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Vitesse Energy (NYSE: VTS) has successfully completed its previously announced acquisition of Lucero Energy Corp. The arrangement, approved by both companies' shareholders on March 5-6, 2025, involves Lucero shareholders receiving 0.01239 Vitesse shares for each Lucero share.
Following the acquisition, Lucero shares will be delisted from the TSX Venture Exchange and OTCQB Market, while the newly issued Vitesse shares will trade on the NYSE. The company expects this acquisition to enhance its dividend capabilities and provide additional liquidity for future accretive acquisitions.
As part of the governance changes, M. Bruce Chernoff and Gary D. Reaves have been appointed to Vitesse's Board of Directors, expanding it to nine members. The existing Vitesse leadership team will maintain their current positions.
Vitesse Energy (NYSE: VTS) has announced a definitive agreement to acquire Lucero Energy in an all-stock transaction valued at US$222 million. Under the deal, Lucero shareholders will receive 0.01239 Vitesse shares for each Lucero share, resulting in approximately 8,175,000 shares to be issued at closing. The acquisition is expected to be immediately accretive to Vitesse's earnings and support a dividend increase from $2.10 to $2.25 per share annually.
Key highlights include Lucero's debt-free status with US$56 million in cash, expected annual G&A synergies of US$3 million, and combined two-stream production of approximately 19.4 Mboe/d. The deal adds operational capabilities with over 65 producing wells and up to 50 gross locations in the Bakken. Post-closing, existing Vitesse stockholders will own approximately 80% of the combined company.
