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AUGUST 2026 Investor Presentation NYSE: VTS
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Disclaimer 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's financial position, operating and financial performance, business strategy, dividend plans and practices, guidance, plans and objectives of management for future operations, and industry conditions are forward-looking statements. When used in this presentation, 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 Powder River Basin 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; infrastructure constraints and related factors affecting Vitesse's properties; cost inflation or supply chain disruption; ongoing legal disputes over the Dakota Access Pipeline; the impact of general economic or industry conditions, nationally and/or in the communities in which Vitesse conducts business; changes in the interest rate environment, legislation or regulatory requirements; changes in U.S. trade policy, including the imposition of and changes 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 continued hostilities in the Middle East, including conflict with Iran and disruption to key maritime shipping routes in the region, the conflict in Ukraine and developments in Venezuela) 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 Measures 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. Free Cash Flow is defined as cash flow from operations, adjusting for changes in operating assets and liabilities in addition to certain other items such as material general and administrative costs, less development of oil and gas properties. CROCI (Cash Return on Capital Invested) is a non-GAAP measure defined as gross cash flow (cash flow from operations plus after-tax interest expense) divided by gross capital invested (gross property, plant & equipment, goodwill, other assets and net operating working capital). Gross cash flow and gross capital invested are non-GAAP measures. A reconciliation is provided in the Appendix. 2
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Why Vitesse? Investment highlights Long-duration, high-quality asset base Substantial undeveloped resource that becomes more capital efficient over time High dividend yield $1.75 annualized dividend(4) - 11% yield(1) - funded by significant free cash flow Inflation-protected Oil-weighted assets provide protection in inflationary environments Data-driven returns above cost of capital ~14% Cash Return on Capital Invested(5) since 2022 · ~175 acquisitions (~$800 million) closed after screening through Luminis(3) · minimal added G&A Disciplined risk management Hedged into 2029 · diversified assets · target leverage < 1.0x Strongly aligned ownership Vitesse insiders own ~20% of the outstanding shares(2) 3 (1) Currently approved $1.75 annualized dividend divided by 7/30/2026 closing price of $15.25. (2) Includes shares held by First Reserve, directors, executive officers and other employees, including equity awards to Vitesse insiders and assumes full vesting of such awards. Performance Stock Units are assumed to vest at 100% of target. (3) Vitesse’s proprietary data platform. See slide 13 for more details. (4) Dividends are subject to board approval and compliance with restrictions in credit agreement. (5) Cash Return on Capital Invested (CROCI) is a non-GAAP measures. See CROCI reconciliation in Appendix.
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Vitesse at a Glance A predominantly non-operated working and mineral interest owner that converts diversified interests into free cash flow - and a strong dividend THE MODEL OWN Own interests in 7,868 productive wells (237.4 net) across 30+ operators - 3.6% average working interest per well CONVERT Lean G&A, low maintenance capex and a hedge book into 2029 convert production into durable free cash flow – 668 gross (19.4 net) wells drilling, completing or permitted RETURN Return capital to shareholders through a $1.75/share annual dividend paid first; excess cash is allocated to highest return opportunities, at < 1.0x target leverage SNAPSHOT NYSE: VTS ~$0.7 Billion market capitalization(3) 11% Dividend yield(1) · $1.75/share annual dividend(4) 16.3 - 17.2 MBoe/d 2026E production(2) · 60% - 62% oil <1.0x Target leverage ~$67/Bbl Weighted-average oil hedges through 2029(5) $65 - $80 MM 2026E cash capex(2) Note: Market data as of July 30, 2026. All other data as of June 30, 2026, unless otherwise noted. (1) $1.75 annualized dividend divided by the 7/30/26 closing price of $15.25. (2) Production and capex per 2026 revised guidance issued August 3, 2026. (3) Market capitalization as of July 30, 2026 ($15.25 closing price x 43,225,855 fully diluted shares). (4) Dividends are subject to board approval and compliance with restrictions in credit agreement. (5) Commodity derivative contracts scheduled to settle after June 30, 2026, as of July 30, 2026 4 ACQUIRE Acquire small and large interests - from single-well AFEs to producing packages – at values that clear our return hurdles and support the dividend
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Acreage in the Core of the Williston, DJ and Powder River Basins Exposure to leading operators across three basins ▪ Diversification across three basins, 30+ operators and 7,868 productive wells means no single well can make or break Vitesse’s results ▪ Historically, 30-70% of the rigs in the Williston(1) are drilling on Vitesse acreage ▪ Extended laterals are proliferating across Vitesse’s acreage, driving capital efficiency ▪ Vitesse operated position provides capital allocation optionality ACREAGE BY OPERATOR · % OF TOTAL NET ACRES Williston Basin (ND & MT) 53,329 WILLISTON NET ACRES(2) Powder River Basin (WY) PRB NET ACRES 5,956 DJ Basin (CO) DJ NET ACRES(3) 217 Rigs on Vitesse Acreage Vitesse Acreage Extended Laterals per 2,560-Acre DSU: 1 (light) → 8 (dark) 7,615 GROSS PRODUCTIVE WELLS GROSS PRODUCTIVE WELLS 109 GROSS PRODUCTIVE WELLS 144 Note: Information provided as of June 30, 2026. (1) Includes rigs in North Dakota and Montana. 15 of 33 Williston rigs currently on Vitesse acreage. (2) In addition to the working interest net acres shown, Vitesse owns 1,410 net mineral acres in the Williston Basin. (3) In addition to the working interest net acres shown, Vitesse owns 59 net mineral acres in the DJ Basin. 5
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The Non-Operated Advantage Fractional interests in wells drilled by leading operators - development-quality returns without an operator’s fixed cost structure WHAT WE OWN Fractional, non-operated working interests in productive wells and new drills across the Williston, Powder River and DJ basins - ~3.6% average working interest HOW WE INVEST Every well proposal and acquisition is a standalone election, underwritten at strip through Luminis; our operating partners drill, complete and produce the wells WHAT NON-OPS DON’T CARRY No rigs, rig contracts, or field organization for non-op assets and no obligation to drill acreage on a schedule - overhead stays small while assets scale Capital Flexibility Capex flexes well-by-well as returns dictate. Drilling activity and service costs scale down in weak price environments and back up when returns increase at higher prices. 93% AFE consent rate since 2023 – percentage of wells on Vitesse’s acreage that have cleared Vitesse’s hurdle rates; non-consents can be divested for cash Built-In Diversification Small interests spread across thousands of wells and the leading operators in each basin – our success is driven by the cumulative efforts of our operating partners. 7,868 gross productive wells across three basins and over 30 operating partners Lean, Scalable G&A Field work sits with the operator, so G&A is largely fixed - and new assets integrate into Luminis without added headcount.~225 productive wells per full time Vitesse employee – a 39% increase since 2022 Selectivity at Scale Unburdened by the need for contiguous acreage, we selectively choose the best rock and premier operators - screening far more than we buy. ~175 acquisitions (~$800MM) closed after screened through Luminis Large-cap operators, small-cap entry point - Vitesse converts scaled operator drilling efficiencies into a durable dividend. Note: Information provided as of June 30, 2026. 6 Vitesse’s ownership of both non-operated and operated assets provide it more optionality for deploying capital economically
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Consistent Strategy with Disciplined Focus on the Dividend Unchanged priorities under new leadership “While we’ve received a number of questions about whether Vitesse’s strategy has changed, the answer is simple: it has not. We will continue to prioritize a durable fixed dividend, allocate capital only where returns exceed our hurdle rates and maintain a strong balance sheet.” - Jamie Benard, Chief Executive Officer and President 1 Pay a Durable Dividend (1) Consistently return capital through a quarterly dividend funded by free cash flow across the cycle. 2 Grow Through Accretive Acquisitions Acquire non-operated interests across all basins and operated assets in the Williston - every deal must be accretive to net asset value/share and support the dividend. 3 Maintain a Conservative Balance Sheet Target leverage below 1.0x and protect cash flow with a strong, disciplined hedge book. 4 Reinvest Excess Free Cash Flow for Returns After the dividend, allocate remaining free cash flow and Revolving Credit Facility capacity to the highest-return opportunities. Note: Reflects management's current capital-allocation priorities and is subject to change. (1) Dividends are subject to board approval and compliance with restrictions in credit agreement. 7
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Returns-Based Capital Allocation Framework Dividend first, then allocating cash flow to the highest-return opportunities 1 Dividend(1) $0.4375 per Share Quarterly Cash Dividend Then allocate remaining free cash flow – ranked by rate of return 2 Organic Capex Deep Inventory of Locations Becoming Increasingly Capital Efficient 3 Near-Term Development Acquisitions Strategy Focused on Drill-Bit Ready Non-Op Interests 4 Producing Property Acquisitions Blend of PDP, Near-Term Development and Undeveloped Assets 5 Debt Paydown Target Leverage < 1.0x, Consistent with Historical Operations Every dollar of reinvestment is screened to support the dividend. (1) Dividends are subject to board approval and compliance with restrictions in credit agreement. 8
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Returns-Based Capital Allocation Framework (continued) Consistent dividend through commodity cycles; dividend declared every quarter since the spin-off DIVIDEND PHILOSOPHY Set dividend at level allowing for capital flexibility We size the dividend so free cash flow covers it in a maintenance-capital environment that holds production flat. Hedge to protect the dividend(1) After meeting the hedging requirements of our Revolving Credit Facility, we look to add oil hedges when we can lock in prices that will support a durable dividend. Accretive acquisitions and improving capital efficiencies support the dividend Targeting producing property acquisitions that are accretive to distributable cash flow per share and Net Asset Value per share. Maintain low leverage to support dividend through commodity cycles Utilize liquidity on Revolving Credit Facility to pay dividend through severe downturns in oil prices. Note: Dividends by declaration date. Dividends are subject to Board approval and compliance with restrictions in credit agreement. Q3 2026 dividend as announced July 2026. WTI and Henry Hub are production-weighted quarterly averages of NYMEX benchmark prices per Company disclosure, shown through Q2 2026. (1) $7.6375 cumulative declared divided by the $15.25 closing price on 7/30/26. 9 1 CUMULATIVE DIVIDENDS DECLARED PER SHARE · WTI AND HENRY HUB BY QUARTER $2.00 $4.08 $6.33 $7.64 $2.69 $2.93 $76.06 $92.86 $0 $25 $50 $75 $100 $0.00 $2.00 $4.00 $6.00 $8.00 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 2026 WTI ($/Bbl) Dividends ($/share) and Henry Hub ($/MMBtu) Cumulative - prior quarters Declared in quarter Henry Hub ($/MMBtu) WTI ($/Bbl) $7.64 Cumulative dividends declared per share since the January 2023 spin-off ~50% Of the current share price declared back to shareholders in under four years(1) 15 of 15 Quarters with a dividend declared since the January 2023 spin -every quarter, without interruption
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Returns-Based Capital Allocation Framework (continued) How we invest All three are underwritten at strip prices we can hedge using well-level data from Luminis; return hurdles step down as risk decreases. Note: Data as of June 30, 2026. 10 2 Organic Capex WHAT WE INVEST IN New wells drilled on acreage we already own HOW WE UNDERWRITE IT Well-level economics at strip pricing on conservative type curves, screened through Luminis. IRR, ROI, payback period evaluated. HOW WE FUND IT Cash flow and Revolving Credit Facility 3 Near-Term Development Acquisitions WHAT WE INVEST IN Small interests in non-operated wellbores - AFE’d, permitted or in progress; online within ~3-9 months HOW WE UNDERWRITE IT Full-cycle economics at strip pricing on conservative type curves, screened through Luminis. IRR, ROI, payback period evaluated. HOW WE FUND IT Cash flow and Revolving Credit Facility 4 Producing Property Acquisitions WHAT WE INVEST IN Operated and non-operated producing, hedgeable cash flows plus near-term development and undeveloped inventory HOW WE UNDERWRITE IT Full-cycle economics at strip pricing. Accretion to NAV/share and DCF/share primarily; EBITDA, production, acreage and net-location multiples also considered HOW WE FUND IT Cash flow, Revolving Credit Facility, and equity - sized to target leverage < 1.0x with meaningful pro forma liquidity and aligned, unconcentrated pro forma stock ownership WHERE WE TARGET Our Williston, Powder River and DJ positions WHERE WE TARGET All basins that meet underwriting criteria but primarily Williston, Powder River and DJ basins WHERE WE TARGET All basins that meet underwriting criteria but primarily Williston, Powder River and DJ basins WHERE WE SOURCE IT AFEs proposed directly by our operating partners for new wells on acreage we already own WHERE WE SOURCE IT Strong network of relationships - family offices, operators divesting non-op interests in others’ wells or carving out interests in their own, and brokers WHERE WE SOURCE IT Direct negotiations with sellers, private equity portfolio companies, family offices, and marketed processes
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Returns-Based Capital Allocation Framework (continued) Two instruments - a Revolving Credit Facility and common shares - with leverage(1) target below 1.0x 1.0x Leverage(1) - vs. ~1.4x peer median(4) $60 MM Share repurchase authorization - flexibility alongside the dividend Zero Senior notes, preferreds or converts - capital stack is Revolving Credit Facility and common shares only CAPITAL STRUCTURE – REVOLVING CREDIT FACILITY AND COMMON SHARES, NOTHING ELSE $117.4 MM Liquidity(3) Note: Balance-sheet data as of June 30, 2026. Market capitalization as of July 30, 2026 ($15.25 closing price x 43,225,855 fully diluted shares). Net debt and Adjusted EBITDA are non-GAAP measures. (1) Leverage = net debt / LTM Adjusted EBITDA. (2) Net debt = Revolving Credit Facility borrowings less cash ($157.6MM at 6/30/26). (3) Liquidity = $275MM Borrowing Base less amounts drawn plus cash. (4) Peer median net debt / LTM adjusted EBITDA of ~1.4x at March 31, 2026 (latest common reporting date) across NOG, GRNT, BSM, KRP, EPM, GPOR, REPX, REI, WTI, EGY and AMPY, per company disclosures. 11 ~81% of enterprise value is common equity; debt is a single Revolving Credit Facility, 74% covered by available liquidity - discipline is the strategy. The simple capital structure is deliberate - it keeps the dividend protected and the balance sheet ready to act on opportunities. (2) (3) 5 (2)
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Leveraged to Technology: Longer Laterals, Lower Cost Longer laterals are improving capital efficiency in the Williston Basin; initial results indicate production over the life of the wells (EUR) scales on a per foot basis, while capex per foot declines as laterals lengthen LATERAL LENGTH AND PERCENT OF WELLS 3-MILE OR LONGER +38% Average lateral length, 2022 to 2026 69% Of 2026 wells are 3-mile or longer 25% lower Median Capex ($/ft), 2-mile to 4-mile laterals Source: Vitesse AFE analysis, 2022-2026 (2026 consents through June 30, 2026). Operator Investor Presentations and Earnings Calls. Note: Laterals based on actuals where available, otherwise AFE-estimated. D&C $/ft is the median across all wells. 12 LONGER LATERALS HAVE LOWER DECLINE RATES, MEANING… Lower corporate PDP decline As extended-lateral wells convert to production, Vitesse's blended base decline flattens. Lower reinvestment rate Less capital is required to hold production flat, leaving more free cash flow for the dividend. Built for long laterals Established DSUs, a supportive regulatory process and homogeneous single-zone Middle Bakken geology let laterals run 3-4 miles - advantages most basins lack.
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Luminis Enables Us to Scale Assets Without Adding G&A LUMINIS Luminis, our proprietary data platform, is the single source of truth for reporting, modeling and investment decisions - it keeps G&A largely fixed: adding wells adds cash flow, not headcount. DATA A single source of truth across accounting, land, finance, engineering and operations. AI Identifies patterns in large datasets that humans might not detect. MODEL Custom-built software manages thousands of additional wells with the same effort. CHAT BOT An internal chat interface for immediate answers from our data. 13 THE RESULT - PRODUCTION UP 68% SINCE 2022 · CASH G&A PER BOE DOWN 27% TO $3.82 ~225 Gross productive wells per employee — ownership interests in 7,868 wells managed by a team of 35 full time employees at 6/30/2026 $4.8 MM Adjusted EBITDA per employee for 2025 — vs. $2.3MM all-peer median and $1.1MM for operated peers(1) Source: Company disclosure. (1) 2025 actuals. Peer medians include operated (GPOR, REPX, REI, WTI, EGY, AMPY), minerals (BSM, KRP) and non-op (NOG, GRNT, EPM). Adjusted EBITDA or similarly titled measures used by the other peer group companies to calculate the medians may not be comparable to Adjusted EBITDA presented by Vitesse because the other peer group companies may define or calculate such measures differently.
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Appendix 14
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Reconciliation of Net Debt and LTM Adjusted EBITDA (Non-GAAP) Trailing twelve months ended June 30, 2026 ($ in millions) Q3 2025 Q4 2025 Q1 2026 Q2 2026 LTM(1) Net income (loss) (1.3) (0.7) (42.3) 33.1 (11.2) Interest expense 2.4 2.4 2.6 3.0 10.4 Income tax provision (benefit) (0.3) 0.4 (9.5) 6.8 (2.6) Depletion, depreciation, amortization and accretion 34.2 34.1 31.2 34.8 134.3 Unrealized (gain) loss on derivative instruments 3.6 (2.1) 48.2 (40.2) 9.5 Equity-based compensation 2.7 2.7 0.7 2.7 8.8 Transaction and other, net 0.3 0.0 2.4 (0.0) 2.7 Adjusted EBITDA 41.6 36.7 33.4 40.2 151.8 Net debt ($ in millions) 6/30/26 Revolving Credit Facility borrowings 158.5 Less: cash (0.9) Net debt 157.6 LTM Adjusted EBITDA 151.8 Net debt / LTM Adjusted EBITDA 1.0x Note: $ in millions except ratio; amounts may not foot due to rounding. Net debt = Revolving Credit Facility borrowings less cash and cash equivalents. Net debt, Adjusted EBITDA and LTM Adjusted EBITDA are non-GAAP measures; definitions are provided on the Disclaimer slide. (1) LTM = trailing twelve months ended June 30, 2026. 15
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CROCI Reconciliation (Non-GAAP) Reconciliation of Cash Return on Capital Invested (CROCI) components to GAAP cash flow from operations ($ in millions) 2022 2023 2024 2025 Cash flow from operations 147.0 141.9 155.0 170.3 (+) After-tax interest expense 4.2 (2.5) 7.3 7.4 Gross cash flow 151.2 139.4 162.3 177.7 Avg. gross PP&E 939.9 1,077.1 1,242.0 1,420.7 (+) Avg. other assets & goodwill 1.2 1.8 2.5 3.0 (+/-) Avg. net working capital (0.9) 2.5 (27.6) (26.4) Gross capital invested 940.1 1,081.5 1,216.9 1,397.4 CROCI = GCF / GCI 16.1% 12.9% 13.3% 12.7% Average WTI ($/Bbl) $95 $78 $76 $65 Note: Gross cash flow and gross capital invested are non-GAAP measures. 16
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Hedge Position Summary Crude oil swaps (WTI-NYMEX) Period Volume (Bbls) Avg. Fixed $ Q3 2026 490,679 $65.01 Q4 2026 457,155 $64.97 Q1 2027 270,000 $69.25 Q2 2027 480,000 $68.05 Q3 2027 495,000 $68.38 Q4 2027 465,000 $67.88 Q1 2028 360,000 $70.60 Q2 2028 360,000 $70.60 Q3 2028 360,000 $70.60 Q4 2028 270,000 $70.80 Q1 2029 180,000 $66.50 Q2 2029 180,000 $66.50 Q3 2029 180,000 $66.50 Q4 2029 180,000 $66.50 Crude oil collars (WTI-NYMEX) Period Volume (Bbls) Avg. Floor / Ceiling $ Q3 2026 213,000 $61.62 / $72.58 Q4 2026 168,000 $58.04 / $67.51 Q1 2027 300,000 $55.75 / $66.44 Q2 2027 45,000 $60.00 / $64.25 Natural gas collars (Henry Hub-NYMEX) Period Volume (MMBtu) Avg. Floor / Ceiling $ Q3 2026 1,510,800 $3.73 / $4.90 Q4 2026 1,452,700 $3.73 / $4.90 Q1 2027 795,000 $4.00 / $5.68 Natural gas basis swaps (Chicago City Gate to Henry Hub) Period Volume (MMBtu) Avg. Fixed $ Q3 2026 1,510,800 ($0.10) Q4 2026 1,452,700 ($0.10) Q1 2027 795,000 $0.30 Natural gas liquids swaps Period Volume (Bbls) Avg. Fixed $ 2H 2026 129,738 $31.77 2027 115,714 $32.92 17 Hedges scheduled to settle after June 30, 2026, as of July 30, 2026