Vitesse Energy, Inc. Receives Exemptive Relief From Canadian Securities Authorities Regarding Future Canadian Oil and Gas Filings

Rhea-AI Summary

Vitesse Energy (NYSE: VTS) has secured exemptive relief from Canadian securities authorities regarding future filing requirements. This development follows Vitesse becoming a reporting issuer in Alberta, British Columbia, Saskatchewan, and Ontario on March 7, 2025, after acquiring Lucero Energy Corp.

The exemption relieves Vitesse from compliance with Canada's National Instrument 51-101 requirements and the Canadian Oil and Gas Evaluation Handbook. Instead, the company will follow U.S. Securities and Exchange Commission (SEC) disclosure standards for oil and gas activities. Vitesse must file these disclosures on www.sedarplus.ca after SEC submission.

Positive

• Reduced regulatory burden by eliminating duplicate filing requirements
• Streamlined reporting process following U.S. SEC standards only

Negative

• None.

Insights

Corporate Securities Lawyer

Vitesse Energy's exemptive relief from Canadian securities regulations represents a modest administrative win following their acquisition of Lucero Energy Corp. The relief specifically exempts Vitesse from National Instrument 51-101 requirements - Canada's oil and gas disclosure standards that would have created duplicate reporting obligations.

This development streamlines Vitesse's regulatory compliance by allowing them to maintain their existing SEC disclosure format rather than preparing separate Canadian filings. The company only needs to ensure their SEC filings are promptly submitted to Canadian authorities via SEDAR+.

The practical implications are straightforward: reduced administrative burden, potential cost savings, and simplified compliance processes. However, the core transparency requirements remain - Vitesse must still provide comprehensive oil and gas activity disclosures, just in SEC format rather than Canadian format.

For investors, this means consistent disclosure formats across markets, avoiding potentially confusing differences between U.S. and Canadian reporting methodologies. Such regulatory harmonization is increasingly common for cross-listed companies but rarely impacts operational performance or fundamental value.

While the article mentions Vitesse's March 7 acquisition of Lucero Energy Corp, no details are provided regarding the acquisition's strategic rationale, financial terms, or expected synergies, which would typically be more significant factors for investor consideration than reporting requirement adjustments.

GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)-- Vitesse Energy, Inc. (NYSE: VTS) (“we,” “our,” “Vitesse,” or the “Company”) today announced that it has received exemptive relief from the applicable Canadian securities authorities regarding future filing requirements. Vitesse became a reporting issuer in the provinces of Alberta, British Columbia, Saskatchewan and Ontario on March 7, 2025 as a result of its acquisition of Lucero Energy Corp., which made the Company subject to Canadian continuous disclosure and other reporting obligations under applicable Canadian securities laws.

Applicable Canadian securities regulatory authorities have issued a decision document (the “Decision”) granting the Company exemptive relief from the requirements contained in Canada’s National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101”). As a result of the Decision, and provided that certain conditions set out in the Decision are met on an ongoing basis, the Company will not be required to comply with the Canadian requirements of NI 51-101 and the Canadian Oil and Gas Evaluation Handbook and, accordingly, will not be required to file Form 51-101F1 – Statement of Reserves Data and Other Oil and Gas Information or related forms and disclosure as part of its annual filings. In lieu of such filings, the Decision permits the Company to provide disclosure in respect of its oil and gas activities in the form permitted by, and in accordance with, the legal requirements imposed by the U.S. Securities and Exchange Commission (“SEC”), the Securities Act of 1933, the Securities and Exchange Act of 1934, the Sarbanes-Oxley Act of 2002 and the rules of the New York Stock Exchange. The Decision also provides that the Company is required to file all such oil and gas disclosures with the Canadian securities regulatory authorities on www.sedarplus.ca as soon as practicable after such disclosure is filed with the SEC.

A copy of the Decision may be found on the website of the Alberta Securities Commission at www.asc.ca.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250326354295/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

What exemptive relief did Vitesse Energy (VTS) receive from Canadian authorities in 2025?

Vitesse Energy received relief from National Instrument 51-101 requirements, allowing them to follow SEC disclosure standards instead of Canadian oil and gas reporting requirements.

How does the Canadian securities exemption affect VTS's reporting obligations?

VTS can now report oil and gas activities following U.S. SEC standards, eliminating the need to file Form 51-101F1 and related Canadian disclosures.

When did Vitesse Energy (VTS) become a reporting issuer in Canada?

VTS became a reporting issuer in Alberta, British Columbia, Saskatchewan, and Ontario on March 7, 2025, following its acquisition of Lucero Energy Corp.

What are the ongoing requirements for VTS under the new Canadian exemption?

VTS must file all oil and gas disclosures on www.sedarplus.ca after submitting them to the SEC, while meeting certain conditions specified in the Decision document.