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Vivakor Extends Target Closing Date for Sale of CPE Gathering Business to Olenox

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Vivakor (VIVK) said Thursday it now targets to close the proposed sale of its CPE Gathering MidCon business to Olenox Industries (OLOX) on July 31.

The company said it amended its letter of intent to extend the closing date from its original target of around March 31 to provide more time for the parties to complete due diligence, obtain approvals, finalize definitive agreements, and meet other closing conditions.

The proposed sale, valued at approximately $36 million, covers CPE Gathering's Oklahoma crude oil midstream system and transportation assets, Vivakor said.

Vivakor and Olenox shares were up 1.5% and 2.7% respectively in early Thursday trading.

Price: $0.35, Change: $+0.01, Percent Change: +1.45%

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