Vivakor has signed a letter of intent (LOI) to acquire an Oil Sands property located in Vernal, Utah, US.
The property contains an estimated nearly 44 million barrels of oil.
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Under the deal, Vivakor will acquire the property directly or through one or more fully owned subsidiaries. It will acquire all rights, title and interest in the assets of the seller in Vernal, Utah.
A due diligence period will begin to allow the interested parties to establish the viability of the transaction.
Vivakor acquires and develops revenue producing assets worldwide. The company particularly focuses on energy-related projects.
Vivakor claimed that its patented oil extraction technology and methodology is now employed within a production capacity in Utah.
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By GlobalDataThe firm offers investors to participate in a royalty programme based on the production and sale of oil from the assets.
Vivakor has recently signed a contract through one of its subsidiaries VivaRRT for reclamation and recycling landfill soil in the Middle East.
The company is working on other initiatives, including enhanced international oil recovery projects utilising hi-tech acoustic equipment.
Vivakor’ VivaVentures Energy Group extraction technology can produce around 0.8 to 1 barrel of oil per cubic yard (~1 tonne) of Utah oil sands processed with a low sulfur content (sweet) and approximately 35 API (light).
