Will Lead Vivakor's Next Phase of Growth
IRVINE, CA / ACCESSWIRE / November 7, 2022 / Vivakor, Inc. (NASDAQ:VIVK) ("Vivakor" or the "Company"), a socially responsible operator, acquirer and developer of clean energy technologies and environmental solutions, is pleased to welcome oil industry expert James Ballengee as its new Chief Executive Officer and Chairman of the Board of Directors.
Mr. Ballengee brings more than 20 years of direct energy industry experience having previously served as CEO of Taylor Logistics, LLC, an oil gathering, storage, and transportation company, which was sold to Gibson Energy, Inc. (TSX: GEI) in 2010. He founded and served as Chairman and Chief Executive Officer of Bridger Group, LLC, a private crude oil marketing firm, from 2010 to 2013. He then managed its successor, Bridger Logistics, LLC from 2013 to 2015, which was sold to Ferrellgas Partners, LP (then, NYSE: FGP). On August 1, 2022, Vivakor acquired Silver Fuels Delhi, LLC ("SFD"), and White Claw Colorado City, LLC ("WCCO") for total consideration of $37.4 million from entities affiliated with Mr. Ballengee.
In 2021, Silver Fuels Delhi generated $33.0 million in revenue, $1.7 million operating income and $1.4 million net income, as disclosed in audited financial statements included in the Company's Current Report on Form 8-K/A filed with the U.S. Securities and Exchange Commission on October 17, 2022 (the "Form 8-K/A").
For the six months ended June 30, 2022, unaudited, Silver Fuels generated 118% growth to $29.6 million in revenue, $1.8 million of operating income and $1.4 million of net income, as disclosed in audited financial statements included in the Form 8-K/A.
The acquisition of SFD and WCCO allows Vivakor to combine the benefits of a midstream oil and gas company with its proprietary, Remediation Processing Centers ("RPCs"), providing the Company with the opportunity to capture a significantly greater portion of the oil storage, transportation, and remediation value chain. Under Mr. Ballengee's leadership, Vivakor intends to continue its ESG focus while seeking opportunities to diversify its products and services via presently existing synergies, developing additional projects or acquiring companies that provide additional opportunities and benefits.
"This is an exciting day for me. I consider it an honor to join Vivakor as its Chief Executive Officer and Chairman. I look forward to continuing Vivakor's strong vision to build an environmentally friendly company operating in the oil sector. The combination of this vision and the acquisition of the midstream oil and gas assets of SFD and WCCO presents a unique opportunity to bring ESG technology to the existing traditional midstream industry. I believe my oil industry experience, coupled with Vivakor's existing ESG focus, will allow us to develop opportunities and acquire assets that have the potential to create future value for Vivakor's shareholders. I look forward to leading Vivakor into the future," stated Mr. Ballengee.
About Vivakor, Inc.
Vivakor, Inc. (NASDAQ:VIVK), is a clean energy technology company focused on the oil remediation and natural resources sectors. Vivakor's corporate mission is to create, acquire and accumulate distinct assets, intellectual properties, and exceptional technologies. Its Silver Fuels Delhi, LLC, and White Claw Colorado City, LLC subsidiaries include a crude oil gathering, storage, and transportation facilities, which feature long-term ten year take or pay contracts.
The Company's patented Remediation Processing Centers allows for the environmentally friendly recovery of bitumen (heavy crude) and other hydrocarbons from the remediation of contaminated soils. It is believed to be the only remediation system that can clean soils with more than 5% by weight oil contamination while fully recovering the oil and leaving the soil fully viable for reuse. Its Remediation Processing Centers currently focus on extraction from shallow, oil-laden sands in Eastern Utah, along with generating petroleum-based remediation projects in Kuwait and in Houston, Texas.
For more information, please visit our website: http://vivakor.com
Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including economic slowdown affecting companies, our ability to successfully develop products, rapid change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in Vivakor's filings with the Securities and Exchange Commission, which factors may be incorporated herein by reference. Forward-looking statements may be identified but not limited by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential," or "continue" and variations or similar expressions. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
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SOURCE: Vivakor, Inc.