• Oil and Natural Gas Production: Vitesse Energy extracts crude oil and natural gas from its properties, primarily in the Bakken Formation.
• Oil and Natural Gas Property Development: The company develops its acquired properties through drilling and infrastructure build-out to enable hydrocarbon extraction.
• Oil and Natural Gas Property Acquisition: Vitesse Energy strategically acquires oil and natural gas assets and acreage to expand its operational footprint and reserves.

Vitesse Energy (VTS) is an independent oil and gas company focused on the acquisition and development of non-operated oil and natural gas properties, primarily in the Bakken and Three Forks formations of the Williston Basin in North Dakota.

Given the nature of its business as an upstream oil and gas exploration and production (E&P) company, Vitesse Energy sells its products primarily to other companies rather than individuals. Its primary products are crude oil, natural gas, and natural gas liquids (NGLs).

Vitesse Energy typically sells its production into liquid commodity markets. Its public filings (e.g., annual reports on Form 10-K) do not identify specific major customers (i.e., those accounting for 10% or more of its total revenue). This is common for E&P companies as their products are fungible commodities often sold to a diverse group of purchasers, including:

• Midstream companies (for processing, transportation, and storage)
• Refineries (for crude oil)
• Utility companies and industrial users (for natural gas)
• Commodity marketing and trading firms

Therefore, it is not possible to list specific major customer companies by name and symbol.

Bob Gerrity Chairman and Chief Executive Officer

Mr. Gerrity has decades of experience in the energy industry, beginning in Colorado in 1982. He invested his own capital to purchase non-operated working interest acreage in the Bakken in 2010, laying the groundwork for Vitesse. He established and was Chief Executive Officer of Gerrity Oil & Gas Corporation, which went public in 1990. Gerrity Oil & Gas Corporation merged with Snyder Oil's Wattenberg assets in 1996 to form Patina Oil & Gas Corporation, which eventually merged into Noble Energy, Inc. Mr. Gerrity founded and has served as the Chief Executive Officer of Vitesse Energy since its inception in 2014, and also as CEO of Vitesse Oil since 2013.

James Henderson Chief Financial Officer

Mr. Henderson was appointed Chief Financial Officer of Vitesse effective September 1, 2023, and is responsible for all financial aspects of the company. He brings over 30 years of management, financial, and accounting 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. Previously, he held the same role at SRC Energy (which merged with PDC Energy, now Chevron) and Kodiak Oil & Gas (which was acquired by Whiting in 2014), growing each entity through acquisitions and capital investments. He was also a private investor from January 2020 to September 2020 and from July 2022 to August 2023. Mr. Henderson has been instrumental in public market capital raises of over $3.5 billion and oil and gas acquisitions exceeding $3.0 billion in transaction value. He has served as a board member of Dynamix Corporation III, a publicly traded special purpose acquisition company, since November 2025.

Brian Cree President

Mr. Cree is the President of Vitesse and is responsible for the financial, operational, and corporate/legal aspects of the Company. He has been involved in the oil and gas industry for over 25 years. In 1987, Mr. Cree joined the predecessor of Gerrity Oil & Gas Corporation and worked closely with Bob Gerrity for almost nine years to grow and eventually merge the company with Patina Oil & Gas. While at Gerrity Oil & Gas, he held various financial and operational roles, including CFO, SVP of Operations, and COO, and served as a Director on its Board. He significantly contributed to the early development of Vitesse Energy.

Gina Matero VP – Legal, Oil and Gas Operations

Ms. Matero is responsible for managing the legal affairs of Vitesse Energy. Prior to 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. She began her career in oil and gas in a management role with a natural gas midstream company before attending law school.

The key risks for Vitesse Energy (VTS) are primarily centered around the volatile nature of the energy industry and its specific non-operated business model.

1. Commodity Price Volatility: Vitesse Energy faces significant exposure to fluctuations in crude oil and natural gas prices, which directly impact its revenue, financial position, and operating results. While the company utilizes hedging strategies to mitigate some of this volatility and increase cash flow predictability, these measures may not fully protect against substantial price declines and can limit potential gains during periods of rising commodity prices.
2. Reliance on Third-Party Operators: As a non-operator, Vitesse Energy depends heavily on the operational and financial performance of third-party operators who manage the drilling and production activities on its properties. The company does not control crucial decisions such as drilling schedules, capital spending, or operational execution. The financial instability, operational failures, or changes in investment plans by these operators can adversely affect Vitesse Energy's production volumes, development pace, and overall financial performance.
3. Regulatory and Environmental Risks: Vitesse Energy is subject to extensive federal, state, and local laws and regulations governing the oil and natural gas industry. Changes in these regulations, particularly those affecting exploration and production activities on federal lands or new environmental mandates related to climate change, could lead to increased operating costs, require significant capital expenditures, or even curtail operations. This regulatory uncertainty poses a material risk to the company's financial performance and operational flexibility.

• The overall U.S. oil and gas market size was approximately USD 1.55 trillion in 2024, growing to USD 1.61 trillion in 2025. This market is projected to reach around USD 2.24 trillion by 2034, with a compound annual growth rate (CAGR) of 3.75% between 2025 and 2034.
• Specifically, the U.S. natural gas market is estimated to be valued at US$473.4 billion in 2025 and is projected to reach US$601.8 billion, growing at a CAGR of 3.5% during the forecast period from 2025 to 2032.
• In terms of production volume, U.S. crude oil production, including condensate, averaged 12.9 million barrels per day (b/d) in 2023 and exceeded 13.2 million b/d in 2024. It is expected to average 13.6 million barrels per day in 2025 and surpass 13.7 million barrels per day in 2026.
• U.S. marketed natural gas production reached a record of 118.5 billion cubic feet per day (Bcf/d) in 2025.

Here are 3-5 expected drivers of future revenue growth for Vitesse Energy (VTS) over the next 2-3 years:

1. Strategic Acquisitions and Development Projects: Vitesse Energy consistently pursues near-term development and larger asset acquisitions to expand its operational footprint and boost production. For instance, the company recently announced the all-stock acquisition of non-operated assets in the Powder River Basin, effective January 1, 2026. This acquisition is projected to contribute an average of 1,400 net barrels of oil equivalent per day (BOE/d) in 2026, significantly enhancing its asset base and driving future production and revenue growth. Vitesse also focuses on converting its undeveloped asset base into producing wells, with 22 net wells in its development pipeline at the end of 2025.
2. Increased Production Volumes: A primary driver of revenue growth for Vitesse is the expected increase in its oil and natural gas production volumes. The company has provided a 2026 production guidance of 16,000–17,500 BOE per day. This anticipated growth stems from the ongoing development of its existing asset base and contributions from recent acquisitions, reflecting a sustained effort to bring more wells online and optimize output.
3. Optimized Capital Efficiency: Vitesse Energy is committed to directing its capital towards high-rate-of-return projects and implementing capital-efficient drilling programs, including the use of longer laterals. For 2026, the company anticipates a reduction in capital expenditures, guiding for $50–$80 million, down from 2025 levels. This disciplined approach aims to maximize output from investments, supporting increased free cash flow generation and, by extension, future revenue growth.
4. Strategic Commodity Hedging: Vitesse employs a robust commodity hedging strategy to enhance the predictability and certainty of its cash flow. The company hedges a significant portion of its expected oil and natural gas production volumes. For 2026, approximately 64% of its oil production is hedged, providing a stable revenue outlook by mitigating the impact of oil price volatility. Favorable hedging prices secured for recent acquisitions further support future profitability and revenue stability.

Share Repurchases

• Vitesse Energy has a Stock Repurchase Program authorizing the repurchase of up to $60 million of common stock.
• The company targets opportunistic share buybacks as part of its capital allocation strategy.

Share Issuance

• In March 2025, Vitesse issued 8,169,368 shares of common stock to finalize the Lucero acquisition.
• The number of shares outstanding increased by 20.19% in the year leading up to early 2026, reaching approximately 39.78 million shares.

Outbound Investments

• Vitesse Energy signed a definitive agreement to acquire non-operated assets in the Powder River Basin of Wyoming for $35 million of Vitesse shares, effective January 1, 2026.
• The company completed the Lucero acquisition in 2025, which contributed to a 19% year-over-year increase in proved reserves.

Capital Expenditures

• For 2026, Vitesse Energy anticipates cash capital expenditures to be between $50 million and $80 million, a decrease from the prior year.
• In 2025, the company's development capital expenditures totaled $121 million.
• Vitesse's capital expenditures primarily focus on the acquisition, development, and production of non-operated oil and natural gas assets in the Bakken Field of North Dakota, and the Central Rockies, including the Denver-Julesburg and Powder River Basins.