Vitesse Oil and Vitesse Energy (“Vitesse”) are non-operating financial owners of over 47,000 net acres in the core of the Bakken Field with working or royalty interest in approximately 4,500 gross producing wells. As a result of this core position in the Bakken, Vitesse is participating in close to one third of all drilling and completion activity in the basin. Almost 90% of the Company’s oil and gas reserves are attributed to undeveloped drilling locations primarily in Mountrail, McKenzie and Williams Counties in 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 Continental, EOG, Hess, Oasis, Marathon, Whiting, WPX, Statoil, Burlington (ConocoPhillips) 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.
Vitesse Oil, LLC was founded in August 2013 and is a Jefferies Capital backed portfolio company. Vitesse Energy, LLC was founded in April 2014 and is a subsidiary of Jefferies Financial Group.