Vitesse Oil and Vitesse Energy (“Vitesse”) are non-operating owners of over 25,000 net acres in the core of the Bakken Field. Vitesse owns under 1% of the acreage in the Bakken, but since 2015 has participated in over 15% of the drilling activity. 90+% of the Company’s value is in the ground (undeveloped drilling locations) located in Mountrail, Williams and McKenzie Counties of North Dakota.
Vitesse acquires and develops leasehold properties and converts undeveloped drilling locations into cash flow producing assets by partnering with leading operators such as Burlington (ConocoPhillips), Continental, EOG, Hess, Oasis, QEP, Whiting, WPX, and XTO (ExxonMobil). The word Vitesse is French for “velocity” which is one of the key principles of our Company: the velocity of capital compounding.
Vitesse intends to utilize its sizeable balance sheet to (i) partner with the premier operators in the field on acquisitions that include significant non-operated assets, (ii) offer additional liquidity and increased focus for operators looking to sell non-operated working interests, and (iii) provide a clearing house for other small non-operated working interest owners that need to raise capital or reduce their exposure to upcoming cash calls. Our ideal acquisition per spacing unit is between 2% and 20%, but we have the ability to expand this range for attractive opportunities.