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The acquisition expands Vitesse’s portfolio with approximately 6.4mboe/d of production in the Bakken region. Credit: PVRM/Shutterstock.
Vitesse Energy, a US-based oil and gas company, has completed the acquisition of Lucero Energy, a Canada-based oil company, following approvals from both companies’ shareholders and the Court of King’s Bench of Alberta on 6 March 2025.
The acquisition, first announced in December 2024, is valued at $222m (C$317.02m).
Under the transaction, each common share of Lucero will entitle its holder to receive 0.01239 of a share of Vitesse common stock.
After the completion of the arrangement, Lucero shares will be delisted from the TSX Venture Exchange and the OTCQB Market, and the Vitesse shares issued to Lucero shareholders will commence trading on the New York Stock Exchange.
Vitesse shareholders are expected to hold approximately 80%, while existing Lucero shareholders are projected to hold 20% of the company on a fully diluted basis.
Vitesse Energy chairman and chief executive officer Bob Gerrity said: “We are pleased to complete the acquisition of Lucero, which is expected to increase our dividend and will provide additional liquidity to further our ability to make accretive acquisitions.
“We are grateful for the hard work and dedication of the Vitesse and Lucero employees, who have been working diligently to help us finalise this acquisition.”
The transaction expands Vitesse’s portfolio with Lucero’s assets comprising approximately 6.4 million barrels of oil equivalent per day (mboe/d) of production in the Bakken region.
Additionally, Lucero brings $56m in cash with no outstanding debt as of 30 September 2024 as part of the transaction.
In line with the acquisition, Vitesse has welcomed M. Bruce Chernoff and Gary D. Reaves to its board of directors.
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