Vital Energy, Inc. announced the early results of its previously announced cash tender offers (the "Tender Offers") to purchase for cash up to $550.0 million aggregate principal amount (as such aggregate principal amount may be increased or decreased by the Company, the "Aggregate Maximum Tender Amount") of (i) up to $475.0 million (the "2028 Cap") of its 10.125% senior notes due 2028 (the "2028 Notes") and (ii) up to $75.0 million (the " 2028 Cap" and, together with the 2028 Cap, the "Series Caps") of its 9.750% senior notes due 2030 (the "2030 Notes" and, together with the "Tender Notes"), subject to the terms and conditions set forth in the Offer to Purchase, dated March 14, 2024 (as amended, the "Offer to Purchase"). In addition, the Company announced that it has amended the Tender Offers to remove the 2028 Cap and the Aggregate Maximum Tender Amount (as a result, it will accept any and all 2028 Notes tendered in the Tender Offers) and increase the 2030 Cap to $100.0 million aggregate principal amount. Except as described in this press release, the terms and conditions of the Tender Offers set forth in the Offer to purchase to Purchase remain unchanged.

Capitalized terms used but not defined herein have the meaning given to them in the Offer to Purchase. All statements, other than statements of historical facts, that address activities that Vital Energy assumes, plans, expects, believes, intends, enables, transforms, estimates or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward-looking statements are based on management's current belief, based on currently available information, as to the outcome and timing of future events.

Such statements are not guarantees of future performance and involve risks, assumptions and uncertainties. General risks relating to Vital Energy include, but are not limited to, continuing and worsening inflationary pressures and associated changes in monetary policy that may cause costs to rise; changes in domestic and global production, supply and demand for commodities, including as a result of actions by the Organization of Petroleum Exporting Countries and other producing countries ("OPEC+") and the Russian-Ukrainian or Israeli-Hamas military conflicts, the decline in prices of oil, natural gas liquids and natural gas and the related impact to financial statements as a result of asset impairments and revisions to reserve estimates, reduced demand due to shifting market perception towards the oil and gas industry; competition in the oil and gas industry; the ability of the Company to execute its strategies, including its ability to successfully identify and consummate strategic acquisitions at purchase prices that are accretive to its financial results and to successfully integrate acquired businesses, assets and properties, pipeline transportation and storage constraints in the Permian Basin, the effects and duration of the outbreak of disease, and any related government policies and actions, long-term performance of wells, drilling and operating risks, the possibility of production curtailment, the impact of new laws and regulations, including those regarding the use of hydraulic fracturing, and under the Inflation Reduction Act (the "IRA"), including those related to climate change, the impact of legislation or regulatory initiatives intended to address induced seismicicity on ability to conduct operations; uncertainties in estimating reserves and production results; hedging activities, tariffs on steel, the impacts of severe weather, including the freezing of wells and pipelines in the Permian Basin due to cold weather, possible impacts of litigation and regulations, the impact of litigation and regulations, the effect of Vital Energy's transactions, if any, with its securities from time to time, the impact of new environmental, health and safety requirements applicable to Vital Energy's business activities, the possibility of the elimination of federal income tax deductions for oil and gas exploration and development and imposition of any additional taxes under the IRA or otherwise, and other factors, including those and other factors, including those.