Vivakor Inc. (OTC PINK: VIVK) announced today that it has entered a Letter of Intent (LOI) to acquire Oil Sands property in Vernal, UT that contains an estimated 44 million barrels of oil.
Vivakor would acquire, directly or through one or more wholly-owned subsidiaries, all right, title and interest in and to the assets of the Seller in Vernal, Utah. A due diligence period will ensue enabling the interested parties to establish the viability of the transaction.
Vivakor, Inc. procures and develops revenue producing assets around the world. These holdings include intellectual properties that are proprietary and largely disruptive while centered principally in the natural resources sector. Vivakor is essentially an asset acquisition company focused specifically on energy related projects across the globe, its patented, oil extraction technology and methodology is now operating in a production capacity in Utah. Vivakor offers investors a unique opportunity to participate in a very attractive royalty program for its investors that is based on production and sales of its oil. As a public company, investors can also acquire common stock through the open market.
Unique to the Company is a mobile rapid deployment, global capability for remediation and reclamation of contaminated soil created generally due to oil. The Company has recently signed through one of its subsidiaries VivaRRT, a contract for reclamation and recycling landfill soil in the Middle East. The Company has been working on other initiatives including enhanced oil recovery projects throughout the globe utilizing hi-tech acoustic equipment.
The Company also utilizes a thermal-based technology for extraction of metals from sand based ore in the Southwest US. Since 2013, the Company has effectively captured non-visible precious metals and rare earth minerals through its proprietary technology and method for processing sand-based ore material from one of their many claim sites.