HIGHLIGHTS

FORT WORTH, Texas, Aug. 2, 2023 /PRNewswire/ -- Kimbell Royalty Partners, LP (NYSE: KRP) ("Kimbell" or the "Company"), a leading owner of oil and gas mineral and royalty interests in approximately 16 million gross acres in 28 states, today announced that it has agreed to acquire mineral and royalty interests (the "acquired assets") held by a private seller ("Seller") in a cash transaction valued at approximately $455 million, subject to purchase price adjustments and other customary closing adjustments (the "Acquisition").  Kimbell intends to fund the purchase price through a private placement of 6.00% Series A Cumulative Convertible Preferred Units ("Preferred Units") to fund managed by affiliates of Apollo (NYSE: APO) ("Apollo") and borrowings under the Company's $400 million revolving credit facility.  The final mix of funding will be determined at closing.