LAS VEGAS, NV--(Marketwired - October 19, 2016) - Vivakor Inc. (OTC PINK: VIVK) announced that its Energy Division has completed the Joint Technology Venture of its mobile oil extraction and remediation unit with Remediation & Recycling Technologies, Inc. (RRT) based in Irvine, CA.
The venture focuses on oil waste in the energy sector. Vivakor's remedial and recycling technology division's focus is on creating technologies that enable the transformation of waste into usable products; providing incredible economic and environmental benefit to its clients across the globe.
The technology collaboration looks at ways of increasing hydrocarbon reserves that are already in place. These reserves vary from conventional oil reservoirs to tar/oil sands. Through this venture, RRT with its partners has been designing innovative thermal-based remedial and recycling technologies in the oil space for over 30 years. Vivakor has provided financial support and its own intellectual properties to this endeavor. The Vivakor/RRT collaboration creates the only company in the waste to commodity space that designs, manufactures and operates its facilities and projects.
The technology blend was designed around the recycling of Tar/Oil Sands and has grown into a capability that has multiple recycling applications. The premise for the increased technical proficiency stems from Vivakor's proprietary, patent pending oil extraction technology. This alignment optimizes Vivakor's oil extraction capabilities and drives immediate, measurable impact in the oil remediation and reclamation space.
Vivakor's 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 Oil Formation that extends through Colorado, Utah and Wyoming. The proven oil sands reserves in Utah are 32 billion barrels and Vivakor has secured property in the Vernal, UT area back in 2015. The low-cost processing capability with the amount of readily available material places the Company in a strong position as other participants in the oil sands extraction space have not been able to successfully operate for various reasons. Vivakor currently operates its oil extraction unit from a facility in Vernal, UT.
The Company reaffirmed that its oil sands processing technology has a multi-purpose and multi-functional capability through the use of their next-generation oil extraction technologies. This venture provides the ability to cleanup oil in a number of different capacities. Vivakor and RRT's joint technology collaboration enable 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, may negatively impact the ecosystem. Vivakor and RRT will be able to assist companies and governments in areas where oil has contaminated the soil/sand due to 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 across the world.
Vivakor's intellectual properties are proprietary and patented while proving to be industry disruptive with a low cost basis in their operational 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.