Remediation Processing Centers with Production Capacity of 250 Barrels of Crude Material per Day
LAS VEGAS, NV / ACCESSWIRE / September 23, 2019 / Vivakor, Inc. (OTCPINK:VIVK), a technology and asset acquisition company with a focus in the area of natural resources, is pleased to announce that it has received final permitting approval from the Utah Department of Natural Resources' Division of Oil, Gas and Mining, along with the Utah Department of Environmental Quality's Division of Water Quality and Air Quality. These permits will now allow Vivakor to operate on the private oil sands facility they contracted to purchase back in July of this year.
"We have passed yet another significant milestone for our company," stated Vivakor Chief Executive Officer Matt Nicosia. "After having conducted a successful pilot of our technology on this property in the past, we have now secured the requisite permits from the state to scale up production, where each Remediation Processing Unit can process up to 700 tons of material, for an average of 250 barrels of crude material per day. All of this occurs in a fully enclosed, continuous feed operating system that uses no water and emits no harmful pollutants."
In preparation of receiving the permits, Vivakor has already prepared the site with extensive civil and electrical work and has been mobilizing its RPC component parts on the property. Operations will commence within the next few weeks, with the goal of proving out this asset, that has multiple resource reports showing more than 44 million barrels of crude material, with a PV10 valuation of between $10-15 per barrel.
RPCs are designed, engineered and manufactured in an Opportunity Zone in South Salt Lake, Utah, utilizing multiple patent-pending technologies owned by the company. Each RPC can process up to 700 tons of hydrocarbon contaminated sands, with an operating life of at least 20 years. The result is cleaned sand and an average of 250 barrels per day of hydrocarbon production that ranges from crude oil, bitumen used in the production of asphaltic cement or upgraded, lighter end hydrocarbon fuels. This production occurs in a fully enclosed, continuous feed operating system that uses no water and emits no harmful pollutants. Proving to remediate oil spills and contaminated hydrocarbon sands, in an environmentally friendly way, has enormous upside implications for the company and the planet.
About Vivakor, Inc.
Vivakor, Inc. (OTCPINK:VIVK), a technology and asset acquisition company with a focus in the area of natural resources. Vivakor's corporate mission is to create, acquire and accumulate distinct assets, intellectual properties, and exceptional technologies that produce solid returns to its valued shareholders and partners. The company currently focuses on bitumen (heavy crude) extraction from shallow, oil-laden areas in Eastern Utah, along with petroleum based remediation projects across the globe. The technologies utilized are low-cost, proprietary and proving themselves industry disruptive when measured by a number of important factors. The general business model has been to be an acquisition hub, focused on building and acquiring cash-flowing assets in discrete areas that have an acknowledged technological advantage and enable a substantial market opportunity within significant target markets across the globe. Our research, and the technology we acquire are anchored by our relationships with synergistic partners and product-specific commercialization strategies. From the point of product or technology conception, or through acquisition, development and commercialization, we expect to have strategic partners, joint ventures or licensing arrangements in place for many of our products in order to sustain revenue attainment.
For more information, please visit our website: http://vivakor.com.
This news release may contain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including economic slowdown affecting companies, our ability to successfully develop products, rapid change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in Vivakor's filings with the Securities and Exchange Commission, which factors may be incorporated herein by reference. Forward-looking statements may be identified but not limited by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential," or "continue" and variations or similar expressions. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
SOURCE: Vivakor, Inc.
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