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• Think of Vitesse Energy as a smaller, more focused version of ConocoPhillips, specializing in acquiring and producing oil and gas, primarily in North Dakota's Bakken formation.

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• Crude Oil: Production and sale of crude oil extracted from their non-operated assets, primarily in the Williston Basin.
• Natural Gas: Production and sale of natural gas, often associated with crude oil, from their properties.

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Vitesse Energy (VTS) - Major Customers

Vitesse Energy (VTS) is an independent energy company focused on the acquisition and development of oil and gas properties. As an upstream oil and gas producer, Vitesse Energy sells its primary products—crude oil, natural gas, and natural gas liquids (NGLs)—to other companies rather than directly to individuals.

These customers typically include:

• Midstream Companies: These companies purchase crude oil, natural gas, and NGLs for transportation, processing, and storage through pipelines, processing plants, and other infrastructure.
• Refiners: Companies that purchase crude oil to process it into refined products such as gasoline, diesel, and jet fuel.
• Marketers and Industrial Users: Entities that purchase natural gas or NGLs for resale or direct use in industrial processes or power generation.

Vitesse Energy's public filings, such as its annual 10-K report, do not disclose the specific names of its major customers. While the company notes customer concentration (for example, its three largest customers accounted for approximately 71% of total sales in 2023, with one customer accounting for approximately 35% of total sales in the same year), the identities of these purchasers are not publicly identified by Vitesse Energy. This is common for producers of commodities like crude oil and natural gas, where sales are often made to a diverse pool of buyers under various short-term contracts and spot market arrangements.

Therefore, while Vitesse Energy sells primarily to other companies within the energy value chain, the specific names and symbols of these customer companies are not publicly disclosed by Vitesse Energy.

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• Continental Resources
• Chord Energy (CHRD)
• Marathon Oil (MRO)
• Ovintiv (OVV)
• Civitas Resources (CIVI)
• Hess (HES)
• EOG Resources (EOG)

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Bob Gerrity, Chairman and Chief Executive Officer

Bob Gerrity is the Chairman and Chief Executive Officer of Vitesse Energy. He founded Gerrity Oil and Gas Corporation in 1982, which attracted hedge funds, family offices, and an endowment fund from 1982 to 1989, and went public in 1990. Gerrity Oil then merged with Snyder Oil's Wattenberg assets in 1996 to form Patina Oil & Gas Corporation, which was subsequently merged into Noble Energy, Inc. (now Chevron Corporation). He invested his own capital to purchase non-operated working interest acreage in the Bakken in 2010, which led to the founding of Vitesse Energy in 2014, and he has served as its CEO since inception.

James Henderson, Chief Financial Officer

James "Jimmy" Henderson was appointed Chief Financial Officer of Vitesse Energy effective September 1, 2023, bringing over 30 years of experience in the oil and gas industry. Most recently, he served as Executive Vice President Finance and CFO of Whiting Petroleum from September 2020 until its merger with Oasis Petroleum in July 2022, forming Chord Energy. He also held the same role at SRC Energy until its merger with PDC Energy (now Chevron) in January 2020, and at Kodiak Oil & Gas Corporation until its acquisition by Whiting in 2014. Mr. Henderson was instrumental in public market capital raises exceeding $3.5 billion and oil and gas acquisitions over $3.0 billion.

Brian Cree, President

Brian Cree is the President of Vitesse Energy, overseeing the financial, operational, and corporate/legal aspects of the Company, with over 25 years of experience in the oil and gas industry. He joined the predecessor of Gerrity Oil in 1987, working closely with Bob Gerrity for nearly nine years to grow and eventually merge the company with Patina. During his time at Gerrity Oil, he held various financial and operational leadership positions, including CFO, SVP of Operations, and COO, and served as a Director on its Board.

Gina Matero, VP – Legal, Oil and Gas Operations

Gina Matero is the VP – Legal, Oil and Gas Operations at Vitesse Energy, responsible for managing the company's legal affairs. Before joining Vitesse, she was a Shareholder and founding member at Beatty & Wozniak, P.C., where she advised oil and gas clients for over 20 years. Her career in the oil and gas sector began in a management role at a natural gas midstream company prior to attending law school.

Matt Olson, VP – Mergers and Acquisitions

Matt Olson joined Vitesse Energy in June 2014 as the VP – Mergers and Acquisitions. In his role, he is responsible for overseeing all asset acquisitions and divestitures for the company, and he also manages the Land Department.

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Key Risks to Vitesse Energy (VTS)

1. Commodity Price Volatility: Vitesse Energy's financial performance is highly sensitive to fluctuations in oil and natural gas prices. Changes in global supply and demand, geopolitical events, and economic conditions can lead to significant volatility in these prices, directly impacting the company's revenue, profitability, and cash flow. While Vitesse utilizes hedging strategies to mitigate some of this risk, it remains a dominant factor influencing its business.
2. Reliance on Third-Party Operators and Acquisition Strategy: As a predominantly non-operating working interest owner, Vitesse Energy largely depends on the drilling and completion activities and operational efficiency of third-party operators. The pace of these activities, as well as the operators' ability to complete projects on time and within budget, are critical to Vitesse's production and financial results. Furthermore, a key component of Vitesse's business plan and growth strategy involves completing accretive acquisitions, which inherently carries integration and execution risks.
3. Environmental, Social, and Governance (ESG) Matters and Climate Change: Increased focus on ESG matters, particularly climate change and decarbonization efforts, poses significant financial, regulatory, and political risks to Vitesse Energy. Evolving governmental regulations, societal responses to climate change, and changes in energy efficiency and technology trends could impact the demand for oil and natural gas, influence access to capital, and increase operating costs.

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The accelerating global energy transition, driven by increasingly stringent climate change policies, rapid advancements in renewable energy technologies, and growing pressure from institutional investors focusing on environmental, social, and governance (ESG) factors, poses a significant emerging threat. This trend directly impacts the long-term demand for Vitesse Energy's core products (oil and natural gas) and can constrain access to capital for fossil fuel-focused companies, fundamentally challenging their business model.

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Vitesse Energy (VTS) primarily operates in the acquisition, development, and management of non-operated oil and natural gas assets, as well as mineral and royalty interests, predominantly within specific basins in the United States. While the company also leverages energy technology and data analytics, quantifiable market sizes are mainly available for oil and natural gas production within its key operating regions.

The addressable markets for Vitesse Energy's main products and services, focused on oil and natural gas production, are as follows:

• Williston Basin (including Bakken and Three Forks formations) - U.S. Region:
  • Oil Production: In 2020, the Bakken Shale produced approximately 1.23 million barrels of crude oil and condensate per day (mbd). More recently, Bakken oil production in North Dakota reached about 1.1 million barrels per day across 18,674 producing oil wells in January 2024. Projections indicate that the overall Williston Basin oil output could surpass 1.3 million barrels per day by 2025. The oil and gas industry in North Dakota, largely driven by the Bakken, generated over $42.6 billion in gross business volume in 2021.
  • Natural Gas Production: The Bakken Shale produced around 2,687.8 million cubic feet of natural gas per day (mmcfd) in 2020. Natural gas production in the Bakken is experiencing an increase, challenging the capacity of existing pipelines and processing infrastructure. Forecasts suggested that gross gas production in the Williston Basin could exceed 3.0 billion cubic feet per day (Bcf/d) by the end of 2022.
• Denver-Julesburg (DJ) Basin - U.S. Region:
  • Oil Production: Crude oil and condensate production in the DJ Basin was approximately 491.4 mbd in 2020. The Niobrara region within the DJ Basin recorded a daily average output of 670,000 barrels of oil (mbbl/d) in 2023. By September 2023, the DJ Basin's oil production alone reached about 516,000 barrels per day.
  • Natural Gas Production: Natural gas production in the DJ Basin amounted to 5,058 mmcfd in 2020.
• Powder River Basin - U.S. Region:
  • Oil Production: In 2019, the Powder River Basin shale produced almost 213 thousand barrels of oil per day (mbd), with 179.2 mbd of crude oil and condensate in 2020. Oil production in this basin is projected to grow at a compound annual growth rate (CAGR) of more than 6% from 2021 to 2025. In August 2024, the Powder River Basin produced approximately 281,000 barrels per day.
  • Natural Gas Production: Production of natural gas from the Powder River Basin shale reached 992 mmcfd in 2019 and was 906.4 mmcfd in 2020. Both crude oil and natural gas production are anticipated to exceed their 2019 levels by 2025.

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1. Increased Production Volumes from Development and Operational Efficiencies: Vitesse Energy has increased its production and capital expenditure guidance for 2025, anticipating a significant increase in production. This growth is partly driven by advancements in technology, particularly the utilization of extended lateral wells, which have been completed under budget and are enhancing production expectations and reducing costs. The company also has a substantial drilling inventory of over 200 net estimated two-mile-equivalent undeveloped locations, supporting approximately 25 years of drilling, which will contribute to sustained production growth. Their development pipeline includes 20.8 net wells, with some currently drilling or completing, and others permitted for development.

2. Strategic Acquisitions of Oil and Gas Properties: Acquisitions are a key component of Vitesse Energy's growth strategy. The recently completed Lucero acquisition is expected to be accretive to all key financial metrics and has already contributed to increased production. Management continues to pursue additional acquisitions, particularly those with drill-bit ready non-op interests, leveraging their proprietary database, Luminis, to enhance the evaluation process.

3. Favorable Commodity Price Environment: While Vitesse Energy hedges a portion of its oil and natural gas production to provide cash flow predictability, the overall commodity price environment remains a significant driver of revenue. Commentary from earnings calls indicates an anticipation of improved financial results as oil and natural gas liquids (NGL) prices improve.

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Share Repurchases

• Vitesse Energy's Board of Directors authorized a stock repurchase program of up to $60 million of the company's common stock in February 2023.
• In the first quarter of 2023, Vitesse repurchased $0.2 million of common stock.

Share Issuance

• The number of common shares outstanding increased from 32,796,234 as of March 31, 2023, to 38,578,409 as of March 10, 2025.

Outbound Investments

• Vitesse completed the acquisition of "VO" on January 13, 2023, which had a year-end 2022 PV-10 value of $65.6 million.
• During 2022, the company spent $28.5 million on acquisitions of oil and gas properties.
• Vitesse closed the acquisition of Lucero Energy Corp. on March 7, 2025, and invested $21.1 million in acquisitions of oil and gas properties for the full year 2024.

Capital Expenditures

• Total cash development capital expenditures and acquisition costs for the full year 2024 were $115.2 million, which included $94.1 million in development capital expenditures.
• For 2025, Vitesse Energy's total cash capital spending guidance was revised to a range of $110 million to $125 million, with a focus on organic well proposals and the development of 3- and 4-mile laterals.
• Capital expenditures are primarily focused on development activities in oil and natural gas properties within the Williston Basin and Central Rockies, emphasizing extended laterals for improved economic results.