Lucero Energy
The business, the turning points, and the decisions behind them.
Some sections are still being researched2 / 4
Sections to complete：02 · 05
01 / WHAT IT BUILT
What the company did
Lucero Energy Corp. (TSXV: LOU, OTCQB: PSHIF) was a Calgary-based oil and gas producer operating more than 65 producing wells in the core of the Bakken, with approximately 6.4 Mboe per day of two-stream net production in Q3 2024. The company had no outstanding debt and held US$56 million of cash as of September 30, 2024.
02 / FAILURE REASONS
Material for this section is being gathered and checked. It will appear here once ready.
03 / EVENT HISTORY
Events in the structured record
- Acquisition agreement
On December 15, 2024, Lucero entered a definitive agreement for Vitesse Energy, Inc. (NYSE: VTS) to acquire it in an all-stock transaction with a fully diluted equity value of US$222 million — 0.01239 Vitesse shares per Lucero share. Vitesse called Lucero 'a high-quality company that has been very well managed' and expected the deal to be immediately accretive to earnings and cash flow.
- Acquisition completed
The acquisition closed on March 7, 2025, after approvals by Vitesse stockholders (March 5), Lucero shareholders (March 6) and the Court of King's Bench of Alberta (March 6). Lucero became a wholly owned subsidiary of Vitesse; its shares were delisted from the TSX Venture Exchange and OTCQB.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN / AFTERMATH
Material for this section is being gathered and checked. It will appear here once ready.