Kimbell Royalty Partners, LP (KRP) Announces Proposed 5M Unit Common Offering

Kimbell Royalty Partners, LP (NYSE: KRP) today announced that it has commenced an underwritten public offering of 5,000,000 common units representing limited partner interests, subject to market and other conditions. In connection with the offering, certain selling unitholders of Kimbell intend to grant the underwriters an option to purchase up to 750,000 additional common units at the public offering price less the underwriting discount and commissions.

Kimbell intends to use the net proceeds from the offering to fund a portion of the cash purchase price for the pending acquisition of oil and natural gas mineral and royalty interests held by Springbok Energy Partners, LLC and Springbok Energy Partners II, LLC (the "Springbok Acquisition"), as described in Kimbell's Current Report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on January 9, 2020, and to pay fees and expenses related to the Springbok Acquisition. Pending the closing of the Springbok Acquisition, Kimbell intends to use the net proceeds from the offering for the repayment of outstanding borrowings under its revolving credit facility. Kimbell may use future amounts borrowed under its revolving credit facility for general partnership purposes, including a potential redemption of a portion of its outstanding 7.0% Series A Cumulative Convertible Preferred Units (the "Preferred Units").

Kimbell will not receive proceeds from the sale of common units by the selling unitholders if the underwriters' option to purchase up to 750,000 additional common units is exercised.

Credit Suisse Securities (USA) LLC and Raymond James & Associates, Inc. are acting as lead book-running managers for the offering. Goldman Sachs & Co. LLC, RBC Capital Markets, LLC and UBS Securities LLC are also acting as bookrunners for the offering.

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