Vivakor, Inc. (Nasdaq: VIVK) has executed an amendment to its Letter of Intent with Olenox Industries, Inc. (Nasdaq: OLOX) for the proposed sale of its CPE Gathering MidCon, LLC business, with both parties targeting a July 31, 2026 closing date, according to a press release.

The transaction is valued at approximately $36 million, reflecting CPE Gathering's expected annual EBITDA of approximately $4.56 million generated under take-or-pay contractual arrangements.

CPE Gathering operates the Omega system, a midstream platform providing crude oil gathering, transportation, terminaling, and pipeline connectivity throughout the STACK region of Oklahoma.

The amendment was executed to allow additional time for the parties to complete due diligence, obtain required third-party consents, negotiate definitive transaction documentation, and satisfy other customary closing conditions.

"Both organizations continue to make meaningful progress toward closing the transaction," said James Ballengee, Chief Executive Officer of Vivakor. "The additional time allows the parties to complete customary diligence, documentation and third-party approvals while maintaining our focus on executing our broader growth strategy."

The original Letter of Intent between Vivakor and Olenox was previously announced before the current amendment was filed.