Vitesse to acquire Lucero in $222M all-stock deal; dividend to rise from $2.10 to $2.25/share

Vitesse Energy, Inc.

All-stock acquisition valued at US$222M fully diluted; exchange ratio 0.01239 Vitesse shares per Lucero share.
Expected to close Q2 2025; accretive to earnings, cash flow, and NAV; ~$3M annual G&A synergies.
Vitesse to increase annual dividend from $2.10 to $2.25 per share post-closing, subject to board approval.
Combined Q3 2024 pro forma production ~19.4 Mboe/d; Lucero had no debt and $56M cash at Sept 30.
Two Lucero board nominees (Gary Reaves, M. Bruce Chernoff) to join Vitesse board; 63% of Lucero shareholders support deal.

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