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.

The agreement would expand Direct Midstream’s existing New Mexico operations and add oil production operating services to its produced water management and disposal capabilities. Direct Midstream estimates the opportunity could generate more than $2 million in annual operating and management service revenue once targeted operating levels are achieved, subject to final fee arrangements.

The portfolio, which PES is in the process of acquiring, is currently described as 44 oil production wells and eight saltwater disposal wells, subject to verification. PES projects production could reach approximately 1,000 barrels of oil per day within 12 months of commencing operations, with associated produced water volumes of approximately 6,000 barrels per day. PES would retain ownership of the assets and oil production revenue, while Direct Midstream would provide operating and management services.

“Direct Midstream’s continued commercial development reinforces the strategic rationale for our proposed acquisition,” said 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. We believe these capabilities would complement Vivakor’s transportation, terminaling and remediation businesses as we work toward a definitive acquisition agreement.”

As announced on October 23, 2026, Vivakor completed its due diligence review of Direct Midstream. The proposed acquisition would add a Permian Basin platform that includes 17 saltwater disposal facilities and nine fresh water and brine stations, with approximately 11.5 million barrels per month of permitted disposal capacity. Direct Midstream’s produced water, disposal, oil reclamation and oilfield waste services would also support Vivakor’s Remediation Processing Center strategy.

Commencement of services under Direct Midstream’s agreement with PES remains subject to PES completing its asset acquisition, applicable regulatory approvals, required permits, bonding and insurance, and execution of an agreed fee and budget schedule. Production, water volumes and revenue estimates are projections and are not guaranteed.

Vivakor’s proposed acquisition of Direct Midstream remains subject to execution of a definitive purchase agreement, funding of the contemplated capital investment and other applicable conditions. There can be no assurance that a definitive agreement will be executed or that the acquisition will be completed.

About Direct Midstream

Direct Midstream is a provider of midstream energy and fluid management services serving oil and gas operators throughout the Permian Basin. The company’s services include saltwater disposal, produced water management, oil recovery and reclamation, slop oil processing and related oilfield waste services. Direct Midstream utilizes Class II UIC wells, automation and advanced monitoring systems to support safe, efficient and environmentally responsible operations

For more information, please visit the website: https://directmidstream.com 

About Vivakor, Inc.

Vivakor, Inc. is an integrated provider of sustainable energy transportation, storage, reuse, and remediation services. Its corporate mission is to develop, acquire, accumulate, and operate assets, properties, and technologies in the energy sector. Vivakor’s integrated facilities assets provide crude oil, storage, transportation, reuse, and remediation services under long-term contracts. Once operational, Vivakor's interest in oilfield waste remediation facilities will facilitate the recovery, reuse, and disposal of petroleum byproducts and oilfield waste products.

For more information, please visit our website: http://vivakor.co 

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