GlobeNewswire·Nov 11, 2026, 9:00 AM ET

Vivakor Acquisition Target Direct Midstream Reports Definitive Operating Agreements for 52-Well New Mexico Portfolio

Vivakor's proposed $40 million acquisition target, Direct Midstream, finalized definitive operating agreements with Artesia Group & Phoenix Energy Solutions covering a 52-well New Mexico portfolio.
The portfolio consists of 44 oil production wells & eight saltwater disposal wells, subject to verification.
Direct Midstream is established as the contract operator for Artesia, the current asset owner, & PES following PES's anticipated acquisition of the assets.
The agreements aim to expand Direct Midstream's existing New Mexico operations & add oil production operating services to its produced water management & disposal capabilities.
Direct Midstream estimates the opportunity could generate more than $2 million in annual operating & management service revenue at targeted operating levels, subject to final fee arrangements.
Direct Midstream is submitting change-of-operator filings to the New Mexico Oil Conservation Division & intends to commence operations upon receiving applicable regulatory approvals, including Bureau of Land Management approval for federal wells.
Vivakor's proposed acquisition of Direct Midstream remains subject to execution of a definitive purchase agreement, funding of the contemplated capital investment, & satisfaction of other applicable conditions.
James Ballengee, Chairman, President & CEO of Vivakor, stated the agreements represent a meaningful step in expanding Direct's operating capabilities & creating opportunities for recurring service revenue.

Company: Vivakor, Inc.
Keywords: Nasdaq:VIVK, Vivakor, Inc., Vivakor, Inc., Nasdaq: VIVK, Artesia Group, Phoenix Energy Solutions, Direct Midstream, 52-Well New Mexico, energy transportation