Kimbell Royalty Partners LP (KRP) Announces 3.75M Unit Offering

Kimbell Royalty Partners, LP (NYSE: KRP) today announced that it has commenced an underwritten public offering of 3,750,000 common units representing limited partner interests, subject to market and other conditions. In connection with the offering, Kimbell intends to grant the underwriters an option to purchase up to 562,500 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 privately negotiated acquisition of oil and natural gas mineral and royalty interests held by an undisclosed seller (the "Acquisition"), as described in Kimbell's Current Report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on November 9, 2021, and to pay fees and expenses related to the Acquisition. Pending the closing of the 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").

Citigroup and Raymond James & Associates, Inc. are acting as lead book-running managers for the offering. When available, a copy of the preliminary prospectus for the offering may be obtained from:

To obtain a copy of the preliminary prospectus free of charge, visit the SEC's website (www.sec.gov) and search under the registrant's name, "Kimbell Royalty Partners, LP."

The common units will be issued and sold pursuant to an effective shelf registration statement on Form S-3 previously filed with the SEC. This news release shall not constitute an offer to sell or the solicitation of an offer to buy the common units, nor shall there be any sale of the common units in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. This offering may only be made by means of a prospectus supplement and related base prospectus.

This news release shall not constitute a notice of redemption with respect to the Preferred Units. Any redemption of the Preferred Units will be made pursuant to a notice of redemption in accordance with the terms of such securities.

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