Kimbell Royalty Partners LP (KRP) Prices 3.75M Unit Offering at $14/unit

Kimbell Royalty Partners, LP (NYSE: KRP) today announced the pricing of its public offering of 3,750,000 common units representing limited partner interests, at a public offering price of $14.00 per common unit. The total gross proceeds of the offering, before underwriters' discounts and estimated offering expenses, will be approximately $52.5 million. Kimbell has granted the underwriters an option to purchase up to 562,500 additional common units at the public offering price less the underwriting discount and commissions. The offering is expected to close on November 15, 2021, subject to customary closing conditions.

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 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").

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