Afternoon, everyone. I'm Jeff Elliott with Three Part Advisors. Thank you all for joining us. Our next presenting company is Vitesse Energy. With us here today from the company, we have Jamie Benard, the CEO, Jimmy Henderson, the CFO, and Ben Messier, Director of Corporate Development and Investor Relations. With that, I'll just turn it over to Jamie. Thanks, Jeff. Welcome, everyone, for hanging out late in the afternoon on day two. Look forward to telling you about Vitesse a little bit. I'm new to the organization, joined May 1st of this year. A little bit about my background. Came from what used to be Sinclair Oil and Gas. We were operator in the Williston Basin and the Permian Basin, Arkoma Basin, and then had a portfolio of 1,000 non-operating wells also. Vitesse's business model, we're an upstream E&P company based in Denver, Colorado. We own interests in about 7,900 wells across the Williston, Delaware, and Powder River Basin. This is the disclaimer slide that we need to show everyone. Our attorneys make sure that everybody sees this, so I'll give you a second to breeze through that. Vitesse at a glance. Our business, upstream E&P, has evolved over time, but we try to keep ours under these four pillars, which is own the assets, acquire more, convert them into free cash flow, and return capital back to the shareholders. Our dividend is 11% right now. That's key to our thesis and where we are. That's number one priority as we think about capital allocation, et c. We're producing about 6,300-7,200 BOE based off our guidance. We're very prudent at our hedging portfolio, mostly through swaps and collars. We're hedged through 2029, about 29% of it, as it says here, $67/bbl. From a leverage standpoint, we're very disciplined there and conservative. We aim for less than one times. If you recall the evolution of our industry and how folks were getting extremely over-levered, we're definitely not going to let that happen. We will go over slightly for an acquisition, but we want to be right back to one times within six months. This is a good overview of our acreage position in the three basins which we have a presence. The Williston Basin, North Dakota, and Montana, for those of you that aren't familiar, is core. Our founder, Bob Gerrity, and Brian Cree did a wonderful job of putting this together. 53,000 acres there in a very prolific basin. We've since branched out in the Powder River, Wyoming, DJ, and Colorado. What's interesting about the Williston Basin position from a diversification standpoint, our average working interest in a single well is 3.6%. No single well. If one well goes down, our concentration risk isn't overly concerning. As you can see from this picture here, of the drilling rigs running in the Williston Basin today, over 50% of them are running on our acreage. [audio distortion] You can see in the bottom left here, those are the operators, the suspects that [audio distortion] over 19% of the acreage, and then [audio distortion] does 9%. We operate, of our acreage, 9% of that was acquired through an acquisition closing in the first quarter of 2025. We like having that lever, another feather in our cap. If we need to throttle up on things, we can. If not, we have got exposure to some of the tier one operators within the basin. For those of you that are not familiar with what a non-operator is, we are an interest owner in a well. We pay our proportionate share of the bills. We get our proportionate share of the revenue. However, we do not need to have the staff of an operating entity, as many engineers, geoscientists, field staff, et c. We have a lot of capital flexibility. We have got that built-in diversification. What is really nice about this model is our asset base can increase. It can double, and our G&A is going to stay the same. It is the scalability, the flexibility. There are so many different ways to invest in non-operative working interests, whether it be partnering with an operator, carving out a piece, buying producing properties, et c. As it says here, selectively, at scale, we have closed over 175 acquisitions since our inception in 2013. Discipline is the word that you will hear us talk about a lot as far as capital allocation, leverage, and the way it is deployed. Again, our dividend is number one. We like to grow through accretive acquisitions without getting over-levered, maintaining that conservative balance sheet exactly 1x or less is actually where we are at right now. Excess free cash flow after that, we will look at the highest rate of return. That is when we will deploy that capital, whether it be in organic capital and wells and acreage that we already own, whether it be acquiring near-term development wellbore by wellbore, or larger producing properties that are being marketed through investment banks, et c. Again, the returns, dividends number one. These are how we look at deployment of capital. Again, in that organic CapEx with the 53,000 acres across the Williston, every dollar has to support the dividend. Whether it be a large PDP acquisition through a portfolio of wells, whether it be a single wellbore, et c, it has to be accretive to our dividend producing properties. Then obviously we can look at paying down debt. This is returns-based capital allocation, just elaborating on the previous piece there. We have got how we look and underwrite things and where we are putting our capital dollars. Everything is at strip, so what does that mean? We can hedge it. Upon closing the acquisition, we can hedge that and lock in our returns that are accretive to the dividend, free cash flow, and NAV. We are targeting the Williston Basin, the Powder River Basin, the DJ, both that and on near-term development. That market has been much more competitive of late. You look at previous years where we may have had $35 million of capital that goes into near-term development, that has become much more competitive. We have not won as many of those, and we are okay with that. People that are coming in and being very aggressive, we are not going to deviate from the returns that meet our KPI and investment thesis. Then producing properties, we have been very busy. I have been very delighted since arriving on May 1st, seeing how much activity there has been there. A lot of people talk about the Permian Basin. We have competed there, but again the dollars that are being spent there are not at the levels that we appreciate and support our business. We have been in the Williston, which is our backyard, and the Powder and the DJ, which have been less competitive for various reasons. [audio distortion] regulatory environment there, rightfully so. However, at Vitesse, when we are looking at acquisitions in the DJ, we are buying producing properties only. So that risk is eliminated. Wells that are producing today, no matter who is in office, they will be producing tomorrow. It is the undeveloped acreage that we are not paying for that is the risk. So we are not pricing that into our models at all. Again, that market has been conveniently, delightfully is the word, I think Ben last month submitted six bids in one day, and that is much more deal flow than we have seen in the past. Technically speaking, this is not just unique to Vitesse, but this is going across the basin, not just our industry, but laterals are getting longer, meaning we are drilling horizontally. So the infancy of the unconventional horizontal drilling, 1 mi was about the limit. Then we reached out to 2 mi. Now we are out to 3 mi and 4 mi on the lateral. What that does is your capital efficiency, you have to normalize it on a per foot basis, brings your capital efficiency down, your decline rate. The unconventional world wells come on at a very high rate and decline very quickly. With these longer laterals, you are not getting the huge IP, initial production volumetrically, but when it flattens out, it is at a higher level. So we like that from a base production corporately is that base production is naturally higher. You do not need as much CapEx to maintain that level. You are doing more with less. You are drilling one vertical section and going out 4 mi where you used to have to do that twice in the vertical section. That is a huge savings. Luminis, since I have been here in May, I had read about Luminis. This is an incredible feature that I would refer to as best in class with Vitesse. It is a data management system that allows us to underwrite, track look backs. It is a system that scrapes public data and our proprietary cost data all in one system that can help us. What used to take us, places I have worked previously, four to five days, we can underwrite an acquisition or a single wellbore look backs in a matter of minutes. It is layered on with an AI chatbot that we can ask it very direct questions. Show me how have the rates returned? When has payout on a single well happened? It is all broken up regionally. We have got type curves for every area within the Williston Basin. So again, this augments the G&A from [audio distortion] asset base can grow and our headcount can stay relatively flat. How is Vitesse able to do that? That is because we have all this data from these 7,900 wells that we have an interest in that you can get a subscription to Enverus and you can get production data, you can get completion design, et c, but what is not in there is the cost. How much did it cost to drill that well? How much does it cost Devon to drill that well versus Chord versus Continental, et c? We have all that and we can pinpoint exactly when we receive, whether it be an AFE to consent on a near-term drilling, looking at an acquisition. We have all that centralized into one location. The other piece value add that I have noticed is we have in an E&P space, there is massive amounts of data, and your accounting department and your engineering department, your geoscientist, is all collectively pulling data from different places. This is all centralized and knowing and having the confidence that we are all looking at the same data is huge. That might sound simple to some businesses, but that has been a challenge in E&P for a number of years, and Vitesse has cracked the code there. So, when we think about what differentiation, why is Vitesse unique? These are the things that come to mind, the highlights. Look, it is a long duration, high quality asset base. Since we have been in existence and had AFEs sent to us, we have consented on 93% of them. We can opt in or opt out. What does that speak to? It speaks to the quality of our asset. Operators generally do not propose wells that are uneconomic, and so we are able to continue to participate in those wells, extremely high rates of return. I think our track record looking at over the life of all the acquisitions is around 14%. Our weighted average cost of capital is 8%, so we feel really good about that. Inflation protected from an oil-weighted asset base is extremely important to us. The risk management, again, our hedging policy when we close an acquisition, we are hedging that immediately to lock in those returns, and take the commodity risk out of it. From a leverage perspective, keeping the balance sheet very healthy, less than 1x again. We may go over that slightly for a very short period of time for the right acquisition. When I say short period of time, within six months, we plan to be back. We will be back to less than 1x. The high dividend yield, this is again core to our existence. It has been our product since spinning off from Jefferies in 2023, 11% yield. People ask us a lot of questions. Are you going to raise the dividend? Are you going to lower the dividend? It was cut late February before bombs started flying in Iran. So we were in about a $55- $60 crude oil environment at that time, and so we like to think that is durable and sustainable so we can continue to return capital to our shareholders. The excess free cash flow, again, like we talked about earlier, can be reinvested in higher rate of return, so we will look for larger acquisitions or paying down debt. But tracking data, everything through Luminis, the 175 acquisitions that we have closed to date is all screened through Luminis, and that machine just continues to build day by day as it scrapes more data, as we accumulate more data that is ours. And last but not least, probably should have mentioned this earlier on in the deck here, but we spun off from Jefferies in 2023. And with that came shareholders within Jefferies received a lot of the shares for Vitesse. So our insider ownership is approximately 20%. So when we make these investment decisions, we are all aligned with our shareholders. So the big takeaway we would like everyone to leave with is that our disciplined capital allocation is we will not stray from that. Since I have been here, there has been numerous questions about has the strategy changed, et c, and it is no. The reason why I came here is philosophically alignment with that discipline capital allocation. But if you think about growth in our industry 10 years ago, or leading up to COVID, it was growth for growth's sake. You are not going to see us do that. We do intend to grow, but it will be very methodical. It will be very disciplined, and it will be accretive to all the metrics across the organization. So with that, let me ask my teammates here. You guys, did I miss anything that is noteworthy? Before somebody else asks that question, maybe I will ask it. So when you look into the board, what are you most impressed with? What- Besides us? Besides Jamie then? Yeah [inaudible] Sure. The most impressive thing has been Luminis. The asset base, I already knew that. It's a very impressive asset base, and that was attractive to me. But the data management, the other companies that I've been with and led, if we could have had that was kind of the end goal and didn't know what it looked like. What I've learned since I've been at Vitesse is just because I don't think it's possible, doesn't mean don't ask the question. It'll be there. As far as things under my leadership might be different, it's just augmenting what the founders put in place. Look, it was a founder-led company. It was very flat, and looking at adding some additional structure and streamlining and optimizations from a G&A perspective and hopefully applying some of my operating experiences to what we're doing. Now that we have an operated asset at the Williston Basin, that's somewhere we're very comfortable. Our team is very comfortable, and that exposure to not just non-operated opportunities, having that operated capability is huge and again, having that lever to pull on when we need it. Yes, sir. [audio distortion] Yes, sir. The question was for those online is, Luminis proprietary to Vitesse? The answer is yes, sir. It was created by and it is only with Vitesse. Yes, sir. It is a consolidator of all of that. It is the truth, and so when you look at the publics, the IHS or the Enverus, what those do not provide, our proprietary does. So we see the whole life cycle of the wells in that system. Yes, sir. [inaudible] Great question. Project by project, making sure that it is accretive in all the different metrics, and so we are hedging it based on strip, right? So we are not buying puts or selling calls. We do have some callers in there, but at its core, project by project, and then looking at it when we close an acquisition, we have a column of Vitesse as static as it is today, and making sure that that bolt-on acquisition is accretive to the base as well. I am sorry. Can you say that one more time? So the- [inaudible] Just our economic interest. We are looking at our percentage, whether it be 3.5%, 20%, but in general, the economics should be scalable on that interest. They are the same. Again, depending on the operator making the proposal, we have got enough data to see how much [audio distortion] costing them, and then furthermore, from the time they complete that well, how long [audio distortion] Yes, ma'am. [audio distortion] So you are referring to the Titan acquisition? Yeah. [inaudible] showed their [40%] shareholder. Yes. Go ahead, Ben. We closed a Powder River Basin acquisition earlier this year. Kimmeridge was the seller. We used 100% shares. They were winding down a fund that held those assets, so they took shares as consideration and they continue to be stockholders. I do not think they have anything if that is what you are getting at. Okay. Yeah. Yes, sir. [audio distortion] - I'm sorry. You misunderstood me. I love the Permian Basin. I've been operating there for 20 years until I came here. However, given where Vitesse is in its growth cycle, staying where we are right now, meaning the Rockies region, we continue to look at the Permian Basin. The entry fee to the Permian is extremely expensive. Again, sticking to the discipline that we are in our investment thesis, we're not going to deviate from that. We have submitted bids on certain packages there, but if somebody wants to pay twice what we're offering, we wish them luck. Yes, sir. Sure. Ben can rattle off these. We're 70% this year? Sure. I'll just give you the numbers through 2029, which is where we're hedged. Obviously, we haven't guided to future years, so just assume more or less flat production here. Probably 70% of our oil production is hedged aggressive this year, 50% is hedged in 2027, 40% is hedged in 2028, and 20% more is hedged in 2029 numbers. The weighted average price throughout those four years is $67/bbl. That is substantially more hedged than most other E&Ps. We like the returns we get on the acquisitions we lock in and don't want to be exposed as much as possible to oil prices. Just try to lock in payout. A lot of the producing property acquisitions we make pay out in about four to five years. If we make an acquisition and hedge through 2030, you're a lot more comfortable that you're going to get your money back and then everything else is upside from there. Again, that goes to the discipline we were talking about, taking that risk off the table. As a non-operator with the control that you have, if you can minimize that commodity risk, that's extremely prudent. Yes, sir. [audio distortion] The dividend comes first, right? We've reset that at $1.75 annualized. Anything in excess of that will go to reinvestment in the business or paying down debt. Yes, sir. Anybody else? Thanks everyone for listening.