VITESSE ENERGY TO ACQUIRE LUCERO ENERGY IN ACCRETIVE ALL-STOCK TRANSACTION SUPPORTING INCREASE TO VITESSE'S DIVIDEND

HIGHLIGHTS

GREENWOOD VILLAGE, Colo. and CALGARY, AB, Dec. 16, 2024 /CNW/ - Vitesse Energy, Inc. (NYSE:VTS) ("we," "Vitesse," or the "Company") and Lucero Energy Corp. (TSXV:LOU.VN) (OTC-BB:PSHIF) ("Lucero") today announced they have entered into a definitive agreement under which Vitesse will acquire Lucero in an all-stock transaction with a fully diluted equity value of US$222 million. Under the terms of the agreement, Lucero shareholders will receive 0.01239 of a share of Vitesse common stock for each common share of Lucero. The addition of Lucero's operations will provide additional scale to Vitesse's assets across the Bakken, where Lucero had approximately 6.4 Mboe per day of two-stream net production during the third quarter of 2024. Lucero had no outstanding debt and US$56 million of cash as of September 30, 2024, and Vitesse expects to use a portion of the cash held by Lucero at closing to reduce outstanding borrowings under Vitesse's revolving credit facility. Vitesse is targeting about US$3 million of general and administrative synergies annually.