Form 8-K

8-K — Vitesse Energy, Inc.

Accession: 0001944558-26-000023

Filed: 2026-05-04

Period: 2026-05-04

CIK: 0001944558

SIC: 1311 (CRUDE PETROLEUM & NATURAL GAS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — vitesse-20260504.htm (Primary)

EX-99.1 (a1q2026earningspressreleas.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: vitesse-20260504.htm · Sequence: 1

vitesse-20260504

0001944558FALSE5619 DTC Parkway,Suite 700Greenwood Village,Colorado00019445582026-05-042026-05-04

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________________

FORM 8-K

________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 4, 2026

________________________

Vitesse Energy, Inc.

(Exact name of registrant as specified in its charter)

________________________

Delaware 001-41546 88-3617511

(State or other jurisdiction of

incorporation or organization) (Commission

File Number) (IRS. Employer

Identification No.)

5619 DTC Parkway, Suite 700

Greenwood Village, Colorado

80111

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (720) 361-2500

________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2, below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class Trading

Symbol(s) Name of each exchange

on which registered

Common Stock, par value $0.01 per share VTS New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02. Results of Operations and Financial Condition

On May 4, 2026, Vitesse Energy, Inc. (the “Company”) issued a press release announcing its operating and financial results for the quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated by reference herein.

The information in this Item 2.02 of this Current Report on Form 8-K, including the exhibit hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, (the “Securities Act”) or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing

Item 7.01 Regulation FD Disclosure

In connection with the Company’s press release announcing its operating and financial results for the quarter ended March 31, 2026 and related conference call, the Company posted an updated corporate slide presentation on its website, www.vitesse-vts.com, in the “Investor Relations” section of the site, under “News & Events,” sub-tab “Presentations.”

The information in this Item 7.01 of this Current Report on Form 8-K, including the exhibit hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits

(d)

Exhibit

Number

Description

99.1

Press Release issued May 4, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 4, 2026 VITESSE ENERGY, INC.

/s/ James P. Henderson

James P. Henderson

Chief Financial Officer

EX-99.1

Filename: a1q2026earningspressreleas.htm · Sequence: 2

Document

VITESSE ENERGY ANNOUNCES FIRST QUARTER 2026 RESULTS

GREENWOOD VILLAGE, Colo. – May 4, 2026 – Vitesse Energy, Inc. (NYSE: VTS) (“we,” “our,” “Vitesse,” or the “Company”) today reported the Company’s first quarter 2026 financial and operating results.

FIRST QUARTER 2026 HIGHLIGHTS

•Adjusted Net Loss(1) of $0.3 million and GAAP net loss of $42.3 million, including a non-cash unrealized loss on commodity derivatives of $48.2 million

•Adjusted EBITDA(1) of $33.4 million

•Cash flow from operations of $24.0 million and Free Cash Flow(1) of $12.0 million

•Production of 15,962 barrels of oil equivalent (“Boe”) per day (63% oil)

•Total cash development capital expenditures and divestitures of $18.7 million

•Total debt of $144.5 million and Net Debt to Adjusted EBITDA ratio(1) of 0.82

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

MANAGEMENT COMMENTS

"It is a privilege to begin my tenure as CEO and President of Vitesse. I want to thank the entire team for the solid first quarter results and their continued support and leadership through this transition. Vitesse's disciplined capital allocation and commitment to stockholder returns remain the foundation of our strategy, and my early focus will be on partnering closely with our team and the Board as we build on past momentum and continue delivering sustainable value for our stockholders," said Jamie Benard, Vitesse’s Chief Executive Officer and President.

"The recent oil price volatility gave us a chance to hedge additional volumes through 2028 at attractive levels - economically equivalent to selling that oil forward today. This results in more predictable cash flows and stronger long-term support for our dividend," stated James Henderson, Vitesse’s Chief Financial Officer.

SUBSEQUENT EVENTS

•As previously announced, declared a quarterly cash dividend of $0.4375 per common share to be paid on June 30, 2026

•In April 2026, closed on its previously announced acquisition of non-operated assets in Campbell and Converse Counties, WY (the “Powder River Basin Acquisition”) for 1.9 million shares of Vitesse common stock

•In April 2026, expanded availability under revolving credit facility by $25 million, with elected commitment amount and borrowing base equal to $275 million

STOCKHOLDER RETURNS

On April 30, 2026, Vitesse declared its second quarter cash dividend of $0.4375 per share for stockholders of record as of June 15, 2026, which will be paid on June 30, 2026.

On March 31, 2026, the Company paid its first quarter cash dividend of $0.4375 per share to common stockholders of record as of March 16, 2026.

FINANCIAL AND OPERATING RESULTS

First quarter net loss was $42.3 million and Adjusted Net Loss was $0.3 million. Adjusted EBITDA was $33.4 million. See “Non-GAAP Financial Measures” below.

Oil and natural gas production for the first quarter of 2026 averaged 15,962 Boe per day, slightly above internal expectations as the quarter did not include any contribution from our Powder River Basin Acquisition, which closed in April 2026. Oil represented 63% of production and 89% of total oil and natural gas revenue. Total revenue, including the effects of our realized hedges, was $60.6 million.

Vitesse’s average realized oil and natural gas prices before hedging were $66.76 per Bbl and $2.29 per Mcf, respectively, during the first quarter of 2026. The Company had hedges covering 61% of oil production and its realized oil price with hedging was $61.85 per Bbl. Its realized natural gas price with hedging was $1.54 per Mcf.

Lease operating expenses in the first quarter of 2026 were $15.3 million, or $10.67 per Boe. General and administrative expenses totaled $8.6 million, or $5.98 per Boe and included $2.4 million in severance benefits during the quarter. Excluding these costs, the per Boe rate was $4.31.

LIQUIDITY AND CAPITAL EXPENDITURES

As of March 31, 2026, Vitesse had $3.2 million in cash and $144.5 million of borrowings outstanding on its revolving credit facility. Vitesse had total liquidity of $108.7 million as of March 31, 2026, consisting of cash and $105.5 million of committed borrowing availability under its revolving credit facility.

In April 2026, the Company amended its revolving credit facility. The Company’s elected commitment amount was increased from $250 million to $275 million and its borrowing base was decreased from $295 million to $275 million.

During the first quarter of 2026, Vitesse invested $19.0 million in development capital expenditures and divested $0.3 million of oil and gas properties.

In April 2026, Vitesse closed on the Power River Basin Acquisition for 1,935,698 shares of Vitesse common stock. The closing payment was net of preliminary and customary purchase price adjustments and remains subject to cash post-closing settlements with the seller.

OPERATIONS UPDATE

As of March 31, 2026, the Company owned an interest in 334 gross (6.2 net) wells that were either drilling or in the completion phase, and another 332 gross (13.7 net) locations that had been permitted for development.

2026 ANNUAL GUIDANCE

Vitesse’s previously provided 2026 annual guidance is set forth below:

2026 Guidance

Annual Production (Boe per day)

16,000 - 17,500

Oil as a Percentage of Annual Production 60% - 64%

Total Cash Capital Expenditures ($ in millions)

$50 - $80

FIRST QUARTER 2026 RESULTS

The following table sets forth selected financial and operating data for the periods indicated.

THREE MONTHS ENDED MARCH 31, INCREASE

(DECREASE)

($ in thousands, except production and per unit data) 2026 2025 AMOUNT PERCENT

Financial and Operating Results:

Revenue

Oil $ 60,016 $ 58,925 $ 1,091 2 %

Natural gas 7,394 7,246 148 2 %

Total revenue $ 67,410 $ 66,171 $ 1,239 2 %

Operating Expenses

Lease operating expense $ 15,335 $ 13,854 $ 1,481 11 %

Production taxes 5,664 5,773 (109) (2 %)

General and administrative 8,586 12,132 (3,546) (29 %)

Depletion, depreciation, amortization, and accretion 31,188 26,563 4,625 17 %

Equity-based compensation 725 2,469 (1,744) (71 %)

Interest Expense $ 2,615 $ 2,905 $ (290) (10 %)

Commodity Derivative (Loss), Net $ (55,005) $ (172) $ (54,833) *

Income Tax (Benefit) Expense $ (9,465) $ (201) $ (9,264) *

Production Data:

Oil (MBbls) 899 918 (19) (2 %)

Natural gas (MMcf) 3,226 2,575 651 25 %

Combined volumes (MBoe) 1,437 1,347 90 7 %

Daily combined volumes (Boe/d) 15,962 14,971 991 7 %

Average Realized Prices before Hedging:

Oil (per Bbl) $ 66.76 $ 64.18 $ 2.58 4 %

Natural gas (per Mcf) 2.29 2.81 (0.52) (19 %)

Combined (per Boe) 46.92 49.11 (2.19) (4 %)

Average Realized Prices with Hedging:

Oil (per Bbl) $ 61.85 $ 64.93 $ (3.08) (5 %)

Natural gas (per Mcf) 1.54 2.81 (1.27) (45 %)

Combined (per Boe) 42.17 49.62 (7.45) (15 %)

Average Costs (per Boe):

Lease operating expense $ 10.67 $ 10.28 $ 0.39 4 %

Production taxes 3.94 4.28 (0.34) (8 %)

General and administrative 5.98 9.00 (3.02) (34 %)

Depletion, depreciation, amortization, and accretion 21.71 19.72 1.99 10 %

*Not meaningful

COMMODITY HEDGING

Vitesse hedges a portion of its expected oil and natural gas 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 2026 guidance, Vitesse has approximately 73% of its remaining 2026 oil production hedged and approximately 50% of its 2026 two-stream natural gas production hedged through its natural gas and natural gas liquids hedges. The following tables summarize Vitesse’s open commodity derivative contracts scheduled to settle after March 31, 2026.

Crude oil swaps:

INDEX SETTLEMENT PERIOD VOLUME HEDGED (Bbls) WEIGHTED AVERAGE FIXED PRICE

WTI-NYMEX Q2 2026 613,509 $66.77

WTI-NYMEX Q3 2026 490,679 $65.01

WTI-NYMEX Q4 2026 457,155 $64.97

WTI-NYMEX Q1 2027 270,000 $69.25

WTI-NYMEX Q2 2027 480,000 $68.05

WTI-NYMEX Q3 2027 495,000 $68.38

WTI-NYMEX Q4 2027 465,000 $67.88

WTI-NYMEX Q1 2028 270,000 $70.20

WTI-NYMEX Q2 2028 270,000 $70.20

WTI-NYMEX Q3 2028 270,000 $70.20

WTI-NYMEX Q4 2028 180,000 $70.30

Crude oil collars:

INDEX SETTLEMENT PERIOD VOLUME HEDGED (Bbls) WEIGHTED AVERAGE FLOOR/CEILING PRICE

WTI-NYMEX Q2 2026 175,000 $65.71 / $73.82

WTI-NYMEX Q3 2026 213,000 $61.62 / $72.58

WTI-NYMEX Q4 2026 168,000

$58.04 / $67.51

WTI-NYMEX Q1 2027 300,000

$55.75 / $66.44

WTI-NYMEX Q2 2027 45,000

$60.00 / $64.25

Natural gas collars:

INDEX SETTLEMENT PERIOD VOLUME HEDGED (MMBtu) WEIGHTED AVERAGE FLOOR/CEILING PRICE

Henry Hub-NYMEX Q2 2026 1,578,700 $3.73 / $4.91

Henry Hub-NYMEX Q3 2026 1,510,800 $3.73 / $4.90

Henry Hub-NYMEX Q4 2026 1,452,700 $3.73 / $4.90

Henry Hub-NYMEX Q1 2027 795,000 $4.00 / $5.68

Natural gas basis swaps:

INDEX SETTLEMENT PERIOD VOLUME HEDGED (MMBtu) WEIGHTED AVERAGE FIXED PRICE

Chicago City Gate to Henry Hub Q2 2026 1,578,700 $(0.10)

Chicago City Gate to Henry Hub Q3 2026 1,510,800 $(0.10)

Chicago City Gate to Henry Hub Q4 2026 1,452,700 $(0.10)

Chicago City Gate to Henry Hub Q1 2027 795,000 $0.30

Natural gas liquids swaps:

SETTLEMENT PERIOD VOLUME HEDGED (Bbls) WEIGHTED AVERAGE FIXED PRICE

2026 194,429 $31.75

2027 115,714 $32.92

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:

THREE MONTHS ENDED MARCH 31,

(in thousands) 2026 2025

Realized (loss) gain on commodity derivatives (1)

$ (6,829) $ 683

Unrealized (loss) on commodity derivatives (1)

(48,176) (855)

Total commodity derivative (loss), net

$ (55,005) $ (172)

(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 (loss) in the 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.

FIRST QUARTER 2026 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, May 5, 2026 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=4jkYYV7U

Dial-In Number: 877-407-0778 (US/Canada) and +1 201-689-8565 (International)

Conference ID: 13760003 - Vitesse Energy First Quarter 2026 Earnings Call

Replay Dial-In Number: 877-660-6853 (US/Canada) and +1 201-612-7415 (International)

Replay Access Code: 13760003 - Replay will be available through May 12, 2026

UPCOMING INVESTOR EVENTS

Vitesse management will be participating in the following upcoming investor events:

•Stifel 2026 Boston Cross Sector 1x1 Conference - Boston - June 3, 2026

•Jefferies Energy Conference - Kiawah - June 10, 2026

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 U.S. 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 Powder River Basin 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; infrastructure constraints and related factors affecting Vitesse’s properties; cost inflation or supply chain disruption; ongoing legal disputes over the Dakota Access Pipeline; the impact of general

economic or industry conditions, nationally and/or in the communities in which Vitesse conducts business; changes in the interest rate environment, legislation or regulatory requirements; changes in U.S. trade policy, including the imposition of and changes 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 continued hostilities in the Middle East, heightened tensions with Iran, including any potential closure of the Strait of Hormuz, the conflict in Ukraine and the evolving situation in Venezuela) 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.

Consolidated Statements of Operations

FOR THE THREE MONTHS ENDED MARCH 31,

(in thousands, except share data) 2026 2025

Revenue

Oil $ 60,016 $ 58,925

Natural gas 7,394 7,246

Total revenue 67,410 66,171

Operating Expenses

Lease operating expense 15,335 13,854

Production taxes 5,664 5,773

General and administrative 8,586 12,132

Depletion, depreciation, amortization, and accretion 31,188 26,563

Equity-based compensation 725 2,469

Total operating expenses 61,498 60,791

Operating Income 5,912 5,380

Other (Expense) Income

Commodity derivative (loss), net (55,005) (172)

Interest expense (2,615) (2,905)

Other (expense) income (37) 164

Total other (expense) (57,657) (2,913)

(Loss) Income Before Income Taxes $ (51,745) $ 2,467

Benefit from (Provision for) Income Taxes 9,465 201

Net (Loss) Income $ (42,280) $ 2,668

Weighted average common shares – basic 40,076,456 33,074,904

Weighted average common shares – diluted 40,076,456 35,086,990

Net (loss) income per common share – basic $ (1.05) $ 0.08

Net (loss) income per common share – diluted $ (1.05) $ 0.08

VITESSE ENERGY, INC.

Consolidated Balance Sheets

MARCH 31, DECEMBER 31,

(in thousands, except shares) 2026 2025

Assets

Current Assets

Cash $ 3,180 $ 1,328

Accrued revenue 41,342 30,620

Commodity derivatives — 14,252

Prepaid expenses and other current assets 4,206 5,967

Total current assets 48,728 52,167

Oil and Gas Properties-Using the successful efforts method of accounting

Proved oil and gas properties 1,548,963 1,525,890

Less: Accumulated DD&A and impairment (722,864) (691,963)

Total oil and gas properties 826,099 833,927

Other Property and Equipment—Net 107 123

Commodity derivatives 1,000 184

Other noncurrent assets 6,653 6,949

Total assets $ 882,587 $ 893,350

Liabilities and Equity

Current Liabilities

Accounts payable $ 15,776 $ 11,803

Accrued liabilities 38,939 39,141

Commodity derivatives 31,967 —

Other current liabilities 317 307

Total current liabilities 86,999 51,251

Revolving credit facility 144,500 124,500

Deferred tax liability 58,028 67,493

Asset retirement obligations 14,293 14,022

Commodity derivatives 2,819 46

Other noncurrent liabilities 5,503 6,721

Total liabilities $ 312,142 $ 264,033

Commitments and Contingencies

Equity

Preferred stock, $0.01 par value, 5,000,000 shares authorized; 0 shares issued at March 31, 2026 and December 31, 2025, respectively

— —

Common stock, $0.01 par value, 95,000,000 shares authorized; 40,687,622 and 40,615,302 shares issued at March 31, 2026 and December 31, 2025, respectively

407 406

Additional paid-in capital 614,368 630,961

Accumulated deficit (44,330) (2,050)

Total equity 570,445 629,317

Total liabilities and equity $ 882,587 $ 893,350

NON-GAAP FINANCIAL MEASURES

Vitesse defines Adjusted Net Loss as net income (loss) before (i) non-cash gains and losses on unsettled derivative instruments, (ii) non-cash equity-based compensation, (iii) benefit from income taxes, and (iv) certain other items such as material general and administrative costs, 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 (loss) 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.

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, 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 (LOSS) INCOME

(in thousands) FOR THE THREE MONTHS ENDED MARCH 31, 2026

Net (Loss) Income

$ (42,280)

Add:

Unrealized loss on derivative instruments 48,176

Equity-based compensation 725

G&A costs related to severance 2,400

Benefit from income taxes (9,465)

Adjusted (Loss) Income Before Adjusted Income Tax Expense (444)

Adjusted Income Tax Expense(1)

103

Adjusted Net (Loss) Income (non-GAAP) $ (341)

(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 MARCH 31, 2026

Revolving Credit Facility $ 144,500

Less: Cash 3,180

Net Debt $ 141,320

FOR THE THREE MONTHS ENDED

MARCH 31, 2026

FOR THE TRAILING TWELVE MONTHS ENDED

MARCH 31, 2026

Net (Loss) Income

$ (42,280) $ (19,672)

Add:

Interest expense $ 2,615 $ 9,916

Provision for (Benefit from) income taxes (9,465) 534

Depletion, depreciation, amortization, and accretion 31,188 134,036

Equity-based compensation 725 8,501

Unrealized loss on derivative instruments 48,176 36,507

G&A costs related to Lucero acquisition — 542

G&A costs related to severance 2,400 2,400

Adjusted EBITDA $ 33,359 $ 172,764

Net Debt to Adjusted EBITDA ratio 0.82

RECONCILIATION OF FREE CASH FLOW

(in thousands) FOR THE THREE MONTHS ENDED

MARCH 31, 2026

Net cash provided by operating activities

$ 24,024

Add:

Changes in operating assets and liabilities 4,547

G&A costs related to severance

2,400

Cash flow from operations before changes in operating assets and liabilities 30,971

Less: Development of oil and gas properties (18,987)

Free Cash Flow $ 11,984

INVESTOR AND MEDIA CONTACT

Ben Messier, CFA

Director – Investor Relations and Business Development

(720) 532-8232

benmessier@vitesse-vts.com

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Cover page.

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No definition available.

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For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

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No definition available.

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- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

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No definition available.

+ Details

Name:

dei_DocumentType

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Data Type:

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Balance Type:

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- Definition

Address Line 1 such as Attn, Building Name, Street Name

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No definition available.

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- Definition

Address Line 2 such as Street or Suite number

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No definition available.

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Name:

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- Definition

Name of the City or Town

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No definition available.

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- Definition

Code for the postal or zip code

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No definition available.

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Name of the state or province.

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No definition available.

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- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Indicate if registrant meets the emerging growth company criteria.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 7A

-Section B

-Subsection 2

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- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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No definition available.

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- Definition

Two-character EDGAR code representing the state or country of incorporation.

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No definition available.

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- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

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- Definition

Local phone number for entity.

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No definition available.

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Name:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

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Name:

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Namespace Prefix:

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- Definition

Title of a 12(b) registered security.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

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- Definition

Name of the Exchange on which a security is registered.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

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Name:

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

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- Definition

Trading symbol of an instrument as listed on an exchange.

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No definition available.

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- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

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