Core Viewpoint - Vitesse Energy, Inc. has completed a $222 million all-stock acquisition of Lucero Energy, enhancing its position in the Bakken shale region and becoming an oil-weighted company with both operated and non-operated assets [1][3]. Deal Details - The acquisition was valued at $222 million, with Lucero shareholders receiving 0.01239 of a share of Vitesse common stock for each common share of Lucero [3]. - Lucero contributes approximately 6,400 barrels of oil equivalent per day (boe/d) of net production and valuable drilling opportunities to Vitesse [4]. - Vitesse gains access to two drilled, uncompleted wells and up to 50 additional drilling locations in the Bakken shale core [5]. Financial Impact - The acquisition is expected to provide accretive benefits in earnings, operating cash flow, free cash flow, and net asset value, along with an increase in Vitesse's dividend [4]. - Vitesse anticipates generating approximately $3 million in annual administrative synergies from the acquisition [6]. Leadership Changes - Two members from Lucero's board have joined Vitesse's board, expanding it to nine directors, while the leadership team remains unchanged to ensure operational continuity [6].

Company Overview - Vitesse Energy (VTS) is expected to report a year-over-year decline in earnings, with a projected EPS of $0.26, reflecting a decrease of 50% compared to the previous year [3]. - Revenues are anticipated to be $59.27 million, down 14.5% from the same quarter last year [3]. Earnings Expectations - The consensus EPS estimate has been revised 5.13% higher in the last 30 days, indicating a reassessment by analysts [4]. - The Most Accurate Estimate for Vitesse is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -19.23%, suggesting a bearish outlook on earnings prospects [10][11]. Historical Performance - In the last reported quarter, Vitesse was expected to post earnings of $0.41 per share but only achieved $0.24, resulting in a surprise of -41.46% [12]. - Over the past four quarters, Vitesse has only beaten consensus EPS estimates once [13]. Market Sentiment - The stock may experience upward movement if the actual results exceed expectations in the upcoming earnings report, scheduled for March 11 [2]. - Conversely, if the results fall short, the stock may decline [2]. Industry Context - HighPeak Energy, another player in the Oil and Gas - Exploration and Production sector, is expected to report earnings of $0.13 per share, reflecting a year-over-year decline of 80.3% [17]. - HighPeak's revenues are projected to be $246.92 million, down 18% from the previous year [17]. Analyst Insights - A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank of 1, 2, or 3 [8]. - However, Vitesse's current Zacks Rank is 2, which, combined with a negative Earnings ESP, complicates the prediction of an earnings beat [11].

Core Insights - Vitesse Energy, Inc. (VTS) has announced an all-stock transaction to acquire Lucero Energy for $222 million, expected to close in Q2 2025 pending approvals [1] - The acquisition will enhance VTS's production capacity by adding 6.4 Mboe per day, increasing total production to 19.4 Mboe per day [2] - Vitesse anticipates immediate benefits in earnings, cash flow, and net asset value post-acquisition, alongside a planned increase in dividends from $2.10 to $2.25 per share [7] Acquisition Details - The deal involves Vitesse acquiring over 65 producing wells from Lucero Energy [1] - Shareholders of Lucero will receive 0.01239 shares of Vitesse common stock for each share they hold [6] - The acquisition is expected to create a unique oil-weighted company with assets primarily in the Williston Basin, known for lower production declines and strong capital efficiencies [12] Financial Implications - Vitesse expects to achieve annual synergies of approximately $3 million in general and administrative costs following the acquisition [11] - Lucero's strong balance sheet, featuring $56 million in cash and no debt, aligns with Vitesse's strategy to reduce borrowings and enhance dividend payouts [7] Governance and Management - Two members from Lucero's board will join Vitesse's nine-member board to ensure continuity and collaboration, while Vitesse will maintain its current executive leadership [15]

Group 1 - Monteverde & Associates PC is investigating Vitesse Energy, Inc. regarding its proposed merger with Lucero Energy Corp, where Vitesse stockholders are expected to own approximately 80% of the combined company and Lucero shareholders 20% [1] - Monteverde & Associates PC has a successful track record in recovering millions of dollars for shareholders and is recognized as a Top 50 Firm by ISS Securities Class Action Services Report [1][3] - The firm operates from the Empire State Building in New York City and specializes in class action securities litigation [3][4] Group 2 - The firm encourages shareholders with concerns about the merger to seek additional information free of charge [4] - Contact information for Juan Monteverde, Esq. is provided for shareholders who wish to inquire further [4]

Core Viewpoint - Vitesse Energy offers a 7.5% yield, with a business model that mitigates risks associated with oil and gas price fluctuations, making it less risky than its dividend yield suggests [1][10]. Investment Case - The market often assigns high yields to stocks due to doubts about dividend sustainability, particularly if oil prices collapse. However, Vitesse can withstand price fluctuations between $70 and $30 per barrel [2][3]. - For income-seeking investors who believe oil prices will remain stable, Vitesse is considered an excellent investment opportunity [3]. Business Model - Vitesse does not own or operate assets but takes minority working interests in wells operated by leading oil and gas companies, focusing primarily on the Bakken region [4][5]. - The company has interests in 7,126 productive wells with an average working interest of 2.7%, and it has historically participated in 30%-55% of rigs drilling in the Bakken [5][6]. Risk Diversification - The strategy of investing in multiple wells reduces risk, as the operators handle the marketing, selling, and transporting of oil and gas, allowing Vitesse's management to focus on value creation [6]. Hedging Strategy - Vitesse employs a hedging strategy to mitigate exposure to oil price volatility, with 63% of its oil production hedged in the third quarter [7][8]. - The hedging strategy has shown to lower the realized price in 2022 but increased it in 2023 and continues to do so in 2024 [8]. - For 2025, 43% of expected oil production is hedged at $73.21 per barrel, providing downside protection against falling oil prices [9]. Conclusion on Investment - While Vitesse carries some risk, its diversified business model and effective hedging strategy reduce reliance on energy prices, making its 7.5% dividend yield attractive for investors comfortable with historical oil price ranges [10].

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $37.6 million and adjusted net income of $7.6 million for Q3 2024, while GAAP net income was $17.4 million [15] - Cash CapEx and acquisition costs totaled $17.2 million for the quarter, with a year-to-date total of $87 million, leading to a revised annual CapEx guidance of $110 million to $120 million [16] - Operating cash flow net of working capital changes was $35.1 million, which covered the dividend and CapEx, allowing for a $10 million debt reduction [17] Business Line Data and Key Metrics Changes - Production averaged 13,009 barrels of oil equivalent (BOE) per day in Q3 2024, with a year-to-date production of 13,023 BOE per day [12] - The company had 20.2 net wells in its development pipeline, with 11.3 wells being drilled and completed as of September 30 [13] Market Data and Key Metrics Changes - The company hedged 54% of its remaining 2024 oil production at above $78 per barrel and 43% of its 2025 production at above $73 per barrel [14] Company Strategy and Development Direction - The company continues its return of capital strategy, having paid a dividend of $0.525 per share in September and declaring another for December [8] - The company reduced CapEx by 18% while maintaining production guidance, indicating a focus on capital efficiency [10] - The company is opportunistic in its capital allocation, flexibly adjusting CapEx to meet return hurdles [9] Management's Comments on Operating Environment and Future Outlook - Management noted that lower oil prices create more attractive near-term opportunities for acquisitions, while also emphasizing the high return from organic drilling [26] - The company expects a 7% production growth in 2025 with a CapEx of $105 million to $120 million [19] Other Important Information - The company amended its credit facility, extending the maturity date and reaffirming the borrowing base at $245 million, while reducing elected commitments to $235 million [18] Q&A Session Summary Question: CapEx dynamics and activity levels - Management explained that lower CapEx in Q3 was due to the timing of wells coming online, which were pushed to Q4 and early 2025 [22] Question: Organic CapEx visibility and trends - Management indicated that AFEs received in 2024 are nearly double those in 2023, allowing for more capital allocation to higher return opportunities [24] Question: Impact of wildfires in North Dakota - Management confirmed that wildfires did not significantly impact production volumes, attributing any production adjustments to well timing [29] Question: Trends in costs embedded in AFEs - Management noted that AFEs remained consistent, with expectations for drilling costs to decrease due to lower oil prices [30]

Investor Presentation November 2024 Vitesse is the French word for velocity. VTS represents the velocity of capital compounding. Disclaimer Forward Looking Statements This presentation contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this presentation regarding Vitesse Energy, Inc.'s ("Vitesse ...

Company Performance - Vitesse Energy reported quarterly earnings of $0.24 per share, missing the Zacks Consensus Estimate of $0.41 per share, and down from $0.38 per share a year ago, representing an earnings surprise of -41.46% [1] - The company posted revenues of $58.28 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 12.94%, compared to year-ago revenues of $55.05 million [2] - Over the last four quarters, Vitesse has surpassed consensus EPS estimates just once, while it has topped consensus revenue estimates three times [2] Stock Performance - Vitesse shares have increased by approximately 12.8% since the beginning of the year, while the S&P 500 has gained 20.1% [3] - The current consensus EPS estimate for the coming quarter is $0.50 on revenues of $72.79 million, and for the current fiscal year, it is $1.42 on revenues of $267.58 million [7] Industry Outlook - The Oil and Gas - Exploration and Production - United States industry is currently in the bottom 18% of over 250 Zacks industries, indicating potential challenges for stocks within this sector [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that the outlook for the industry can significantly impact stock performance [5][8]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 001-41546 Vitesse Energy, Inc. (Exact name of registrant as specified in its charter) Delaware 88-3617511 ( ...

VITESSE ENERGY ANNOUNCES THIRD QUARTER 2024 RESULTS, REVISED 2024 GUIDANCE AND PRELIMINARY 2025 OUTLOOK GREENWOOD VILLAGE, Colo. – November 4, 2024 – Vitesse Energy, Inc. (NYSE: VTS) ("we," "our," "Vitesse," or the "Company") today reported the Company's third quarter 2024 financial and operating results, revised 2024 guidance, and provided a preliminary outlook for 2025. THIRD QUARTER 2024 HIGHLIGHTS • As previously announced, declared a quarterly cash dividend of $0.525 per common share to be paid on Dece ...