Signed Agreements with Artesia Group and Phoenix Energy Solutions Advance Previously Announced Commercial Opportunity

Dallas, TX, Nov. 11, 2026 (GLOBE NEWSWIRE) -- Vivakor, Inc. (Nasdaq: VIVK) ("Vivakor" or the "Company"), an integrated provider of energy transportation, storage, reuse and remediation services, today reported that Direct Midstream, LLC (“Direct Midstream”), the subject of Vivakor’s previously announced proposed $40 million acquisition, has finalized definitive operating agreements with Artesia Group, LLC (“Artesia”) and Phoenix Energy Solutions, LLC (“PES”) covering a 52-well portfolio in New Mexico.

As announced by Direct Midstream on November 9, 2026, the agreements formalize its previously announced conditional arrangement with PES and establishes Direct Midstream as the contract operator for Artesia, the current asset owner, and PES following its anticipated acquisition of the assets.

The portfolio consists of 44 oil production wells and eight saltwater disposal wells, subject to verification. The agreements are expected to 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 at targeted operating levels, subject to final fee arrangements.

“We are encouraged by Direct Midstream's continued commercial progress as we work toward our proposed acquisition,” said James Ballengee, Chairman, President and Chief Executive Officer of Vivakor. “These agreements represent a meaningful step in expanding Direct's operating capabilities and creating opportunities for recurring service revenue. We believe this progress further supports the strategic rationale for our proposed acquisition and the potential integration of Direct Midstream into Vivakor's energy infrastructure platform.”

Direct Midstream is submitting change-of-operator filings to the New Mexico Oil Conservation Division. Direct Midstream intends to commence operations upon receipt of applicable regulatory approvals, including Bureau of Land Management approval for any federal wells. Projected production volumes, water volumes and service revenue are estimates 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 satisfaction of other applicable conditions. There can be no assurance 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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