Vitesse Energy Closes Acquisition ot Oil Assets in Denver-Julesburg Basin of Colorado
Vitesse Energy (VTS) said late Wednesday it closed the acquisition of non-operated oil and gas assets in the Denver-Julesburg Basin of Colorado for an initial unadjusted price of $26 million.The acquired assets, primarily in Weld County, are entirely operated by Chevron (CVX), the company said.The acquisition is expected to be immediately accretive to company earnings, operating and free cash flows, as well as net asset value, according to a statement.Over the next twelve months, the assets are expected to produce 900 barrels of oil equivalent per day on a two-stream basis, according to the company.The company added that it has also entered into commodity derivative contracts to hedge a significant portion of the acquired production through 2030 to support the underwritten returns.
