Vivakor Announces Direct Midstream Inks Conditional Deal With Phoenix Energy Solutions To Run Portfolio Of 52 Oil Production, Saltwater Disposal Wells In New Mexico

Vivakor, Inc. (NASDAQ:VIVK) ("Vivakor" or the "Company"), an integrated provider of energy transportation, storage, reuse and remediation services, today highlighted a new commercial opportunity at Direct Midstream, LLC ("Direct Midstream"), the subject of Vivakor’s previously announced proposed $40 million acquisition. As announced today on Direct Midstream’s website, Direct Midstream has entered into a conditional agreement with Phoenix Energy Solutions, LLC ("PES") to operate a portfolio of 52 oil production and saltwater disposal wells in New Mexico.

The agreement would expand Direct Midstream’s existing New Mexico operations and add oil production operating services to its produced water management and disposal capabilities. Direct Midstream estimates the opportunity could generate more than $2 million in annual operating and management service revenue once targeted operating levels are achieved, subject to final fee arrangements.