Vivakor reports proposed $40 million Direct Midstream acquisition and airport project

Acquisition status: The proposed $40 million Direct Midstream acquisition remains contingent on a definitive purchase agreement, capital funding and other applicable conditions.

Target platform: Direct Midstream's Permian Basin platform includes 17 saltwater-disposal facilities, nine fresh-water and brine stations, and approximately 11.5 million barrels per month of permitted disposal capacity.

Commercial agreement: Direct Midstream's conditional agreement with Phoenix Energy Solutions covers 52 wells and is estimated to generate more than $2 million in annual operating and management service revenue at targeted levels, subject to final fee arrangements.

Production projections: Phoenix Energy Solutions projects approximately 1,000 barrels of oil per day and approximately 6,000 barrels per day of associated produced water within 12 months after operations commence; these estimates are not guaranteed.

Airport project: Vivakor received a signed, nonbinding letter of intent to negotiate an approximately 12.9-acre lease for hydrogen and CNG fueling infrastructure and a potential second-phase hydrogen plant using airport organic waste.

Project adviser: Vivakor engaged Marcela Ronquillo Hinojosa to develop strategic relationships, identify financing opportunities and coordinate partnerships for the airport project.

Note conversion: J.J. Astor converted $500,000 due under the Fourth Note into 837,860 common shares issued without a Rule 144 restrictive legend; the filing described the Fourth Note as Vivakor's final outstanding promissory note with J.J. Astor.