Investor Presentaiton
Disclaimer
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.
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