Vitesse Energy will grow its Bakken asset base with the acquisition of Canada’s Lucero Energy Corp. for USD 222 million, the US company said on Tuesday.
The all-stock deal will bring Calgary-headquartered Lucero’s 6,400 boepd of Bakken production to Vitesse’s portfolio in the shale play.
The deal, which has gained unanimous approval from both parties’ boards, is set to close by Q2 2025.
“We are acquiring a high-quality company that has been very well managed and will be a terrific complement to our existing business,” Vitesse chairman and CEO Bob Gerrityn said.
“We are excited to add an operated leg to our strategy, while keeping our emphasis primarily on non-op. This opens the door to acquiring operated and non-operated packages that are accretive to our dividend, while giving us proportionately more control over our future capital spending.”