Utah Trust Lands Board Approval Substantially Increases Vivakor Oil Sand Resources
LAS VEGAS, NV / ACCESSWIRE / March 25, 2019 / Vivakor, Inc. (OTC PINK: VIVK), a technology and asset acquisition company with a focus in the area of natural resources, received approval from the Board of Trustees for the Utah School and Institutional Trust Lands Administration (SITLA) for a bituminous/Asphaltic sands mineral lease in a 1440 acre area of Eastern Utah known to have enormous heavy crude, bituminous sand deposits.
''We are pleased the SITLA Board unanimously approved this mineral lease, allowing us to work with the State organization in verifying the asset reserve and ultimately deploying our technology on this vast 1440 acre area. We have a great working relationship with them, successfully operating on their properties previously, demonstrating our commitment to the area and the viability of our technology. Our Remediation Processing Centers (RPCs) are the key to unlocking and finally monetizing the literal billions of barrels of heavy crude trapped within sands in Eastern Utah,'' stated Vivakor Chief Executive Officer Matt Nicosia.
Vivakor's RPCs are manufactured in a Utah Opportunity Zone, and based on its patent pending technology for remediation and extraction of hydrocarbons from soil material. After having conducted multiple, successful pilots in Eastern Utah and now underway in the Middle East, the Company is expected to launch its fully scaled RPC units this year. Vivakor operates the RPCs through its VivaVentures Energy Group Inc. division, with demand generated globally on hydrocarbon contaminated sands.
About Vivakor, Inc.
Vivakor, Inc. (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.