Updated
The most significant concentration Vitesse Energy discloses is North Dakota and Montana (Williston Basin) proved reserves at 96%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
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Source: Vitesse Energy’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1: 'Our estimated proved reserves in North Dakota and Montana as of December 31, 2025 were 45,860 MBoe (65% oil), which represented 96% of our total estimated proved reserves'”
“10-K Item 1: 'located in Dunn, McKenzie, Mountrail, and Williams Counties, North Dakota. Approximately 79% of our 53,301 net acres as of December 31, 2025 are in the above counties'”
Vitesse Energy's concentration risk is almost entirely geographic and structural, reflecting its identity as a focused Williston Basin operator rather than a diversified producer. Proved reserves in North Dakota and Montana totaled 45,860 MBoe, or 96% of total estimated proved reserves as of December 31, 2025 — a high-share concentration that defines the company's asset base. Within that footprint, approximately 79% of the company's 53,301 net acres sit in just four counties — Dunn, McKenzie, Mountrail, and Williams — another high-share concentration that narrows the exposure even further to a specific sub-region of the basin. Both figures describe the same underlying reality from different angles: this is a single-basin, and within that a several-county, operator, so its results are tied tightly to the geology, regulatory environment, infrastructure, and commodity dynamics of that specific part of North Dakota. There is no customer, supplier, or additional geographic diversification disclosed to offset this. Because both concentrations are structural rather than idiosyncratic — describing where the company chose to build its asset base rather than a dependency on a single counterparty — the risk is best understood as basin-specific: any regional disruption, whether regulatory, infrastructure-related, or price-differential-driven, would affect essentially the entire company rather than a discrete segment of it.
For the engine’s reasoning on VTS’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| BKV | BKV Corporation | 4 | 0 | 0 | 4 |
| CHRD | Chord Energy Corporation | 2 | 1 | 0 | 3 |
| VTS● | Vitesse Energy, Inc. | 2 | 0 | 0 | 2 |
| BSM | Black Stone Minerals, L.P. | 1 | 1 | 1 | 3 |
| APA | APA Corporation | 0 | 0 | 0 | 0 |
| AR | Antero Resources Corporation | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.