Vivakor board approves closing of $120M acquisition of Endeavor Entities

Vivakor announced that its Board of Directors approved the closing of its planned acquisition of Endeavor Crude, Meridian Equipment Leasing, Equipment Transport, and Silver Fuels Processing, and their subsidiaries as previously announced. The closing will be effective on October 1, 2024. The Endeavor Entities comprise a fully-integrated, flexible and scalable midstream logistics business that transports, stores, treats, remediates, and sells crude oil, produced water, and associated hydrocarbons. They own and operate one of the largest combined oilfield trucking fleets in the continental United States transporting crude oil, petroleum products, and produced water, which is fully integrated with a network of station, terminal, and pipeline facilities for blending, processing, reuse and remediation. In addition, the Endeavor Entities have a series of long-term strategic partnerships with customers in the Permian Basin, Eagle Ford Basin, and STACK play of Oklahoma. For the six months ended June 30, 2024, the Endeavor Entities realized revenues of $47.3 million and $9.3 million of earnings before interest, taxes, depreciation, and amortization, yielding an annualized projection of $94.6 million in revenue and $18.6 million of EBITDA for the Endeavor Entities. The purchase price for the Endeavor Entities is $120 million, subject to standard post-closing adjustments, including assumed debt, and an earn-out adjustment, payable by the Company in a combination of Company common stock and Series A Convertible Preferred Stock.