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November 2025 Investor Presentation Vitesse is the French word for velocity. VTS represents the velocity of capital compounding.
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2 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, future estimated production, business strategy and ability to scale, dividend plans and practices, 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 acquisitions, including the Lucero Energy Corp. (“Lucero”) acquisition, 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; the ultimate timing, outcome, and results of integrating and executing on Lucero’s operations; 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 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; changes in US trade policy, including the imposition of and change in tariffs and resulting consequences; 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 conflicts in the Middle East and Ukraine) or terrorism, and other economic, competitive, governmental, regulatory and technical factors, including a prolonged government shutdown, 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. Net Debt is calculated by deducting cash on hand from the amount outstanding on our revolving credit facility as of the balance sheet or measurement date. Adjusted EBITDA is defined as net income (loss) before expenses for interest, income taxes, depletion, depreciation, amortization and accretion, and excludes non-cash equity-based compensation and non-cash gains and losses on unsettled derivative instruments in addition to certain other items such as material general and administrative costs related to the Lucero acquisition. Disclaimer
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3 Vitesse is… A Long Duration Asset (1) Currently approved $2.25 annualized dividend divided by 10/31/25 closing price of $21.75. 80%+ of assets comprised of undeveloped resources High Yielding Inflation Protected Leveraged to Technology 10% fixed dividend yield(1) Oil-weighted asset offers outsized beta to inflation Undeveloped locations continue to become more capital efficient over time
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4 Returns-Based Capital Allocation Framework Fixed Dividend(1) $0.5625 per Share Quarterly Cash Dividend Organic Capex Deep Inventory with > 200 Remaining Net Two-Mile- Equivalent 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 (1) Dividends are subject to board approval and compliance with restrictions in credit agreement.
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5 Vitesse Asset Overview Vitesse is a predominantly non-operated working and mineral interest owner of oil and natural gas assets primarily in the Bakken oil field in North Dakota Asset diversification and strong inventory of undeveloped locations Vitesse has interests in 7,612 productive wells (226 net wells) with an average working interest of 3.6% per working interest well Vitesse estimates there are >200 remaining net undeveloped two-mile- equivalent locations across its asset, of which 38.4 were Proved Undeveloped as of December 31, 2024 Development across the asset offers high return reinvestment opportunities 713 gross (20.8 net) wells drilling, completing or permitted for development Low maintenance capex underpins free cash flow generation Note: Financial and operating information as of September 30, 2025, unless otherwise noted. (1) Based on 2025 guidance issued on November 3, 2025. (2) Based on the arithmetical sum of Vitesse’s Cawley, Gillespie & Associates, Inc. year-end report and Vitesse’s internal reserves for Lucero as of December 31, 2024, which have not been reviewed by an independent reserve engineer. WTI of $76.32/Bbl and Henry Hub of $2.13/MMBtu before adjustment for differentials. PV-10 is a non-GAAP financial measure. See the Appendix for a reconciliation to the most comparable GAAP measure. $806 MM(2) 1P PV-10 17.0 – 17.5 MBoe/d(1) 2025E Net Production 65 - 67%(1) 2025E Oil Weighting $609 MM(2) PDP PV-10 ~25 Years of Drilling Inventory > 200 Net Estimated Two-Mile- Equivalent Locations
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6 Rigs on Vitesse Acreage (15 of 33 in Bakken) Vitesse PDP Wells Vitesse Non-Op Acreage Vitesse Operated Acreage 10% VTS Operated 21% Chord25% Other Working Interest Net Acres: 53,473 Note: Information provided as of September 30, 2025. 6 Diversification across 30+ operators and 7,600+ producing wells means no single well can make or break Vitesse’s results Historically, Vitesse participates in 30- 55% of the rigs drilling in the basin, effectively creating a Bakken ETF Acreage in the Core of the Williston Basin with Exposure to Leading Operators
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7 Luminis Our custom-built, scalable software enables us to efficiently manage thousands of additional wells with the same level of effort. With our vast amount of data, we model opportunities utilizing the most up to date information from our accounting, land, engineering and operations teams. Vitesse’s internally developed chat bot allows users to interact with our data for immediate clarity to complex questions. AI helps Vitesse quickly identify patterns and trends in large datasets, uncovering insights that humans might not detect. LUMINIS DATA AI MODEL CHAT BOT Our proprietary data system, Luminis, is a central repository of data that serves as the single source of truth for reporting and provides inputs for modeling and guiding financial decisions. Luminis Enables Us to Scale Assets Without Adding G&A
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8 Investment Highlights Significant Free Cash Flow Limited capex required to keep production flat, supporting free cash flow Dividend Payer $0.5625 per share quarterly dividend High Quality and Long Duration Asset 80%+ of assets comprised of undeveloped resources History of Economic Transactions Nearly 200 acquisitions and divestitures totaling $759 million Prudent Risk Management Target Net Debt / Adjusted EBITDA(2) less than 1.0x, oil, gas, and NGL hedges into 2027, and diversified assets Process Oriented Highly scalable, data-driven proprietary systems established to scrutinize every financial decision Strong Investor Alignment Vitesse insiders own more than 25% of the outstanding shares (1) (1) Includes equity awards to Vitesse insiders and assumes full vesting of such awards. (2) Net debt and Adjusted EBITDA are non-GAAP measures. See slide 2 for definitions of net debt and Adjusted EBITDA.
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Appendix
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10 Note: The above tables reconcile certain Vitesse Energy, Inc. and Lucero non-GAAP financial information to Vitesse’s respective U.S. GAAP measures. Vitesse believes that the disclosed non-GAAP measures and any adjustments thereto, when presented in conjunction with comparable U.S. GAAP measures are useful to investors as they enable investors to evaluate Vitesse results through the eyes of management. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. Reconciliation of 1P PV-10 and PDP PV-10 (Non-GAAP Financial Measures) ($ in thousands) 2024 Standardized measure $506,331 Plus: Federal income taxes, discounted at 10% $80,259 Plus: Lucero 1P PV-10 $219,697 1P PV-10 (non-GAAP) $806,287 (Less): Proved developed non-producing PV-10 ($19,731) (Less): Proved undeveloped PV-10 ($128,273) (Less): Lucero Proved developed non-producing PV-10 ($2,335) (Less): Lucero Proved undeveloped PV-10 ($46,921) PDP PV-10 (non-GAAP) $609,027