Kimbell Royalty Partners Closes $455 Million Acquisition of Permian and Mid-Con Mineral and Royalty Interests in Cash Transaction

FORT WORTH, Texas, Sept. 13, 2023  /PRNewswire/ -- Kimbell Royalty Partners, LP (NYSE: KRP) ("Kimbell" or the "Company"), a leading owner of oil and gas mineral and royalty interests in over 17 million gross acres in 28 states, today announced that it has closed the previously announced purchase of mineral and royalty interests (the "Acquired Assets") held by a private seller in a cash transaction valued at approximately $455 million (the "Acquisition").  The purchase price of the Acquisition was funded through a $325 million private placement of 6.00% Series A Cumulative Convertible Preferred Units ("Preferred Units") to funds managed by affiliates of Apollo (NYSE: APO) and borrowings under the Company's $400 million revolving credit facility.  Kimbell is entitled to all cash flow from production attributable to the Acquired Assets since June 1, 2023.  Revenues and certain other operating statistics under generally accepted accounting principles will be recorded for the Acquisition beginning on the closing date of September 13, 2023.