Vitesse Energy Inc. has acquired additional oil and gas interests in Williston basin, North Dakota, that will result in about $50 million of acquisition and related development capital expenditures, primarily in third- and fourth-quarter 2023.
With these additional investments and updated timing of well connects, Vitesse has revised its 2023 guidance and now expects oil and gas production in the fourth quarter to average 12,300-13,000 boe/d, up from about 11,000 boe/d in third-quarter 2023 and resulting in 11,500-11,700 boe/d full year 2023 production. Oil is about 66-71% of annual production. Total 2023 capital expenditures are now expected to be $110-130 million.
The company’s early estimates for 2024 are 12,500-13,500 boe/d production and total capital spending, including near-term-development acquisitions, of $90-110 million.
Vitesse Energy is a non-operator of oil and gas wells in the Bakken and Three Forks formations of the Williston basin of North Dakota and Montana, Denver-Julesburg basin in Colorado and Wyoming, and Powder River basin in Wyoming. Assets consist of about 50,000 net acres and interests in 6,500 gross producing wells.