LAS VEGAS, NV–(Marketwired – February 29, 2016) – Vivakor Inc. (OTC PINK: VIVK) announced today that its Energy Division has completed the production of its mobile oil extraction and remediation unit at its R & D facility in Southern California.
The machine is capable of extracting oil from sand based environments very effectively and has successfully processed contaminated soil and sludge material as well. The mobile oil extraction unit is capable of processing 250 cubic yards (approximately 250 tons) of oil sands material on a daily basis. The amount of oil extracted per cubic yard or ton of material processed is roughly 1 barrel (bbl). VivaVentures Energy Group (VVEG), a wholly owned subsidiary of Vivakor, Inc has been testing these capabilities since mid-2014.
The Company focus domestically is on the rich, oil sands designated areas of Eastern Utah, specifically in the Uintah Basin which is part of the massive Green River Formation that extends through Colorado, Utah and Wyoming. The proven oil sands reserves in Utah are 32 billion barrels and VVEG acquired property in the Vernal, UT area back in 2015. This low-cost processing capability with the amount of available material places VVEG in a very good position as other participants in the oil sands space have not been able to successfully operate for a number of reasons. VVEG will now operate this first machine in a quality controlled environment as it sets to rollout the unit into daily production.
The Company declared that its mobile oil sands processing unit has a multi-purpose and multi-functional capability through the use of their next-generation oil extraction technologies. In keeping with their mandate to be socially conscious and responsible to the environment, the Company utilizes clean, green technologies for extraction of rich natural resources. The ability to cleanup oil is an added plus for this innovative company. Vivakor’s oil extraction technology also enables companies to clean and recover the oil spilled during day-to-day operations or because of accidental spills into the environment. Oil spills that are not addressed and accumulate, create an interruption of business operations or worse yet, negatively impact the ecosystem. VVEG’s oil extraction units offer separation of oil from the sand as it utilizes a clean, proprietary extraction solution and method that is eco-friendly. Vivakor will also be able to assist in areas where oil has contaminated the soil/sand due to accidental spills and can assist with cleanup due to the ravages of war and terrorism across the globe. The humanitarian aspect to the cleanup fits into Vivakor’s charter for responsible Corporate Governance.
Vivakor’s intellectual properties are proprietary and proving industry disruptive with a low cost basis in their operations model in the natural resources space.
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This press release may contain forward-looking statements, including, but not limited to, statements regarding Vivakor’s products and their related market potential. Forward-looking statements may be identified 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. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. 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 are incorporated herein by reference. Readers are cautioned not to place undue reliance on any of these forward-looking statements. Vivakor undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect actual outcomes.