Plans to Deploy its Remediation Processing Center with Capacity of 250 Barrels of Crude Material per Day
LAS VEGAS, NV / ACCESSWIRE / July 17, 2019 / Vivakor, Inc. (OTC PINK: VIVK), a technology and asset acquisition company with a focus in the area of natural resources, is pleased to announce that it has entered into an option agreement to purchase a private oil sands facility, with multiple resource reports showing more than 44 million barrels of heavy crude material on the property. The property is in the vicinity of Vernal, Utah, in an area of the state known as the Uinta Basin with incredibly rich oil sand deposits.
"This is a very exciting development for the Company as we move closer to our goal of securing properties that cumulatively contain one billion barrels of recoverable crude," stated Vivakor Chief Executive Officer Matt Nicosia. "Our team has become quite familiar with this property, and conducted a successful test of our proprietary, patent-pending Remediation Processing Center (RPC) technology on the site. We believe that our technology is the only proven process that can successfully separate hydrocarbon material from oil sands, in an environmentally-friendly and profitable way."
The goal is to deploy the Company's latest Remediation Processing Center ("RPC") unit on the site, which has the ability to process 700 tons of material, or approximately 250 barrels of crude material a day, and to ultimately prove out the asset at a PV10 valuation of between $10-15 per barrel. As part of the option agreement, Vivakor will be required to perform continued testing and validation of the property's resources within twelve months. Effectiveness of the agreement is subject to certain closing conditions, including receipt of sufficient financing by the Purchaser.
RPCs are designed, engineered and manufactured in an Opportunity Zone in South Salt Lake, Utah, utilizing multiple patent-pending technologies owned by the company. Each RPC can process up to 700 tons of hydrocarbon contaminated sands, with an operating life of at least 20 years. The result is cleaned sand and an average of 250 barrels per day of hydrocarbon production that ranges from crude oil, bitumen used in the production of asphaltic cement or upgraded, lighter end hydrocarbon fuels. This production occurs in a fully enclosed, continuous feed operating system that uses no water and emits no harmful pollutants. Proving to remediate oil spills and contaminated hydrocarbon sands, in an environmentally friendly way, has enormous upside implications for the company and the planet.
Vivakor, Inc. (), a technology and asset acquisition company with a focus in the area of natural resources. Vivakor's corporate mission is to create, acquire and accumulate distinct assets, intellectual properties, and exceptional technologies that produce solid returns to its valued shareholders and partners. The company currently focuses on bitumen (heavy crude) extraction from shallow, oil-laden areas in Eastern Utah, along with petroleum based remediation projects across the globe. The technologies utilized are low-cost, proprietary and proving themselves industry disruptive when measured by a number of important factors. The general business model has been to be an acquisition hub, focused on building and acquiring cash-flowing assets in discrete areas that have an acknowledged technological advantage and enable a substantial market opportunity within significant target markets across the globe. Our research, and the technology we acquire are anchored by our relationships with synergistic partners and product-specific commercialization strategies. From the point of product or technology conception, or through acquisition, development and commercialization, we expect to have strategic partners, joint ventures or licensing arrangements in place for many of our products in order to sustain revenue attainment.
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.
SOURCE: Vivakor, Inc.
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