaling and pipeline connection platform serving the Oklahoma STACK play. The transaction, valued at approximately $36 million, will be paid in a combination of cash, promissory note, common and preferred stock, and is based on $4.56 million in annual EBITDA, pursuant to a take-or-pay guarantee of Vivakor. Vivakor Chairman and Chief Executive Officer James Ballengee commented, “This transaction will enable us to further strengthen our balance sheet and focus on our Permian Basin, Crude Oil Supply and Trading and Remediation Processing Centers (“RPC”) businesses. Thi
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News
- Olenox Industries Announces Settlement Agreement with Cedar Advance LLCGlobeNewswire
- Olenox Industries Appoints Erik Blum and Adam Falkoff to Board of DirectorsGlobeNewswire
- Vivakor Signs Letter of Intent to Sell its Midstream Business in Oklahoma STACK Play for $36 Million to Olenox IndustriesGlobeNewswire
- EXCLUSIVE: Olenox Looks To Acquire Vivakor's Midstream Assets [Yahoo! Finance]Yahoo! Finance
- Olenox Industries Signs Letter of Intent to Acquire Vivakor’s Midstream Business in Oklahoma STACK PlayGlobeNewswire