Vitesse Energy Completes $222M Lucero Energy Acquisition

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].