VIVK - Vivakor signs long term oil sands supply & lease agreement at Utah facility

Vivakor (NASDAQ:VIVK) rallies 13% higher premarket after it signed a lease with Tar Sands and an agreement with Greenfield Energy, which, together, are expected to provide the company with multiple years of rich oil sands supply, along with access to world class operational services. The multi-year lease allows Vivakor up to 2K tons per day of oil sand material, which is guaranteed by Tar Sands to be at a minimum of 10% hydrocarbon by weight, that is expected to produce up to 200 tons of asphalt cement per day when processed through four of Vivakor's patented Remediation Processing Centers. "Through this lease with the property owner, and in working with Greenfield as the mine operator, we have secured the necessary materials and expertise to scale production to expected levels of ~1K bpd of oil or 200 tons of our performance grade asphalt product," CEO Matt Nicosia commented.

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Vivakor signs long term oil sands supply & lease agreement at Utah facility