On April 8, 2026, the Company acquired proved oil and gas properties and proved leaseholds in the Powder River Basin. The purchase price was $35.0 million, with $1.6 million of upward post-effective date purchase price adjustments, for an aggregate preliminary purchase price of $36.6 million, which was settled in exchange for 1,935,698 shares of common stock of the Company. This transaction qualified as an asset acquisition; therefore, the oil and gas properties were recorded based on the value of the aggregate consideration transferred on the close date, plus an additional $0.3 million of transaction costs that were capitalized as a component of the assets acquired. Additionally, post-close cash settlements of $(1.1) million related to pre-close activity were recorded to proved oil and gas properties.

Additionally, during the three and six months ended June 30, 2026, the Company purchased proved oil and gas properties in multiple transactions for an aggregate cash purchase price of $0.7 million and $0.8 million, respectively.

During the six months ended June 30, 2025, the Company purchased proved oil and gas properties and proved leaseholds in multiple transactions for an aggregate cash purchase price of $1.6 million.

On March 7, 2025, the Company closed the Lucero Acquisition and issued 8,169,839 shares of common stock to Lucero shareholders. Based on the purchase price allocation, the Company recorded the assets acquired and liabilities assumed at their estimated fair value on March 7, 2025. Determining the fair value of the assets and liabilities of Lucero requires judgment and certain assumptions to be made. See Note 4 (“Fair Value Measurements”) for additional information.

The Company used the acquisition method of accounting for this business combination. The tables below present the total consideration transferred and its allocation to the estimated fair value of identifiable assets acquired and liabilities assumed as of the acquisition date of March 7, 2025.



(in thousands except share and per share amounts)
Common stock issued to acquire Lucero	8,169,839
Vitesse closing stock price on March 6, 2025	$	23.78
Arrangement consideration	$	194,279

	Purchase Price Allocation
Assets Acquired
Cash and cash equivalents	$	49,846
Accrued revenue	4,897
Prepaid expenses and other current assets	1,296
Proved oil and gas properties	134,563
Deferred tax asset	14,306
Other noncurrent assets	160
Total assets acquired	$	205,068
Liabilities Assumed
Accounts payable	$	408
Accrued liabilities	7,148
Commodity derivatives	158
Asset retirement obligations	3,075
Total liabilities assumed	$	10,789

Net Assets Acquired	$	194,279

The table below presents unaudited pro forma total revenue and income before income taxes for the periods shown, as if the Lucero Acquisition had occurred on January 1, 2024. The Company believes the assumptions used in preparing this information provide a reasonable basis for estimating the significant effects of the acquisition. This pro forma financial information is not indicative of what the Company’s results would have been had the acquisition occurred on January 1, 2024, nor should it be relied upon as a projection of future results.