Vitesse Energy Announces Completion of Lucero Acquisition
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) ha completato con successo l'acquisizione precedentemente annunciata di Lucero Energy Corp. L'accordo, approvato dagli azionisti di entrambe le aziende il 5-6 marzo 2025, prevede che gli azionisti di Lucero ricevano 0,01239 azioni Vitesse per ogni azione Lucero.
Dopo l'acquisizione, le azioni di Lucero saranno rimosse dal TSX Venture Exchange e dal mercato OTCQB, mentre le nuove azioni Vitesse verranno scambiate sul NYSE. L'azienda si aspetta che questa acquisizione migliori le sue capacità di dividendo e fornisca ulteriore liquidità per future acquisizioni accrescitrici.
Come parte delle modifiche di governance, M. Bruce Chernoff e Gary D. Reaves sono stati nominati nel Consiglio di Amministrazione di Vitesse, portando il numero dei membri a nove. Il team di leadership esistente di Vitesse manterrà le proprie posizioni attuali.
Vitesse Energy (NYSE: VTS) ha completado con éxito su adquisición previamente anunciada de Lucero Energy Corp. El acuerdo, aprobado por los accionistas de ambas compañías el 5-6 de marzo de 2025, implica que los accionistas de Lucero recibirán 0.01239 acciones de Vitesse por cada acción de Lucero.
Tras la adquisición, las acciones de Lucero serán eliminadas de la Bolsa de Valores TSX Venture y del mercado OTCQB, mientras que las nuevas acciones de Vitesse se negociarán en el NYSE. La compañía espera que esta adquisición mejore sus capacidades de dividendos y proporcione liquidez adicional para futuras adquisiciones accretivas.
Como parte de los cambios en la gobernanza, M. Bruce Chernoff y Gary D. Reaves han sido nombrados en la Junta Directiva de Vitesse, ampliándola a nueve miembros. El equipo de liderazgo existente de Vitesse mantendrá sus posiciones actuales.
Vitesse Energy (NYSE: VTS)는 Lucero Energy Corp의 이전에 발표된 인수를 성공적으로 완료했습니다. 이 계약은 2025년 3월 5-6일 양사의 주주들에 의해 승인되었으며, Lucero의 주주들은 Lucero 주식 1주당 0.01239 Vitesse 주식을 받게 됩니다.
인수 후, Lucero의 주식은 TSX 벤처 거래소와 OTCQB 시장에서 상장 폐지되며, 새로 발행된 Vitesse 주식은 NYSE에서 거래됩니다. 이 회사는 이번 인수가 배당 능력을 향상시키고 미래의 가치 있는 인수에 대한 추가 유동성을 제공할 것으로 기대하고 있습니다.
지배구조 변경의 일환으로, M. Bruce Chernoff와 Gary D. Reaves가 Vitesse의 이사회에 임명되어 총 9명의 이사로 확대되었습니다. 기존 Vitesse 리더십 팀은 현재의 직위를 유지할 것입니다.
Vitesse Energy (NYSE: VTS) a réussi à finaliser son acquisition précédemment annoncée de Lucero Energy Corp. L'arrangement, approuvé par les actionnaires des deux entreprises les 5 et 6 mars 2025, implique que les actionnaires de Lucero reçoivent 0,01239 actions de Vitesse pour chaque action de Lucero.
Suite à l'acquisition, les actions de Lucero seront retirées de la TSX Venture Exchange et du marché OTCQB, tandis que les nouvelles actions de Vitesse seront négociées sur le NYSE. L'entreprise s'attend à ce que cette acquisition améliore ses capacités de dividende et fournisse une liquidité supplémentaire pour de futures acquisitions accretives.
Dans le cadre des changements de gouvernance, M. Bruce Chernoff et Gary D. Reaves ont été nommés au conseil d'administration de Vitesse, portant le nombre de membres à neuf. L'équipe de direction actuelle de Vitesse conservera ses postes actuels.
Vitesse Energy (NYSE: VTS) hat erfolgreich die zuvor angekündigte Übernahme von Lucero Energy Corp abgeschlossen. Die Vereinbarung, die von den Aktionären beider Unternehmen am 5.-6. März 2025 genehmigt wurde, sieht vor, dass Lucero-Aktionäre für jede Lucero-Aktie 0,01239 Vitesse-Aktien erhalten.
Nach der Übernahme werden die Lucero-Aktien von der TSX-Venture-Börse und dem OTCQB-Markt delisted, während die neu ausgegebenen Vitesse-Aktien an der NYSE gehandelt werden. Das Unternehmen erwartet, dass diese Übernahme seine Dividendenfähigkeiten verbessert und zusätzliche Liquidität für zukünftige wertschöpfende Übernahmen bereitstellt.
Im Rahmen der Änderungen in der Unternehmensführung wurden M. Bruce Chernoff und Gary D. Reaves in den Vorstand von Vitesse berufen, wodurch die Anzahl der Mitglieder auf neun erhöht wird. Das bestehende Führungsteam von Vitesse wird seine aktuellen Positionen beibehalten.
- Expected dividend increase
- Enhanced liquidity for future acquisitions
- Board expansion with two new directors
- None.
“We are pleased to complete the acquisition of Lucero, which is expected to increase our dividend and will provide additional liquidity to further our ability to make accretive acquisitions,” said Bob Gerrity, Vitesse’s Chairman and Chief Executive Officer. “We are grateful for the hard work and dedication of the Vitesse and Lucero employees, who have been working diligently to help us finalize this acquisition.”
TRANSACTION DETAILS
Pursuant to the Arrangement Agreement between Vitesse and Lucero, dated December 15, 2024, at the closing of the Arrangement each common share of Lucero (the “Lucero Shares”) has the right to receive 0.01239 of a share of Vitesse common stock (the “Vitesse Shares”). The Vitesse Shares to be issued to holders of Lucero Shares will trade on the New York Stock Exchange. With the completion of the Arrangement, Lucero Shares will be delisted from the TSX Venture Exchange and the OTCQB Market.
GOVERNANCE AND LEADERSHIP
Effective with the closing of the Arrangement, M. Bruce Chernoff and Gary D. Reaves have been appointed to Vitesse’s Board of Directors. The additions expand Vitesse’s board to a total of nine directors. Vitesse’s leadership team will continue to serve in their respective capacities in the Company.
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
Certain statements in this press release concerning the Arrangement, including any statements regarding the results, effects, benefits and synergies of the Arrangement, future opportunities for Vitesse, Vitesse’s dividend, future financial performance and condition, guidance and any other statements regarding Vitesse’s future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts are "forward-looking" statements based on assumptions currently believed to be valid. Forward-looking statements are all statements other than statements of historical facts. The words "anticipate," "believe," "ensure," "expect," "if," "intend," "estimate," "probable," "project," "forecasts," "predict," "outlook," "aim," "will," "could," "should," "would," "potential," "may," "might," "anticipate," "likely," "plan," "positioned," "strategy," and similar expressions or other words of similar meaning, and the negatives thereof, are intended to identify forward-looking statements. Specific forward-looking statements include, but are not limited to, statements regarding Vitesse’s plans and expectations with respect to the Arrangement, the status of the listing of Lucero Shares on the TSX Venture Exchange and the anticipated impact of the Arrangement on Vitesse’s results of operations, financial position, growth opportunities and competitive position, including its dividend, its ability to make future accretive acquisitions and its strategies and plans and integration. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995.
These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated, including, but not limited to, potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the Arrangement; the diversion of management time on Arrangement-related issues; the ultimate timing, outcome and results of integrating the operations of Vitesse and Lucero; the ability of Vitesse to realize anticipated synergies in the timeframe expected or at all; changes in capital markets and the ability of Vitesse to finance operations in the manner expected; the risk of changes in governmental regulations or enforcement practices; the effects of commodity prices; the risks of oil and gas activities; and the fact that operating costs and business disruption may be greater than expected following the consummation of the Arrangement. Expectations regarding business outlook, including changes in revenue, pricing, capital expenditures, cash flow generation, strategies Vitesse’s operations, oil and natural gas market conditions, legal, economic and regulatory conditions, and environmental matters are only forecasts regarding these matters.
Additional factors that could cause results to differ materially from those described above can be found in the definitive proxy statement filed by Vitesse on January 31, 2025 and Vitesse’s Annual Report on Form 10-K for the year ended December 31, 2023 and subsequent Quarterly Reports on Form 10-Q, which are on file with the Securities and Exchange Commission and available from Vitesse’s website at www.vitesse-vts.com under the “Investors” tab.
All forward-looking statements speak only as of the date they are made and are based on information available at that time. Vitesse undertakes no obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by applicable securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250307252045/en/
INVESTOR AND MEDIA CONTACT
Ben Messier, CFA
Director – Investor Relations and Business Development
(720) 532-8232
benmessier@vitesse-vts.com
Source: Vitesse Energy, Inc.
FAQ
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