Vivakor Highlights Direct Midstream’s New Mexico Operating Agreement as Proposed Acquisition Advances
Key Highlights
- ➤$40 million proposed acquisition would add Direct Midstream’s Permian Basin platform
- ➤52-well New Mexico agreement could generate more than $2 million annually
- ➤PES portfolio includes 44 oil production wells and eight saltwater disposal wells
- ➤PES projects production reaching approximately 1,000 barrels of oil daily within 12 months
- ➤Direct Midstream acquisition remains subject to definitive agreement and other conditions
Expert Statements
James Ballengee, Chairman, President and Chief Executive Officer of Vivakor
“Direct Midstream’s continued commercial development reinforces the strategic rationale for our proposed acquisition.”
James Ballengee, Chairman, President and Chief Executive Officer of Vivakor
“This opportunity would broaden Direct’s service capabilities and create an additional source of recurring service revenue.”
James Ballengee, Chairman, President and Chief Executive Officer of Vivakor
“We believe these capabilities would complement Vivakor’s transportation, terminaling and remediation businesses as we work toward a definitive acquisition agreement.”
Conditional agreement covering 52 wells could generate more than $2 million in annual service revenue for Direct Midstream at targeted operating levels
Dallas, TX, Nov. 04, 2026 (GLOBE NEWSWIRE) -- 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.
Get started
Create a free account to read the full story.