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| | | | F-1 | | | |
| | | | A-1 | | | |
| | | | B-1 | | | |
| | | | C-1 | | |
(in thousands)
|
| |
As Reported
|
| |
Lucero As
Adjusted – Note 2 |
| |
Transaction
Accounting Adjustments – Note 3 |
| | | | |
Pro Forma
Combined Vitesse |
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 2,425 | | | | | $ | 55,556 | | | | | $ | (15,600) | | | |
(c)
|
| | | $ | 42,381 | | |
Revenue receivable
|
| | | | 36,358 | | | | | | 6,849 | | | | | | — | | | | | | | | | 43,207 | | |
Commodity derivatives
|
| | | | 12,201 | | | | | | — | | | | | | — | | | | | | | | | 12,201 | | |
Prepaid expenses and other current assets
|
| | | | 3,309 | | | | | | 2,910 | | | | | | — | | | | | | | | | 6,219 | | |
Total current assets
|
| | | | 54,293 | | | | | | 65,315 | | | | | | (15,600) | | | | | | | | | 104,008 | | |
Oil and Gas Properties – Using the successful efforts method of accounting
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proved oil and gas properties
|
| | | | 1,266,319 | | | | | | 584,687 | | | | | | (403,136) | | | |
(a)
|
| | | | 1,447,870 | | |
Less accumulated DD&A and impairment
|
| | | | (537,263) | | | | | | (201,235) | | | | | | 201,235 | | | |
(a)
|
| | | | (537,263) | | |
Total oil and gas properties
|
| | | | 729,056 | | | | | | 383,452 | | | | | | (201,901) | | | | | | | | | 910,607 | | |
Other Property and Equipment – Net
|
| | | | 189 | | | | | | 89 | | | | | | — | | | | | | | | | 278 | | |
Other Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commodity derivatives
|
| | | | 1,639 | | | | | | — | | | | | | — | | | | | | | | | 1,639 | | |
Other noncurrent assets
|
| | | | 6,064 | | | | | | 878 | | | | | | — | | | | | | | | | 6,942 | | |
Total other assets
|
| | | | 7,703 | | | | | | 878 | | | | | | — | | | | | | | | | 8,581 | | |
Total assets
|
| | | $ | 791,241 | | | | | $ | 449,734 | | | | | $ | (217,501) | | | | | | | | $ | 1,023,274 | | |
Liabilities and Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current Liabilities
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 16,041 | | | | | $ | 5,027 | | | | | $ | — | | | | | | | | $ | 21,068 | | |
Accrued liabilities
|
| | | | 56,663 | | | | | | 19,133 | | | | | | 6,285 | | | |
(b)
|
| | | | 82,081 | | |
Other current liabilities
|
| | | | — | | | | | | 549 | | | | | | — | | | | | | | | | 549 | | |
Total current liabilities
|
| | | | 72,704 | | | | | | 24,709 | | | | | | 6,285 | | | | | | | | | 103,698 | | |
Long-term Liabilities
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Credit facility
|
| | | | 105,000 | | | | | | — | | | | | | — | | | | | | | | | 105,000 | | |
Deferred tax liability
|
| | | | 73,379 | | | | | | 47,473 | | | | | | (47,473) | | | |
(d)
|
| | | | 73,379 | | |
Asset retirement obligations
|
| | | | 8,838 | | | | | | 3,425 | | | | | | (594) | | | |
(a)
|
| | | | 11,669 | | |
Other noncurrent liabilities
|
| | | | 10,934 | | | | | | 327 | | | | | | — | | | | | | | | | 11,261 | | |
Total liabilities
|
| | | $ | 270,855 | | | | | $ | 75,934 | | | | | $ | (41,782) | | | | | | | | $ | 305,007 | | |
Commitments and Contingencies | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | |
Common stock
|
| | | | 327 | | | | | | 298,473 | | | | | | (298,391) | | | |
(a)
|
| | | | 409 | | |
Warrants
|
| | | | | | | | | | 1,534 | | | | | | (1,534) | | | |
(a)
|
| | | | — | | |
Additional paid-in capital
|
| | | | 515,451 | | | | | | 11,436 | | | | | | 208,448 | | | |
(a)
|
| | | | 735,335 | | |
Accumulated earnings (deficit)
|
| | | | 4,608 | | | | | | 43,106 | | | | | | (43,106) | | | |
(a)
|
| | | | (17,277) | | |
| | | | | | | | | | | | | | | | | (15,600) | | | |
(c)
|
| | | | | | |
| | | | | | | | | | | | | | | | | (6,285) | | | |
(b)
|
| | | | | | |
Accumulated other comprehensive income
|
| | | | — | | | | | | 19,251 | | | | | | (19,251) | | | |
(a)
|
| | | | — | | |
Total equity
|
| | | | 520,386 | | | | | | 373,800 | | | | | | (175,719) | | | | | | | | | 718,467 | | |
Total liabilities and equity
|
| | | $ | 791,241 | | | | | $ | 449,734 | | | | | $ | (217,501) | | | | | | | | $ | 1,023,474 | | |
(In thousands except share data)
|
| |
As Reported
|
| |
Lucero As
Adjusted – Note 2 |
| |
Transaction
Accounting Adjustments – Note 3 |
| | | | |
Pro Forma
Combined Vitesse |
| | | | | | | ||||||||||||
Revenue | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Oil
|
| | | $ | 177,672 | | | | | $ | 81,577 | | | | | $ | — | | | | | | | | $ | 259,249 | | | | | | | | |
Natural gas
|
| | | | 8,400 | | | | | | 1,996 | | | | | | — | | | | | | | | | 10,396 | | | | | | | | |
Total revenue
|
| | | | 186,072 | | | | | | 83,573 | | | | | | — | | | | | | | | | 269,645 | | | | | | | | |
Operating Expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lease operating expense
|
| | | | 35,685 | | | | | | 18,742 | | | | | | — | | | | | | | | | 54,427 | | | | | | | | |
Production taxes
|
| | | | 16,555 | | | | | | 7,594 | | | | | | — | | | | | | | | | 24,149 | | | | | | | | |
General and administrative
|
| | | | 15,329 | | | | | | 4,694 | | | | | | — | | | | | | | | | 20,023 | | | | | | | | |
Depletion, depreciation, amortization, and accretion
|
| | | | 73,776 | | | | | | 27,835 | | | | | | (7,988) | | | |
(e)
|
| | | | 93,623 | | | | | | | | |
Equity-based compensation
|
| | | | 5,853 | | | | | | 4,050 | | | | | | — | | | | | | | | | 9,903 | | | | | | | | |
Total operating expenses
|
| | | | 147,198 | | | | | | 62,915 | | | | | | (7,988) | | | | | | | | | 202,125 | | | | | | | | |
Operating Income
|
| | | | 38,874 | | | | | | 20,658 | | | | | | 7,988 | | | | | | | | | 67,520 | | | | | | | | |
Other (Expense) Income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commodity derivative gain, net
|
| | | | 3,923 | | | | | | — | | | | | | — | | | | | | | | | 3,923 | | | | | | | | |
Interest expense
|
| | | | (7,510) | | | | | | (1,408) | | | | | | — | | | | | | | | | (8,918) | | | | | | | | |
Other income
|
| | | | 64 | | | | | | 2,747 | | | | | | — | | | | | | | | | 2,811 | | | | | | | | |
Total other (expense) income
|
| | | | (3,523) | | | | | | 1,339 | | | | | | — | | | | | | | | | (2,184) | | | | | | | | |
Income Before Income Taxes
|
| | | $ | 35,351 | | | | | $ | 21,997 | | | | | $ | 7,988 | | | | | | | | $ | 65,336 | | | | | | | | |
(Provision for) Benefit from Income Taxes
|
| | | | (9,166) | | | | | | (7,499) | | | | | | 483 | | | |
(f)
|
| | | | (16,182) | | | | | | | | |
Net Income
|
| | | $ | 26,185 | | | | | $ | 14,498 | | | | | $ | 8,471 | | | | | | | | $ | 49,154 | | | | | | | | |
Weighted average common shares outstanding – basic
|
| | | | 30,018,912 | | | | | | | | | | | | | | | | | | | | | 38,193,568 | | | | | | (g) | | |
Weighted average common shares outstanding – diluted
|
| | | | 32,887,499 | | | | | | | | | | | | | | | | | | | | | 41,062,155 | | | | | | (g) | | |
Net income per common share – basic
|
| | | $ | 0.87 | | | | | | | | | | | | | | | | | | | | $ | 1.29 | | | | | | (g) | | |
Net income per common share – diluted
|
| | | $ | 0.80 | | | | | | | | | | | | | | | | | | | | $ | 1.20 | | | | | | (g) | | |
(In thousands except share data)
|
| |
As Reported
|
| |
Lucero As
Adjusted – Note 2 |
| |
Transaction
Accounting Adjustments – Note 3 |
| | | | |
Pro Forma
Combined Vitesse |
| | | | | | | ||||||||||||
Revenue | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Oil
|
| | | $ | 218,396 | | | | | $ | 147,658 | | | | | $ | — | | | | | | | | $ | 366,054 | | | | | | | | |
Natural gas
|
| | | | 15,509 | | | | | | 9,074 | | | | | | — | | | | | | | | | 24,583 | | | | | | | | |
Total revenue
|
| | | | 233,905 | | | | | | 156,732 | | | | | | — | | | | | | | | | 390,637 | | | | | | | | |
Operating Expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Lease operating expense
|
| | | | 39,514 | | | | | | 31,100 | | | | | | — | | | | | | | | | 70,614 | | | | | | | | |
Production taxes
|
| | | | 21,625 | | | | | | 14,420 | | | | | | — | | | | | | | | | 36,045 | | | | | | | | |
General and administrative
|
| | | | 23,934 | | | | | | 7,816 | | | | | | | | | | | | | | | 31,750 | | | | | | | | |
Transaction costs
|
| | | | — | | | | | | 0 | | | | | | 6,285 | | | |
(h)
|
| | | | 6,285 | | | | | | | | |
Depletion, depreciation, amortization, and accretion
|
| | | | 81,745 | | | | | | 38,568 | | | | | | (4,679) | | | |
(i)
|
| | | | 115,634 | | | | | | | | |
Equity-based compensation
|
| | | | 32,233 | | | | | | 7,046 | | | | | | | | | | | | | | | 39,279 | | | | | | | | |
Total operating expenses
|
| | | | 199,051 | | | | | | 98,950 | | | | | | 1,606 | | | | | | | | | 299,607 | | | | | | | | |
Operating Income
|
| | | | 34,854 | | | | | | 57,782 | | | | | | (1,606) | | | | | | | | | 73,612 | | | | | | | | |
Other (Expense) Income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commodity derivative gain, net
|
| | | | 12,484 | | | | | | — | | | | | | — | | | | | | | | | 12,484 | | | | | | | | |
Interest expense
|
| | | | (5,276) | | | | | | (3,292) | | | | | | — | | | | | | | | | (8,568) | | | | | | | | |
Other income
|
| | | | 140 | | | | | | 2,022 | | | | | | — | | | | | | | | | 2,162 | | | | | | | | |
Total other (expense) income
|
| | | | 7,348 | | | | | | (1,270) | | | | | | — | | | | | | | | | 6,078 | | | | | | | | |
Income Before Income Taxes
|
| | | $ | 42,202 | | | | | $ | 56,512 | | | | | $ | (1,606) | | | | | | | | $ | 97,108 | | | | | | | | |
(Provision for) Benefit from Income Taxes
|
| | | | (61,946) | | | | | | (17,415) | | | | | | 4,576 | | | |
(j)
|
| | | | (74,794) | | | | | | | | |
Net (Loss) Income
|
| | | $ | (19,744) | | | | | $ | 39,097 | | | | | $ | 2,961 | | | | | | | | $ | 22,314 | | | | | | | | |
Net income attributable to Predecessor common unit holders
|
| | | | 1,832 | | | | | | — | | | | | | | | | | | | | | | 1,832 | | | | | | | | |
Net (Loss) Income Attributable to Vitesse Energy, Inc.
|
| | | $ | (21,576) | | | | | $ | 39,097 | | | | | $ | 2,961 | | | | | | | | $ | 20,482 | | | | | | | | |
Weighted average common shares outstanding – basic
|
| | | | 29,556,967 | | | | | | | | | | | | | | | | | | | | | 37,731,623 | | | | | | (k) | | |
Weighted average common shares outstanding – diluted
|
| | | | 29,556,967 | | | | | | | | | | | | | | | | | | | | | 41,249,172 | | | | | | (k) | | |
Net (loss) income per common share – basic
|
| | | $ | (0.73) | | | | | | | | | | | | | | | | | | | | $ | 0.54 | | | | | | (k) | | |
Net (loss) income per common share – diluted
|
| | | $ | (0.73) | | | | | | | | | | | | | | | | | | | | $ | 0.50 | | | | | | (k) | | |
Lucero Financial Statement Line
|
| |
Vitesse Financial Statement Line
|
| |
Lucero
Historical (CAD) |
| |
Reclassification
Adjustments |
| | | | |
IFRS to
GAAP Adjustments (Note 2A) |
| | | | |
Currency
Translation Adjustments (Note 2B) |
| |
Lucero As
Adjusted |
| |||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | Cash and cash equivalents | | | | $ | 74,995 | | | | | $ | — | | | | | | | | $ | — | | | | | | | | $ | (19,439) | | | | | $ | 55,556 | | |
Accounts receivable
|
| | Revenue receivable | | | | | 12,008 | | | | | | (2,762) | | | |
(i)
|
| | | | — | | | | | | | | | (2,397) | | | | | | 6,849 | | |
Prepaid expenses and deposits
|
| |
Prepaid expenses and other
current assets |
| | | | 1,166 | | | | | | 2,762 | | | |
(i)
|
| | | | — | | | | | | | | | (1,018) | | | | | | 2,910 | | |
Total current assets
|
| | | | | | | 88,169 | | | | | | — | | | | | | | | | — | | | | | | | | | (22,854) | | | | | | 65,315 | | |
| | |
Oil and Gas Properties – Using
the successful efforts method of accounting |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Proved oil and gas properties | | | | | — | | | | | | 799,258 | | | |
(ii)
|
| | | | (9,994) | | | |
(a)
|
| | | | (204,577) | | | | | | 584,687 | | |
| | |
Less accumulated DD&A
and impairment |
| | | | — | | | | | | (252,321) | | | |
(ii)
|
| | | | (19,324) | | | |
(b)
|
| | | | 70,410 | | | | | | (201,235) | | |
| | |
Total oil and gas properties
|
| | | | — | | | | | | 546,937 | | | | | | | | | (29,318) | | | | | | | | | (134,167) | | | | | | 383,452 | | |
| | |
Other Property and
Equipment – Net |
| | | | | | | | | | 120 | | | |
(ii)
|
| | | | — | | | | | | | | | (31) | | | | | | 89 | | |
Property, plant and equipment
|
| | | | | | | 547,057 | | | | | | (547,057) | | | |
(ii)
|
| | | | — | | | | | | | | | — | | | | | | — | | |
Restricted cash
|
| | | | | | | 216 | | | | | | (216) | | | |
(iii)
|
| | | | — | | | | | | | | | — | | | | | | — | | |
Right of use assets
|
| | | | | | | 969 | | | | | | (969) | | | |
(iii)
|
| | | | — | | | | | | | | | — | | | | | | — | | |
| | | Other noncurrent assets | | | | | — | | | | | | 1,185 | | | |
(iii)
|
| | | | — | | | | | | | | | (307) | | | | | | 878 | | |
Total non-current assets
|
| | Total other assets | | | | | 548,242 | | | | | | (546,937) | | | | | | | | | — | | | | | | | | | (338) | | | | | | 967 | | |
Total assets
|
| | | | | | $ | 636,411 | | | | | $ | — | | | | | | | | $ | (29,318) | | | | | | | | $ | (157,359) | | | | | $ | 449,734 | | |
Liabilities | | | Liabilities and Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable and accrued liabilities
|
| | Accounts payable | | | | $ | 32,614 | | | | | $ | (25,828) | | | |
(iv)
|
| | | $ | — | | | | | | | | $ | (1,759) | | | | | $ | 5,027 | | |
| | | Accrued liabilities | | | | | — | | | | | | 25,828 | | | |
(iv)
|
| | | | — | | | | | | | | | (6,695) | | | | | | 19,133 | | |
Lease liability
|
| | Other current liabilities | | | | | 741 | | | | | | — | | | | | | | | | — | | | | | | | | | (192) | | | | | | 549 | | |
Total current liabilities
|
| | | | | | | 33,355 | | | | | | — | | | | | | | | | — | | | | | | | | | (8,646) | | | | | | 24,709 | | |
Deferred tax liability
|
| | Deferred tax liability | | | | | 64,084 | | | | | | — | | | | | | | | | — | | | | | | | | | (16,611) | | | | | | 47,473 | | |
Decommissioning obligations
|
| | Asset retirement obligations | | | | | 4,624 | | | | | | — | | | | | | | | | — | | | | | | | | | (1,199) | | | | | | 3,425 | | |
Lease liability
|
| | Other noncurrent liabilities | | | | | 441 | | | | | | — | | | | | | | | | — | | | | | | | | | (114) | | | | | | 327 | | |
Total liabilities
|
| | | | | | $ | 102,504 | | | | | $ | — | | | | | | | | $ | — | | | | | | | | $ | (26,570) | | | | | $ | 75,934 | | |
Shareholders’ Equity
|
| |
Equity
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common shares
|
| | Common stock | | | | | 402,906 | | | | | | — | | | | | | | | | — | | | | | | | | | (104,433) | | | | | | 298,473 | | |
Warrants
|
| | Warrants | | | | | 2,071 | | | | | | — | | | | | | | | | — | | | | | | | | | (537) | | | | | | 1,534 | | |
Contributed surplus
|
| | Additional paid-in capital | | | | | 15,437 | | | | | | — | | | | | | | | | — | | | | | | | | | (4,001) | | | | | | 11,436 | | |
Retained earnings
|
| |
Accumulated earnings (deficit)
|
| | | | 87,506 | | | | | | — | | | | | | | | | (29,318) | | | |
(a, b)
|
| | | | (15,082) | | | | | | 43,106 | | |
Accumulated other comprehensive income
|
| |
Accumulated other
comprehensive income |
| | | | 25,987 | | | | | | — | | | | | | | | | — | | | | | | | | | (6,736) | | | | | | 19,251 | | |
Total equity
|
| | | | | | | 533,907 | | | | | | — | | | | | | | | | (29,318) | | | | | | | | | (130,789) | | | | | | 373,800 | | |
Total liabilities and equity
|
| | | | | | $ | 636,411 | | | | | $ | — | | | | | | | | $ | (29,318) | | | | | | | | $ | (157,359) | | | | | $ | 449,734 | | |
Lucero Financial Statement Line
|
| |
Vitesse Financial Statement Line
|
| |
Lucero
Historical (CAD) |
| |
Reclassification
Adjustments |
| | | | |
IFRS to
GAAP Adjustments (Note 2A) |
| | | | |
Currency
Translation Adjustments (Note 2B) |
| |
Lucero
As Adjusted |
| |||||||||||||||
Revenues | | | Revenue | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Oil | | | | $ | — | | | | | $ | 131,440 | | | |
(i)
|
| | | $ | — | | | | | | | | $ | (29,397) | | | | | $ | 81,577 | | |
| | | | | | | | | | | | | | (20,466) | | | |
(ii)
|
| | | | — | | | | | | | | | | | | | | | | | |
| | | Natural gas | | | | | — | | | | | | 4,408 | | | |
(i)
|
| | | | — | | | | | | | | | (719) | | | | | | 1,996 | | |
| | | | | | | | | | | | | | (1,693) | | | |
(ii)
|
| | | | — | | | | | | | | | | | | | | | | | |
Petroleum and natural gas revenues
|
| | | | | | | 135,848 | | | | | | (135,848) | | | |
(i)
|
| | | | — | | | | | | | | | — | | | | | | — | | |
Royalties
|
| | | | | | | (22,159) | | | | | | 22,159 | | | |
(ii)
|
| | | | — | | | | | | | | | — | | | | | | — | | |
Petroleum and natural gas revenues, net of royalties
|
| |
Total revenue
|
| | | | 113,689 | | | | | | — | | | | | | | | | — | | | | | | | | | (30,116) | | | | | | 83,573 | | |
Expenses | | | Operating Expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating
|
| | Lease operating expense | | | | | 21,398 | | | | | | 4,098 | | | |
(iii)
|
| | | | — | | | | | | | | | (6,754) | | | | | | 18,742 | | |
Transportation
|
| | | | | | | 4,098 | | | | | | (4,098) | | | |
(iii)
|
| | | | — | | | | | | | | | — | | | | | | — | | |
Production taxes
|
| | Production taxes | | | | | 10,331 | | | | | | — | | | | | | | | | — | | | | | | | | | (2,737) | | | | | | 7,594 | | |
General and administrative
|
| | General and administrative | | | | | 4,824 | | | | | | | | | | | | | | | 1,562 | | | |
(c)
|
| | | | (1,692) | | | | | | 4,694 | | |
Finance
|
| | | | | | | (1,696) | | | | | | 3,737 | | | |
(iv)
|
| | | | — | | | | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | (1,915) | | | |
(iv)
|
| | | | — | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | (126) | | | |
(iv)
|
| | | | — | | | | | | | | | | | | | | | | | |
Depletion and depreciation
|
| |
Depletion, depreciation,
amortization, and accretion |
| | | | 37,740 | | | | | | 126 | | | |
(iv)
|
| | | |