VTSMEDIUM SIGNALOPERATIONAL10-K

VTS significantly expanded operations through the Lucero Acquisition, increasing well count by 25% and shifting from purely non-operated to limited operating activities.

The company has transformed its operational profile by completing the all-stock Lucero Acquisition in March 2025, moving from 6,071 to 6,402 gross wells and beginning limited operating activities in addition to its traditional non-operated model. The 58% decline in operating income despite 13% revenue growth suggests integration challenges or higher operational costs from the expanded role, though net income still increased 20%.

Comparing 2026-03-02 vs 2025-03-12View on EDGAR →
FINANCIAL ANALYSIS

VTS shows mixed operational performance with revenue growing 13% to $274M and net income rising 20% to $25.3M, but operating income fell sharply by 58% to $17.1M, indicating higher operational costs. The balance sheet strengthened significantly with stockholders' equity increasing 26% to $629.3M and total liabilities declining 15%, while the company maintained strong cash generation as evidenced by a 45% increase in dividends paid to $92.1M. Overall, the financials reflect a company investing heavily in growth through acquisition while maintaining solid underlying cash generation and balance sheet health.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
-58.2%
$41.0M→$17.1M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Current Liabilities
Balance Sheet
-48.9%
$100.3M→$51.3M

Current liabilities reduced — improved short-term financial position and working capital health.

Dividends Paid
Cash Flow
+45%
$63.6M→$92.1M

Dividend payments increased 45% — management confidence in sustained cash generation.

Interest Expense
P&L
+27%
$4.2M→$5.3M

Interest costs rose 27% — monitor debt levels and coverage ratio in rising rate environment.

Stockholders Equity
Balance Sheet
+25.8%
$500.3M→$629.3M

Equity base grew 25.8% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Accounts Receivable
Balance Sheet
-23%
$39.8M→$30.6M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Net Income
P&L
+20%
$21.1M→$25.3M

Net income grew 20% — bottom-line growth signals improving overall business health.

Total Liabilities
Balance Sheet
-15%
$310.6M→$264.0M

Liabilities reduced 15% — deleveraging improves balance sheet strength and financial flexibility.

Revenue
P&L
+13.2%
$242.0M→$274.0M

Revenue growing 13.2% — solid top-line momentum, watch margins for quality of growth.

Total Assets
Balance Sheet
+10.2%
$810.9M→$893.4M

Asset base grew 10.2% — expansion through organic growth, acquisitions, or capital deployment.

LANGUAGE CHANGES
NEW — 2026-03-02
PRIOR — 2025-03-12
ADDED
As of February 27, 2026, the registrant had 39,776,727 shares of common stock, $0.01 par value per share, outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 51 Item 7A.
We primarily engage in the acquisition, development and production of non-operated oil and natural gas properties in the United States that are generally operated by leading oil companies and are primarily in the Williston Basin of North Dakota and Montana, and we have limited operations in the Williston Basin through the Lucero Acquisition which we closed on March 7, 2025 in an all-stock transaction.
We owned an average working interest of 3.5% in 6,402 gross (226.1 net) productive wells and royalty interests in an additional 1,301 productive wells as of December 31, 2025.
We develop our oil and natural gas acreage both as an operator and, on a proportionate basis, as a non operator alongside third party interests in wells within spacing units that include our acreage.
As of December 31, 2025, we owned a working interest in 283 gross (6.1 net) wells that were being drilled or completed, and an additional 336 gross (15.9 net) wells that had been permitted for future development by us or our operating partners.
With respect to our non-operated assets, our operators market and sell the oil and natural gas extracted from our wells.
AS OF DECEMBER 31, 2025 NET ACRES (1) PRODUCTIVE WELLS (1) GROSS NET AVERAGE DAILY PRODUCTION (2) (Boe/d) PROVED RESERVES (3) (MBoe) PV-10 (3) (in thousands) % OIL % PROVED DEVELOPED Williston Basin 53,301 6,275 210 16,861 45,860 $ 451,352 65 % 71% Central Rockies (4) 218 127 16 583 1,940 21,333 47 % 86% Total/Weighted Average 53,519 6,402 226 17,444 47,800 $ 472,685 64 % 71% (1) In addition, we have royalty interests in 1,301 productive wells, on 1,469 net royalty acres.
To effect the separation Jefferies distributed all of our outstanding common stock held by Jefferies to Jefferies shareholders, and we became an independent, publicly traded company.
Our common stock began trading on the New York Stock Exchange on January 17, 2023 under the symbol VTS.
REMOVED
As of March 10, 2025, the registrant had 38,578,409 shares of common stock, $0.01 par value per share, outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 55 Item 7A.
Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters 69 Item 13.
and its consolidated subsidiaries other than, for all periods following the Spin-Off, Vitesse, unless the context requires otherwise; Jefferies Capital Partners refers to Jefferies Capital Partners V L.P.
We primarily engage in the acquisition, development and production of non-operated oil and natural gas properties in the United States that are generally operated by leading oil companies and are primarily in the Williston Basin of North Dakota and Montana, although we have assumed limited operations in the Williston Basin through the Lucero Acquisition.
We owned an average working interest of 2.8% in 6,071 gross (168.2 net) productive wells and royalty interests in an additional 1,180 productive wells as of December 31, 2024.
We have engaged in oil and natural gas development by participating on a proportionate basis alongside third-party interests in wells drilled and completed in spacing units that include our acreage.
As of December 31, 2024, we owned a working interest in 248 gross (9.7 net) wells that were being drilled or completed, and an additional 362 gross (8.0 net) wells that had been permitted for future development by our operating partners.
On March 7, 2025, the Lucero Acquisition was consummated pursuant to which we acquired Lucero in an all-stock transaction.
Lucero shareholders received 0.01239 of a share of Vitesse common stock for each common share of Lucero (other than Lucero common shares with respect to which dissenters rights have been validly exercised and not validly withdrawn), with 8,169,368 shares of Vitesse common stock issued.
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