Exhibit 99.5

VIVAKOR, INC., SILVER FUELS DELHI, LLC AND WHITE CLAW COLORADO CITY, LLC

Unaudited Proforma Consolidated Balance Sheets

June 30, 2022

ASSETS	Vivakor, Inc.			Silver Fuels Delhi, LLC		White Claw Colorado City, LLC		Adjustments				Consolidated
Current assets:
Cash and cash equivalents	$	4,908,334		$	62,039	$	39,802	$	(101,841	)	(b)	$	4,908,334
Cash and cash equivalents attributed to variable interest entity		296,257			–		–		–				296,257
Accounts Receivable		845			7,036,745		480,972		(7,517,717	)	(b)		845
Marketable securities		1,818,029			–		–		–				1,818,029
Inventories		222,000			96,081		–		–				318,081
Precious metal concentrate		1,166,709			–		–		–				1,166,709
Other assets		237,422			410,121		132,697		–				780,240
Total current assets		8,649,596			7,604,986		653,471		(7,619,558	)			9,288,495
Other investments		4,000			–		–		–				4,000
Notes receivable		1,150,743			–		–		–				1,150,743
Property and equipment, net		25,878,930			2,327,253		2,245,007		–				30,451,190
Rights of use assets- operating leases		721,550			–		–		–				721,550
License agreement, net		2,291,942			–		–		–				2,291,942
Intellectual property, net		13,002,504			–		–		13,662,037		(c)(d)		26,664,541
Goodwill		–			–		–		17,928,520		(b)		17,928,520
Total assets	$	51,699,265		$	9,932,239	$	2,898,478	$	23,970,999			$	88,500,981
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	3,061,610		$	6,393,906	$	147,855	$	(6,541,761	)	(b)	$	3,061,610
Operating lease liabilities, current		364,103			–		–		–				364,103
Financing lease liabilities, current		–			249,698		187,147		–				436,845
Loans and notes payable, current		962,405			–		–		1,757,694		(a)(e)		2,720,099
Loans and notes payable, current attributed to variable interest entity		2,308,232			–		–		–				2,308,232
Long-term debt (working interest royalty programs), current		8,565			–		–		–				8,565
Total current liabilities		6,704,915			6,643,604		335,002		(4,784,067	)			8,899,454
Operating lease liabilities, long term		414,947			–		–		–				414,947
Financing lease liabilities, long term		–			1,584,128		2,106,212		–				3,690,340
Loans and notes payable, long term		543,869			–		–		27,854,900		(a)		28,398,769
Long-term debt (working interest royalty programs)		5,017,592			–		–		–				5,017,592
Deferred income tax liabilities		5,156,899			–		–		–				5,156,899
Total liabilities		17,838,222			8,227,732		2,441,214		23,070,833				51,578,001
Stockholders' equity:
Common stock, $.001 par value; 41,666,667 shares authorized		15,039			–		–		3,010		(a)		18,049
Additional paid-in capital		67,857,646			–		–		4,284,645		(a)		72,142,291
Treasury stock, at cost		(20,000	)		–		–		–				(20,000	)
Retained earnings (deficit)		(41,237,559	)		1,704,507		457,264		(3,387,489	)	(b)(d)(e)		(42,463,277	)
Total Vivakor, Inc. stockholders' equity		26,615,126			1,704,507		457,264		900,166				29,677,063
Noncontrolling interest		7,245,917			–		–		–				7,245,917
Total stockholders' equity		33,861,043			1,704,507		457,264		900,166				36,922,980
Total liabilities and stockholders’ equity	$	51,699,265		$	9,932,239	$	2,898,478	$	23,970,999			$	88,500,981

1

Notes

(a) To record the acquisition consideration which consisted of 3,009,552 shares of the Company's common stock and the issuance of two promissory notes of an aggregate amount of $28,664,284.

(b) To eliminate the Silver Fuels Delhi, LLC and White Claw Colorado City, LLC capital structures, and record negative net assets as a reduction of the purchase price.

(c) To allocate an estimated 20% of goodwill to intangible assets subject to a full valuation report to be undertaken by the Company within the next year.

(d) To record amortization expense assuming a 10 year life on intangible assets as if the acquisition had occurred on January 1, 2022. The life of the intangibles is an estimate subject to a full valuation report that will be undertaken by the Company within the next year.

(e) To record interest expense on the seller's note payable as if the acquisition had occurred on January 1, 2022. The interest rate of the note is the prime rate plus 3%.

2

VIVAKOR, INC., SILVER FUELS DELHI, LLC AND WHITE CLAW COLORADO CITY, LLC

Unaudited Proforma Consolidated Statements of Operations

For the Six Months Ended June 30, 2022

	Vivakor, Inc.			Silver Fuels Delhi, LLC			White Claw Colorado City, LLC			Adjustments			Consolidated
Revenues	$	–		$	28,817,649		$	750,972		$	–		$	29,568,621
Cost of revenues		–			27,246,494			–			–			27,246,494
Gross profit		–			1,571,155			750,972			–			2,322,127
Operating expenses:
Sales and marketing		310,591			–			–			–			310,591
General and administrative		4,235,560			229,127			49,018			–			4,513,705
Amortization and depreciation		933,813			156,444			129,844			277,408	(b)		1,497,509
Total operating expenses		5,479,964			385,571			178,862			277,408			6,321,805
Income (loss) from operations		(5,479,964	)		1,185,584			572,110			(277,408	)		(3,999,678	)
Other income (expense):
Unrealized loss on marketable securities		(413,189	)		–			–			–			(413,189	)
Interest income		12,461			–			–			–			12,461
Interest expense		(114,946	)		(160,643	)		(152,264	)		(948,310	)(b)		(1,376,163	)
Gain on disposition of asset		2,456			–			–			–			2,456
Other income		40,084			–			–			–			40,084
Total other income (expense)		(473,134	)		(160,643	)		(152,264	)		(948,310	)	$	(1,734,351	)
Income (loss) before provision for income taxes		(5,953,098	)		1,024,941			419,846			(1,225,718	)		(5,734,029	)
Provision for income taxes		(800	)		–			–			–			(800	)
Consolidated net income (loss)		(5,953,898	)		1,024,941			419,846			(1,225,718	)		(5,734,829	)
Less: Net loss attributable to noncontrolling interests		(447,698	)		–			–			–		$	(447,698	)
Net income (loss) attributable to Vivakor, Inc.		(5,506,200	)		1,024,941		$	419,846		$	(1,225,718	)		(5,287,131	)
Net income (loss) attributable to common shareholders	$	(5,506,200	)	$	1,024,941		$	419,846		$	(1,225,718	)		(5,287,131	)
Basic and diluted net loss per share	$	(0.38	)											(0.32	)
Basic weighted average common shares outstanding		14,388,004									3,009,552	(a)		16,739,711

Notes

(a) Reflects the issuance of 3,009,552 Vivakor, Inc. shares at acquisition.

(b) To record amortization of intangible expense of $277,408 as well as $948,310 of interest expense associated with the seller's note assumed upon close of the acquisition as if the acquisition had occurred on January 1, 2022.

3

VIVAKOR, INC., SILVER FUELS DELHI, LLC AND WHITE CLAW COLORADO CITY, LLC

Unaudited Proforma Consolidated Balance Sheets

For the Year Ended December 31, 2021

ASSETS	Vivakor, Inc.			Silver Fuels Delhi, LLC		White Claw Colorado City, LLC		Adjustments				Consolidated
Current assets:
Cash and cash equivalents	$	1,293,767		$	83,261	$	1,350,890	$	(1,434,151	)	(b)	$	1,293,767
Cash and cash equivalents attributed to variable interest entity		199,952			–		–		–				199,952
Accounts Receivable		845			2,993,706		272,435		(3,266,141	)	(b)		845
Marketable securities, trading		2,231,218			–		–		–				2,231,218
Inventories		192,000			99,902		–		–				291,902
Precious metal concentrate		1,166,709			–		–		–				1,166,709
Other assets		73,245			477,424		72,313		–				622,982
Total current assets		5,157,736			3,654,293		1,695,638		(4,700,292	)			5,807,375
Other investments		4,000			–		–		–				4,000
Notes receivable		1,194,235			–		–		–				1,194,235
Property and equipment, net		24,692,111			2,483,697		2,374,851		–				29,550,659
Rights of use assets- operating leases		663,291			–		–		–				663,291
License agreement, net		2,370,835			–		–		–				2,370,835
Intellectual property, net		13,662,037			–		–		5,748,606		(c)(d)		19,410,643
Goodwill		–			–		–		25,714,919		(b)		25,714,919
Total assets	$	47,744,245		$	6,137,990	$	4,070,489	$	26,763,233			$	84,715,957
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	2,023,985		$	2,336,457	$	92,012	$	(2,428,469	)	(b)	$	2,023,985
Operating lease liabilities, current		287,769			–		–		–				287,769
Financing lease liabilities, current		–			232,572		175,760		–				408,332
Loans and notes payable, current		1,511,447			–		–		1,698,362		(a)(e)		3,209,809
Loans and notes payable, current attributed to variable interest entity		3,416,379			–		–		–				3,416,379
Long-term debt, current		3,256			–		–		–				3,256
Total current liabilities		7,242,836			2,569,029		267,772		(730,107	)			9,349,530
Operating lease liabilities, long term		434,109			–		–		–				434,109
Financing lease liabilities, long term		–			1,696,344		2,202,527		–				3,898,871
Loans and notes payable, long term		1,185,970			–		–		28,757,440		(a)		29,943,410
Long-term debt		6,171,298			–		–		–				6,171,298
Deferred income tax liabilities		5,156,899			–		–		–				5,156,899
Total liabilities		20,191,112			4,265,373		2,470,299		28,027,333				54,954,117
Stockholders' equity:
Convertible, preferred stock, $.001 par value; 3,400,000 shares authorized;(1)
Series A- 66,667 issued and outstanding(1)		67			–		–		–				67
Common stock, $.001 par value; 41,666,667 shares authorized(1)		12,331			–		–		3,010		(a)		15,341
Additional paid-in capital		58,279,590			–		–		4,284,645		(a)		62,564,235
Treasury stock, at cost		(20,000	)		–		–		–				(20,000	)
Retained earnings (deficit)		(35,731,359	)		1,872,617		1,600,190		(5,839,186	)	(b)(d)(e)		(38,097,738	)
Total Vivakor, Inc. stockholders' equity		22,540,629			1,872,617		1,600,190		(1,551,531	)			24,461,905
Noncontrolling interest		5,012,504			–		–		–				5,012,504
Total stockholders' equity		27,553,133			1,872,617		1,600,190		(1,551,531	)			29,474,409
Total liabilities and stockholders’ equity	$	47,744,245		$	6,137,990	$	4,070,489	$	26,475,802			$	84,428,526

4

Notes

(1) Share and per share amounts have been retroactively adjusted to reflect the one-for-thirty reverse stock split effective February 14, 2022.

(a) To record the acquisition consideration which consisted of 3,009,552 shares of the Company's common stock and the issuance of two promissory notes of an aggregate amount of $28,664,284.

(b) To eliminate the Silver Fuels Delhi, LLC and White Claw Colorado City, LLC capital structures, and record negative net assets as a reduction of the purchase price.

(c) To allocate an estimated 20% of goodwill to intangible assets subject to a full valuation report to be undertaken by the Company within the next year.

(d) To record amortization expense assuming a 10 year life on intangible assets as if the acquisition had occurred on January 1, 2021. The life of the intangibles is an estimate subject to a full valuation report that will be undertaken by the Company within the next year.

(e) To record interest expense on the seller's note payable as if the acquisition had occurred on January 1, 2021. The interest rate of the note is the prime rate plus 3%.

5

VIVAKOR, INC., SILVER FUELS DELHI, LLC AND WHITE CLAW COLORADO CITY, LLC

Unaudited Proforma Consolidated Statements of Operations

For the Year Ended December 31, 2021

	Vivakor, Inc.			Silver Fuels Delhi, LLC			White Claw Colorado City, LLC		Adjustments			Consolidated
Revenues	$	1,088,428		$	33,000,380		$	272,435	$	–		$	34,361,243
Cost of revenues		1,050,676			30,598,276			–		–			31,648,952
Gross profit		37,752			2,402,104			272,435		–			2,712,291
Operating expenses:
Sales and marketing		849,107			–			–		–			849,107
General and administrative		4,652,069			419,392			92,795		–			5,164,256
Amortization and depreciation		1,462,492			297,323			166,667		574,861	(b)		2,501,343
Total operating expenses		6,963,668			716,715			259,462		574,861			8,514,706
Income (loss) from operations		(6,925,916	)		1,685,389			12,973		(574,861	)		(5,802,415	)
Other income:
Gain on disposition of asset		87,044			–			–		–			87,044
Unrealized loss on marketable securities		(1,094,054	)		–			–		–			(1,094,054	)
Interest income		3,312			–			–		–			3,312
Interest expense		(501,598	)		(324,336	)		–		(1,791,518	)(b)		(2,617,452	)
Other income		125,299			934			–		–			126,233
Total other income (expense)		(1,379,997	)		(323,402	)		–		(1,791,518	)	$	(3,494,917	)
Income (loss) before provision for income taxes		(8,305,913	)		1,361,987			12,973		(2,366,379	)		(9,297,332	)
Benefit (provision) for income taxes		1,050,207			–			–		–			1,050,207
Consolidated net income (loss)		(7,255,706	)		1,361,987			12,973		(2,366,379	)		(8,247,125	)
Less: Net loss attributable to noncontrolling interests		(1,771,535	)		–			–		–		$	(1,771,535	)
Net income (loss) attributable to company	$	(5,484,171	)	$	1,361,987		$	12,973	$	(2,366,379	)		(6,475,590	)
Net income (loss) attributable to common shareholders	$	(5,484,171	)	$	1,361,987		$	12,973	$	(2,366,379	)		(6,475,590	)
Dividend on preferred stock		42,196			–			–		–			42,196
	$	(5,526,367	)	$	1,361,987		$	12,973	$	(2,366,379	)		(6,517,786	)
Basic and diluted net income (loss) per share (1)	$	(0.46	)										(0.43	)
Basic weighted average common shares outstanding (1)		11,976,116								3,009,552	(a)		14,985,668

Notes

(1) Share and per share amounts have been retroactively adjusted to reflect the one-for-thirty reverse stock split effective February 14, 2022.

(a) Reflects the issuance of 3,009,552 Vivakor, Inc. shares at acquisition.

(b) To record amortization of intangible expense of $287,430 as well as $895,759 of interest expense associated with the seller's note assumed upon close of the acquisition as if the acquisition had occurred on January 1, 2021.

6