Kimbell Royalty Partners Closes $271 Million Acquisition Of Permian Basin Mineral And Royalty Interests In Cash And Unit Transaction(1)

Kimbell Royalty Partners, LP (NYSE: KRP) ("Kimbell" or the "Company"), a leading owner of oil and gas mineral and royalty interests in over 16 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 Austin-based Hatch Royalty LLC in a cash and unit transaction valued at approximately $270.7 million (the "Acquisition"). The purchase price for the Acquisition was comprised of $150.4 million in cash (approximately 56% of the total consideration) and approximately 7.3 million common units of Kimbell Royalty Operating, LLC, which are valued at $120.3 million (approximately 44% of the total consideration). Kimbell is entitled to all cash flow from production attributable to the Acquired Assets since October 1, 2022. Revenues and certain other operating statistics under generally accepted accounting principles will be recorded for the Acquisition beginning on the closing date of December 15, 2022.