Vivakor Inc (NASDAQ:VIVK) CEO Matt Nicosia tells Proactive the group has plans to acquire two companies with assets in the key US oil states of Louisiana and Texas in a deal worth around $37.4 million.
Nicosia says the company struck a definitive agreement to acquire Silver Fuels Delhi LLC, operating in Louisiana, and White Claw Colorado City LLC, which operates in Texas.
California-based Vivakor said the acquisitions will allow the company to enter a synergistic segment of the energy industry with the combination of a crude oil gathering, storage, and transportation facility, which feature long-term ten-year take or pay contracts.