#1Vitesse VTS Investor Presentation November 2023#2Disclaimer Vitesse VTS Forward Looking Statements This presentation 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 presentation regarding Vitesse Energy, Inc.'s ("Vitesse") financial position, operating and financial performance, development pace and drilling inventory and duration, capital expenditure requirements, business strategy and ability to scale, dividend plans and practices, 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 property acquisitions, 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 and potential shutdown of the Dakota Access Pipeline; the COVID-19 pandemic and its related economic repercussions and effect on the oil and natural gas industry; the impact of general economic or industry conditions, nationally and/or in the communities in which Vitesse conducts business, including central bank policy actions, bank failures and associated liquidity risks; changes in the interest rate environment, legislation or regulatory requirements; 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 the armed conflict in Israel and Ukraine) 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. Non-GAAP Financial Measure PV-10 is the present value of estimated future oil and gas revenues, net of estimated direct expenses, discounted at an annual discount rate of 10% to estimate the present value of proved oil and natural gas reserves. PV-10 is a non-GAAP financial measure and is derived from the standardized measure of discounted future net cash flows ("Standardized Measure"), which is the most directly comparable GAAP measure for proved reserves calculated using SEC Pricing. PV-10 is a computation of the Standardized Measure on a pre-tax basis. PV-10 is equal to the Standardized Measure at the applicable date, before deducting future income taxes discounted at 10 percent. Management believes that the presentation of PV-10 is relevant and useful to investors because it presents the discounted future net cash flows attributable to Vitesse's estimated net proved reserves prior to taking into account future corporate income taxes, and it is a useful measure for evaluating the relative monetary significance of Vitesse's oil and natural gas properties. Further, investors may utilize the measure as a basis for comparison of the relative size and value of Vitesse's reserves to other companies. Management uses this measure when assessing the potential return on investment related to Vitesse's oil and natural gas properties. PV-10, however, is not a substitute for the Standardized Measure. A reconciliation of PV-10 to the Standardized Measure is included in the Appendix of this presentation. 2#3Investment Highlights Significant Free Cash Flow Limited capex required to keep production flat, supporting free cash flow Dividend Payer Additional $0.50 per share dividend to be paid fourth quarter of 2023 High Quality and Long Duration Asset 80%+ of assets comprised of undeveloped locations History of Economic Acquisitions 186 acquisitions totaling $570 million Prudent Risk Management Target Net Debt / Adjusted EBITDA less than 1.0x, oil hedges into 2025, and diversified asset base Process Oriented Highly scalable, data-driven proprietary systems established to scrutinize every financial decision Strong Investor Alignment Vitesse insiders have increased ownership since the spin-off to -25% of the outstanding shares (1) (1) Includes equity awards to Vitesse insiders and assumes full vesting of such awards. 3 Vitesse VTS#4Returns-Based Capital Allocation Framework Vitesse VTS VITESSE CAPITAL ALLOCATION STRATEGY Fixed Dividend $0.50 per Share Quarterly Dividend Organic Capex Deep Inventory with > 200 Remaining Net Bakken Locations Near-Term Development Acquisitions Strategy Focused on Drill-Bit Ready Non-Op Interests Asset Acquisition Demonstrated Track Record of Accretive Asset Acquisitions Share Buybacks Opportunistic $60 Million Share Repurchase Program Approved Debt Paydown Target Leverage < 1.0x, Consistent with Historical Operations 4#5Vitesse Asset Overview Vitesse is a non-operated working and mineral interest owner of oil and gas assets primarily in the Bakken oil field in North Dakota Asset diversification and strong inventory of undeveloped locations ■ Vitesse has interests in 6,736 productive wells (155 net wells) with an average working interest of 2.8% per working interest well ■ Vitesse estimates there are >200 remaining net undeveloped locations across its asset, of which 36.3 were Proved Undeveloped as of December 31, 2022 Development across the asset offers high return reinvestment opportunities ■ 761 gross (17.7 net) wells drilling, completing or permitted for development by our operators Low maintenance capex underpins free cash flow generation 11.0 MBoe/d(1) Net Production > 200 Net Estimated Remaining Locations " $1,246 MM(2) 1P PV-10 Vitesse VTS 67% Oil Weighting $845 MM(2) PDP PV-10 > 30 Years of Drilling Inventory ☐ ■ ~45% reinvestment rate to hold production flat(3) Note: Financial and operating information as of September 30, 2023 unless otherwise noted. (1) Net production reflects third quarter 2023. (2) Cawley, Gillespie & Associates, Inc. year-end reports as of December 31, 2022. WTI of $94.14/Bbl and Henry Hub of $6.36/MMBtu. PV-10 is a non-GAAP financial measure. See the Appendix for a reconciliation to the most comparable GAAP measure. (3) Defined as total capex divided by Adjusted EBITDA at $80 WTI / $3.50 HH. 5#6Acreage in the Core of the う Williston Basin with Exposure to Leading Operators Sheridan 80 21% Other Roosevelt O ☐ Π ☐ L 30% Other 20% Chord 4% Kraken 4% Conoco 5% Civitas 5% Slawson 6% Marathon 13% Continental 18% Chord 17% Grayson Mill ㅁ 日 C O O 目 Richland ㅁ 10% Continental 9% Grayson Mill 6% EOG 9% Hess Prairie 3Q23 Net Production: 11,009 Boe/d 8% Hess Working Interest 3% Marathon Net Acres: 48,306 4% Exxon Mobil Note: Information provided as of September 30, 2023. 5% Petro-Hunt 5% Slawson O - Divide E Williams Wibaux 9 Burke ☐ McKenzie Golden Renville ☐ ☐ ☐ ☐ = ୯ Billings L ☐ Mountrail Ward ㅁ D Dunn D O D B 日 ㅁ Stal McLean Mercer Rigs on Vitesse Acreage (12 of 33 in Bakken) Vitesse PDP Wells Vitesse Acreage#7Our Proprietary Processes Enable Us to Scale Assets Without Adding G&A . Data Because there is no off-the-shelf software for non-op, we created our own proprietary system Our system, Luminis, is a central repository of data which serves as the single source of truth for Vitesse from which we report and provide inputs to make all financial decisions • As we are primarily allocators of capital, it is essential that we have reliable and accurate information about all our wells and expenditures • • Modeling Vitesse uses data from Luminis to accurately underwrite acquisitions and make financial projections We scrutinize every dollar we invest using our financial models • • Vitesse Proactive Asset Management Vitesse has a forensic team of in-house VTS attorneys, landmen and accountants that scour each asset for value Our expert team uses a proprietary process termed "Project Vulcan" to optimize our assets Land Finance Engineering Accounting "Fat Pitch" Acquisitions LUMINIS Corporate Model AFE Analyses LUMINIS 7 NTD Acquisitions Vitesse takes undervalued and misunderstood assets and turns them into capital compounding vehicles#8Executive Team and Board of Directors The Board includes a variety of executive, operational, and financial experience Bob Gerrity Chairman & Chief Executive Officer ■ Gerrity invested his own capital in the beginning of what would become Vitesse Prior to founding Vitesse in 2014, Mr. Gerrity established and was on the management team at Gerrity Oil & Gas ("Gerrity Oil") Corporation, which was one of the most active operators in the country in the early 1990s Joseph Steinberg ■Has served as a director on the Jefferies Board since December 1978 and as Chairman since March 2013 ■Served as President of Leucadia from 1979 to 2014 ■ Oversaw Jefferies' investments in HomeFed Corporation from 1998 to 2019, HRG Group from 2014 to 2018, and Spectrum Brands Holdings, Inc. from 2018 to 2019, and was a director of Fidelity & Guaranty Life from 2015 to 2017 Director Brian Cree President Jimmy Henderson Chief Financial Officer Brian Friedman Director Vitesse ■ Joined the predecessor of Gerrity Oil in in 1987 and worked closely with Mr. Gerrity for almost nine years to grow and eventually merge Gerrity Oil & Gas Corporation with Patina Oil & Gas Corp. in 1996 At Gerrity Oil, Mr. Cree served as Chief Financial Officer, Senior Vice President of Operations and Chief Operating Officer, and served as a Director on its board ■ Prior to joining Vitesse in 2023, Mr. Henderson was CFO of Whiting Petroleum until its merger with Oasis Petroleum Before Whiting, Mr. Henderson was CFO of Kodiak Oil and Gas and SRC Energy, both of which merged with larger companies Mr. Henderson's oil and gas finance experience has included multiple capital markets transactions, acquisitions and treasury management ■Currently serves as President and Director of Jefferies Financial Group ■Served as President of Jefferies Capital Partners, a private equity fund, beginning in 1997 ■ Previously employed by Furman Selz LLC and its successors, serving as Head of Investment Banking Prior to his time at Furman Selz, Mr. Friedman was an attorney with Wachtell, Lipton, Rosen & Katz VTS Linda Adamany Director Has been a director on the Jefferies Board since 2014, served as director of Jefferies Group LLC since November 2018, and serves as a director of Coeur Mining Inc. and Blackrock Institutional Trust Company Served as a Group VP of Refining and Marketing at BP plc, where she was employed from 1980 until her retirement in 2007 Cathleen Osborn Director Served as Executive VP, General Counsel and Corporate Secretary of SRC Energy from 2015 to 2020 Previously served as Deputy General Counsel for Whiting Petroleum Corporation from 2014 to 2015 and General Counsel for Kodiak Oil & Gas Corporation from 2011 to 2014 8 Daniel O'Leary Lead Independent Director Randy Stein Director ■Chairman and CEO of Edgen Murray Corporation Has served on the board of Hillman Solutions Corp. since 2021 and has served on the board of Custom Ecology, Inc. since 2021 ■Spent 20 years with PwC, most recently as principal in charge of the Denver, Colorado tax practice ■Currently serves on the board of Club Oil & Gas Inc., a company that invests in oil and natural gas interests#9Appendix Vitesse VTS#10Reconciliation of 1P PV-10 and PDP PV-10 (non-GAAP financial measures) in thousands) Standardized measure Plus: Federal income taxes, discounted at 10% 1P PV-10 (non-GAAP) (Less): Proved developed non-producing PV-10 (Less): Proved undeveloped PV-10 PDP PV-10 (non-GAAP) 2022 Vitesse Energy, LLC $1,179,984 $0 Vitesse Oil, LLC $65,626 $0 Combined $1,245,610 $0 $1,179,984 $65,626 $1,245,610 ($6,576) ($22) ($6,598) ($386,448) ($7,924) ($394,371) $786,960 $57,681 $844,641 Note: The above tables reconcile certain Vitesse Energy, LLC and Vitesse Oil, LLC non-GAAP financial information to their respective U.S. GAAP measures. Vitesse believes that the disclosed non-GAAP measures and any adjustments thereto, when presented in conjunction with comparable U.S. GAAP measures are useful to investors as they enable investors to evaluate Vitesse results through the eyes of management. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. 10 Vitesse VTS