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VITESSE ENERGY ANNOUNCES SECOND QUARTER 2025 RESULTS

GREENWOOD VILLAGE, Colo. – August 4, 2025 – Vitesse Energy, Inc. (NYSE: VTS) (“we,” “our,” “Vitesse,” or the “Company”) today reported the Company’s second quarter 2025 financial and operating results.

SECOND QUARTER 2025 HIGHLIGHTS

•As previously announced, declared a quarterly cash dividend of $0.5625 per common share to be paid on September 30, 2025

•Net income of $24.7 million and Adjusted Net Income(1) of $18.4 million

•Adjusted EBITDA(1) of $61.1 million

•Cash flow from operations of $66.0 million and Free Cash Flow(1) of $21.9 million

•Production of 18,950 barrels of oil equivalent (“Boe”) per day (65% oil)

•Total cash development capital expenditures and acquisition costs of $35.7 million

•Total debt of $106.0 million and Net Debt to Adjusted EBITDA ratio(1) of 0.43

•Resolution of legal dispute with key operator resulted in cash payment of $24 million and renegotiated arrangements for sale of gas production beginning July 1, 2025

(1) Non-GAAP financial measure; see reconciliation schedules at the end of this release

MANAGEMENT COMMENTS

"In the second quarter, we fully integrated the Lucero assets, successfully settled a multi-year lawsuit, continued to invest capital selectively, and used our free cash flow to pay down debt,” said Bob Gerrity, Vitesse’s Chairman and Chief Executive Officer. “In addition, we capitalized on a period of increased oil prices resulting from the conflict in the Middle East by adding oil hedges in 2025 and 2026 at price levels that support our dividend. As a result, we believe we are well positioned to benefit from the transaction opportunity set, especially for non-operated assets.”

STOCKHOLDER RETURNS

In July 2025, Vitesse’s Board of Directors declared its third quarter cash dividend for Vitesse’s common stock of $0.5625 per share for stockholders of record as of September 15, 2025, which will be paid on September 30, 2025.

On June 30, 2025, the Company paid its second quarter cash dividend of $0.5625 per share to common stockholders of record as of June 16, 2025.



FINANCIAL AND OPERATING RESULTS

Effective May 28, 2025, Vitesse resolved pending litigation with one of its largest operators related to post-production revenue deductions. As a result, during the quarter, Vitesse received a one-time cash payment of $24 million. The Company recorded the payment as described below in its consolidated statements of operations.

In addition to the one-time cash payment, Vitesse has elected to take virtually all of its gas production in-kind from related wells. As such, the Company entered into long-term gas gathering, processing, and marketing agreements with the operator and its affiliates.

Second quarter net income was $24.7 million and Adjusted Net Income was $18.4 million. Adjusted EBITDA was $61.1 million. See “Non-GAAP Financial Measures” below.

Oil and natural gas production for the second quarter of 2025 averaged 18,950 Boe per day, a sequential increase of 27% from the first quarter of 2025, primarily attributable to closing the previously announced accretive acquisition of Lucero Energy Corp. (“Lucero”) on March 7, 2025. Oil represented 65% of production and 81% of total oil and natural gas revenue. Total revenue which includes $16.9 million related to the litigation settlement, plus the effects of our realized hedges, was $87.0 million.

Vitesse’s average realized oil and natural gas prices before hedging were $59.50 per Bbl and $4.17 per Mcf, respectively, during the second quarter of 2025. Excluding the effect of the litigation settlement, average realized oil and natural gas prices during the second quarter of 2025 were $56.58 per Bbl and $0.42 per Mcf, respectively. The Company had hedges covering 58% of oil production in the second quarter of 2025 and its realized oil price with hedging was $64.21 per Bbl, or $61.29 excluding the litigation settlement.

Lease operating expenses in the second quarter of 2025 were $19.6 million, or $11.38 per Boe. General and administrative expenses for the second quarter of 2025 totaled $0.3 million, or $0.18 per Boe, which included $0.3 million of costs related to the Lucero acquisition and the offset of approximately $7.1 million of litigation costs previously expensed. Excluding these items, G&A was $3.47 per Boe.

LIQUIDITY AND CAPITAL EXPENDITURES

As of June 30, 2025, Vitesse had $2.0 million in cash and $106.0 million of borrowings outstanding on its revolving credit facility. Vitesse had total liquidity of $146.0 million as of June 30, 2025, consisting of cash and $144.0 million of committed borrowing availability under its revolving credit facility.

During the quarter, Vitesse invested $35.6 million in development capital expenditures and $0.1 million in acquisitions of oil and gas properties.




OPERATIONS UPDATE

As of June 30, 2025, the Company owned an interest in 282 gross (7.9 net) wells that were either drilling or in the completion phase, and another 418 gross (15.1 net) locations that had been permitted for development.

2025 ANNUAL GUIDANCE

Vitesse’s previously provided 2025 annual guidance is set forth below.

2025 Guidance
Annual Production (Boe per day)
15,000 - 17,000
Oil as a Percentage of Annual Production64% - 68%
Total Capital Expenditures ($ in millions)
$80 - $110




SECOND QUARTER 2025 RESULTS
The following table sets forth selected financial and operating data for the periods indicated.

QUARTER ENDED JUNE 30,INCREASE
(DECREASE)
($ in thousands, except production and per unit data)20252024AMOUNTPERCENT
Financial and Operating Results:
Revenue
Oil
$66,611 $64,127 $2,484 4%
Natural gas
15,144 2,471 12,673 513%
Total revenue
$81,755 $66,598 $15,157 23%
Operating Expenses
Lease operating expense
$19,629 $12,272 $7,357 60%
Production taxes
6,180 5,426 754 14%
General and administrative
311 4,724 (4,413)(93%)
Depletion, depreciation, amortization, and accretion
34,576 25,315 9,261 37%
Equity-based compensation2,403 2,047 356 17%
Interest Expense
$2,539 $2,585 $(46)(2%)
Commodity Derivative Gain, Net
$18,451 $379 $18,072 *
Income Tax (Benefit) Expense
$9,871 $3,678 $6,193 168%
Production Data:
Oil (MBbls)
1,119 859 260 30%
Natural gas (MMcf)
3,630 2,217 1,413 64%
Combined volumes (MBoe)
1,724 1,229 495 40%
Daily combined volumes (Boe/d)
18,950 13,504 5,446 40%
Average Realized Prices before Hedging:
Oil (per Bbl)
$59.50 $74.63 $(15.13)(20%)
Natural gas (per Mcf)
4.17 1.11 3.06 276%
Combined (per Boe)
47.41 54.20 (6.79)(13%)
Average Realized Prices with Hedging:
Oil (per Bbl)
$64.21 $73.42 $(9.21)(13%)
Natural gas (per Mcf)
4.17 1.11 3.06 276%
Combined (per Boe)
50.47 53.36 (2.89)(5%)
Average Costs (per Boe):
Lease operating
$11.38 $9.99 $1.39 14%
Production taxes
3.58 4.42 (0.84)(19%)
General and administrative
0.18 3.84 (3.66)(95%)
Depletion, depreciation, amortization, and accretion
20.05 20.60 (0.55)(3%)
*Not meaningful



COMMODITY HEDGING

Vitesse hedges a portion of its expected oil, natural gas, and natural gas liquids production volumes to increase the predictability and certainty of its cash flow and to help maintain a strong financial position to support its dividend. Based on the midpoint of its 2025 guidance, Vitesse has approximately 71% of its remaining 2025 oil production hedged at a weighted average price of $69.83 per barrel and 49% of its remaining 2025 natural gas production hedged at a weighted average floor of $3.73 per MMBtu.

As of June 30, 2025, the Company had the following crude oil swaps:
INDEXSETTLEMENT PERIODVOLUME HEDGED (Bbls)WEIGHTED AVERAGE FIXED PRICE
WTI-NYMEXQ3 2025683,204$69.69
WTI-NYMEXQ4 2025609,166$69.99
WTI-NYMEXQ1 2026406,791$66.94
WTI-NYMEXQ2 2026377,509$66.94
WTI-NYMEXQ3 2026226,679$65.50
WTI-NYMEXQ4 2026213,155$65.52

As of June 30, 2025, the Company had the following natural gas collars:
INDEXSETTLEMENT PERIODVOLUME HEDGED (MMbtu)WEIGHTED AVERAGE FLOOR/CEILING PRICE
Henry Hub-NYMEXQ3 20251,465,100$3.74 / $5.86
Henry Hub-NYMEXQ4 20251,357,000$3.73 / $5.85
Henry Hub-NYMEXQ1 20261,266,700$3.73 / $5.00
Henry Hub-NYMEXQ2 20261,188,700$3.73 / $5.00
Henry Hub-NYMEXQ3 20261,120,800$3.72 / $4.99
Henry Hub-NYMEXQ4 20261,062,700$3.72 / $4.99
Henry Hub-NYMEXQ1 2027795,000$4.00 / $5.68

As of June 30, 2025, the Company had the following natural gas basis swaps:
INDEXSETTLEMENT PERIODVOLUME HEDGED (MMbtu)WEIGHTED AVERAGE FIXED PRICE
Chicago City Gate to Henry HubQ3 20251,465,100$(0.350)
Chicago City Gate to Henry HubQ4 20251,357,000$(0.350)
Chicago City Gate to Henry HubQ1 20261,266,700$(0.121)
Chicago City Gate to Henry HubQ2 20261,188,700$(0.121)
Chicago City Gate to Henry HubQ3 20261,120,800$(0.121)
Chicago City Gate to Henry HubQ4 20261,062,700$(0.121)
Chicago City Gate to Henry HubQ1 2027795,000$0.300

As of June 30, 2025, the Company had the following natural gas liquids swaps:


INDEXSETTLEMENT PERIODVOLUME HEDGED (Gallons)WEIGHTED AVERAGE FIXED PRICE
Mont Belvieu Ethane20251,323,000$0.26
Conway Propane20251,311,000$0.71
Mont Belvieu Iso-Butane2025171,000$0.90
Mont Belvieu Normal Butane2025486,000$0.86
Mont Belvieu Ethane20262,176,000$0.26
Conway Propane20262,153,000$0.71
Mont Belvieu Iso-Butane2026282,000$0.90
Mont Belvieu Normal Butane2026798,000$0.86

The following table presents Vitesse’s settlements on commodity derivative instruments and unsettled gains and losses on open commodity derivative instruments for the periods presented:
QUARTER ENDED JUNE 30,
(in thousands)20252024
Realized gain (loss) on commodity derivatives (1)
$5,271 $(1,033)
Unrealized gain on commodity derivatives (1)
13,180 1,412 
Total commodity derivative gain
$18,451 $379 
(1)Realized and unrealized gains and losses on commodity derivatives are presented herein as separate line items but are combined for a total commodity derivative gain (loss) in the consolidated statements of operations included below. Management believes the separate presentation of the realized and unrealized commodity derivative gains and losses is useful, providing a better understanding of our hedge position.

Q2 2025 EARNINGS CONFERENCE CALL

In conjunction with Vitesse’s release of its financial and operating results, investors, analysts and other interested parties are invited to listen to a conference call with management on Tuesday, August 5, 2025 at 11:00 a.m. Eastern Time.

An updated corporate slide presentation that may be referenced on the conference call will be posted prior to the conference call on Vitesse’s website, www.vitesse-vts.com, in the “Investor Relations” section of the site, under “News & Events,” sub-tab “Presentations.”

Those wishing to listen to the conference call may do so via the Company’s website or by phone as follows:

Website: https://event.choruscall.com/mediaframe/webcast.html?webcastid=zSuC2lWE

Dial-In Number: 877-407-0778 (US/Canada) and 201-689-8565 (International)

Conference ID: 13755059 - Vitesse Energy Second Quarter 2025 Earnings Call

Replay Dial-In Number: 877-660-6853 (US/Canada) and 201-612-7415 (International)

Replay Access Code: 13755059 - Replay will be available through August 12, 2025



UPCOMING INVESTOR EVENTS

Vitesse management will be participating in the upcoming investor events:

•EnerCom Denver Energy Conference - Denver - August 18-19, 2025.
•Midwest IDEAS Conference - Chicago - August 27, 2025.

Any investor presentations to be used for this event will be posted prior to the event on Vitesse’s website, www.vitesse-vts.com, in the “Investor Relations” section of the site, under “News & Events,” sub-tab “Presentations.”

ABOUT VITESSE ENERGY, INC.

Vitesse Energy, Inc. is focused on returning capital to stockholders through owning financial interests predominantly as a non-operator in oil and gas wells drilled by leading US operators.

More information about Vitesse can be found at www.vitesse-vts.com.

FORWARD-LOOKING STATEMENTS

This press release 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 release regarding Vitesse’s financial position, operating and financial performance, business strategy, dividend plans and practices, guidance, plans and objectives of management for future operations, and industry conditions are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future production and sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond Vitesse’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in oil and natural gas prices; the pace of drilling and completions activity on Vitesse’s properties; Vitesse’s ability to acquire additional development opportunities; potential acquisition transactions; integration and benefits of acquisitions, including the Lucero acquisition, or the effects of such acquisitions on Vitesse’s cash position and levels of indebtedness; changes in Vitesse’s reserves estimates or the value thereof; disruptions to Vitesse’s business due to acquisitions and other significant transactions; the ultimate timing, outcome, and results of integrating and executing on Lucero’s operations; infrastructure constraints and related factors affecting Vitesse’s properties; cost inflation or supply chain disruption; ongoing legal disputes over and potential shutdown of the Dakota Access Pipeline; the impact of general economic or industry conditions, nationally and/or in the communities in which Vitesse conducts business, including central bank policy actions, bank failures and associated liquidity risks; changes in the


interest rate environment, legislation or regulatory requirements; changes in US trade policy, including the imposition of and change in tariffs and resulting consequences; conditions of the securities markets; Vitesse’s ability to raise or access capital; cyber-related risks; changes in accounting principles, policies or guidelines; and financial or political instability, health-related epidemics, acts of war (including conflicts in the Middle East and Ukraine) or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting Vitesse’s operations, products and prices. Additional information concerning potential factors that could affect future results is included in the section entitled “Item 1A. Risk Factors” and other sections of Vitesse’s Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as updated from time to time in amendments and subsequent reports filed with the SEC, which describe factors that could cause Vitesse’s actual results to differ from those set forth in the forward looking statements.

Vitesse has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond Vitesse’s control. Vitesse does not undertake any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws.




FINANCIAL INFORMATION

VITESSE ENERGY, INC.
Condensed Consolidated Statements of Operations (Unaudited)


FOR THE THREE MONTHS ENDEDFOR THE SIX MONTHS ENDED
JUNE 30,JUNE 30,
(In thousands, except share data)
2025202420252024
Revenue
Oil
$66,611 $64,127 $125,535 $121,491 
Natural gas
15,144 2,471 22,390 6,301 
Total revenue
81,755 66,598 147,925 127,792 
Operating Expenses
Lease operating expense19,629 12,272 33,484 24,063 
Production taxes6,180 5,426 11,953 11,226 
General and administrative311 4,724 12,442 10,098 
Depletion, depreciation, amortization, and accretion34,576 25,315 61,139 48,860 
Equity-based compensation2,403 2,047 4,873 3,652 
Total operating expenses63,099 49,784 123,891 97,899 
Operating Income18,656 16,814 24,034 29,893 
Other Income (Expense)
Commodity derivative gain (loss), net18,451 379 18,279 (13,445)
Interest expense(2,539)(2,585)(5,443)(4,788)
Other (expense) income
(38)(2)126 28 
Total other income (expense)15,874 (2,208)12,962 (18,205)
Income Before Income Taxes$34,530 $14,606 $36,996 $11,688 
(Provision for) Benefit from Income Taxes(9,871)(3,678)(9,669)(2,946)
Net Income$24,659 $10,928 $27,327 $8,742 
Weighted average common shares – basic
39,104,962 30,046,190 36,106,598 29,990,077 
Weighted average common shares – diluted
40,967,995 33,026,818 38,043,765 32,984,826 
Net income per common share – basic$0.62 $0.36 $0.76 $0.29 
Net income per common share – diluted$0.60 $0.33 $0.72 $0.27 


VITESSE ENERGY, INC.
Condensed Consolidated Balance Sheets (Unaudited)
JUNE 30,DECEMBER 31,
(in thousands, except shares)20252024
Assets
Current Assets
Cash$1,962 $2,967 
Revenue receivable46,948 39,788 
Commodity derivatives14,214 3,842 
Prepaid expenses and other current assets4,853 4,314 
Total current assets67,977 50,911 
Oil and Gas Properties-Using the successful efforts method of accounting
Proved oil and gas properties1,497,972 1,315,566 
Less accumulated DD&A and impairment(624,238)(563,590)
Total oil and gas properties, net873,734 751,976 
Other Property and Equipment—Net153 182 
Commodity derivatives2,252 284 
Other noncurrent assets7,388 7,540 
Total assets$951,504 $810,893 
Liabilities and Equity
Current Liabilities
Accounts payable$24,437 $34,316 
Accrued liabilities47,065 65,714 
Commodity derivatives— 299 
Other current liabilities268 — 
Total current liabilities71,770 100,329 
Revolving credit facility106,000 117,000 
Deferred tax liability81,123 72,001 
Asset retirement obligations13,185 9,652 
Commodity derivatives565 94 
Other noncurrent liabilities6,986 11,483 
Total liabilities$279,629 $310,559 
Commitments and Contingencies
Equity
Preferred stock, $0.01 par value, 5,000,000 shares authorized; 0 shares issued at June 30, 2025 and December 31, 2024, respectively
— — 
Common stock, $0.01 par value, 95,000,000 shares authorized; 40,617,302 and 32,650,889 shares issued at June 30, 2025 and December 31, 2024, respectively
406 326 
Additional paid-in capital649,267 505,133 
Accumulated earnings (deficit)22,202 (5,125)
Total equity671,875 500,334 
Total liabilities and equity$951,504 $810,893 

NON-GAAP FINANCIAL MEASURES

Vitesse defines Adjusted Net Income as net income before (i) non-cash gains and losses on unsettled derivative instruments, (ii) non-cash equity-based compensation, (iii) provision for income taxes, and (iv) certain other items such as material general and administrative costs related to the Lucero acquisition; reduced by the estimated impact of income tax expense.



Net Debt is calculated by deducting cash on hand from the amount outstanding on our revolving credit facility as of the balance sheet or measurement date.

Adjusted EBITDA is defined as net income before expenses for interest, income taxes, depletion, depreciation, amortization and accretion, and excludes non-cash equity-based compensation and non-cash gains and losses on unsettled derivative instruments in addition to certain other items such as material general and administrative costs related to the Lucero acquisition.

Vitesse defines Free Cash Flow as cash flow from operations, adjusting for changes in operating assets and liabilities in addition to certain other items such as material general and administrative costs related to the Lucero acquisition, less development of oil and gas properties.

Management believes the use of these non-GAAP financial measures provides useful information to investors to gain an overall understanding of financial performance. Specifically, management believes the non-GAAP financial measures included herein provide useful information to both management and investors by excluding certain items that management believes are not indicative of Vitesse’s core operating results. In addition, these non-GAAP financial measures are used by management for budgeting and forecasting as well as subsequently measuring Vitesse’s performance, and management believes it is providing investors with financial measures that most closely align to its internal measurement processes. A reconciliation of each of the non-GAAP financial measures to the most directly comparable GAAP measure is included below.

RECONCILIATION OF ADJUSTED NET INCOME
(in thousands)FOR THE THREE MONTHS ENDED JUNE 30, 2025
Net Income$24,659 
Add:
Unrealized (gain) loss on derivative instruments(13,180)
Equity-based compensation2,403 
G&A costs related to Lucero acquisition264 
Provision for income taxes9,871 
Adjusted Income Before Adjusted Income Tax Expense$24,017 
Adjusted Income Tax Expense(1)
(5,596)
Adjusted Net Income (non-GAAP)$18,421 
(1)The Company determined the income tax impact on the “Adjusted Income Before Adjusted Income Tax Expense” using the relevant statutory tax rate of 23.3%.








RECONCILIATION OF NET DEBT AND ADJUSTED EBITDA
(in thousands except for ratio)
AT JUNE 30, 2025
Revolving credit facility
106,000 
Less: Cash
1,962 
Net Debt
$104,038 
FOR THE THREE MONTHS ENDED JUNE 30, 2025
Net Income$24,659 
Add:
Interest expense2,539 
Provision for income taxes9,871 
Depletion, depreciation, amortization, and accretion34,576 
Equity-based compensation2,403 
Unrealized (gain) loss on derivative instruments(13,180)
G&A costs related to Lucero acquisition264 
Adjusted EBITDA(1)
$61,132 
Annualized Adjusted EBITDA
$244,528 
Net Debt to Adjusted EBITDA ratio0.43 
(1)Includes $24 million benefit from resolution of legal dispute with a key operator.

RECONCILIATION OF FREE CASH FLOW
(in thousands)FOR THE THREE MONTHS ENDED JUNE 30, 2025
Net cash from changes in operating activities
$66,016 
Add:
Changes in operating assets and liabilities(8,759)
G&A costs related to Lucero acquisition264 
Cash flow from operations before changes in operating assets and liabilities57,521 
Less: development of oil and gas properties(35,617)
Free Cash Flow$21,904 

INVESTOR AND MEDIA CONTACT
Ben Messier, CFA
Director – Investor Relations and Business Development
(720) 532-8232
benmessier@vitesse-vts.com