Vivakor Appoints Prominent Oil Industry Expert James Ballengee as Chief Executive Officer and Chairman of the Board

Will Lead Vivakor's Next Phase of Growth

IRVINE, CA / ACCESSWIRE / November 7, 2022 / Vivakor, Inc. (NASDAQ:VIVK) ("Vivakor" or the "Company"), a socially responsible operator, acquirer and developer of clean energy technologies and environmental solutions, is pleased to welcome oil industry expert James Ballengee as its new Chief Executive Officer and Chairman of the Board of Directors.

Mr. Ballengee brings more than 20 years of direct energy industry experience having previously served as CEO of Taylor Logistics, LLC, an oil gathering, storage, and transportation company, which was sold to Gibson Energy, Inc. (TSX: GEI) in 2010. He founded and served as Chairman and Chief Executive Officer of Bridger Group, LLC, a private crude oil marketing firm, from 2010 to 2013. He then managed its successor, Bridger Logistics, LLC from 2013 to 2015, which was sold to Ferrellgas Partners, LP (then, NYSE: FGP). On August 1, 2022, Vivakor acquired Silver Fuels Delhi, LLC ("SFD"), and White Claw Colorado City, LLC ("WCCO") for total consideration of $37.4 million from entities affiliated with Mr. Ballengee.

In 2021, Silver Fuels Delhi generated $33.0 million in revenue, $1.7 million operating income and $1.4 million net income, as disclosed in audited financial statements included in the Company's Current Report on Form 8-K/A filed with the U.S. Securities and Exchange Commission on October 17, 2022 (the "Form 8-K/A").