FORT WORTH, Texas,
Dec. 11,
2023 /PRNewswire/ -- Kimbell Royalty Partners, LP
(NYSE: KRP) ("Kimbell" or the "Company"), a leading owner of oil
and natural gas mineral and royalty interests in more than 127,000
gross wells across 28 states, today is pleased to announce an
increase of the borrowing base and total commitments under the
Company's revolving credit facility. In connection with the
Fall 2023 redetermination under the senior secured reserve-based
revolving credit facility, the borrowing base and aggregate elected
commitments increased from $400
million to $550 million, an
increase of 37.5%.
At September 30, 2023, Kimbell had
outstanding borrowings of $310.4
million under its revolving credit facility and $89.6 million of undrawn capacity. If the
increases in the borrowing base and commitments had been effective
on September 30, 2023, the Company's
undrawn capacity under the revolving credit facility would have
been $239.6 million.
Davis Ravnaas, President and
Chief Financial Officer of the Company's general partner, said, "We
are pleased with the increased borrowing base and commitments under
our revolving credit facility, which enhances Kimbell's flexibility
and liquidity. We received unanimous support from our
existing lenders, and Kimbell expanded its bank syndicate from 10
to 14 lenders. I'd like to thank our banking partners for
their continued support, and for playing a key role in facilitating
our significant growth over the last year."
About Kimbell Royalty Partners
Kimbell (NYSE: KRP) is a leading oil and natural gas mineral and
royalty company based in Fort
Worth, Texas. Kimbell owns mineral and royalty
interests in approximately 17 million gross acres in 28 states and
in every major onshore basin in the continental United States, including ownership in more
than 127,000 gross wells with over 49,000 wells in the Permian
Basin. To learn more, visit http://www.kimbellrp.com.
Contact:
Rick Black
Dennard Lascar Investor
Relations
krp@dennardlascar.com
(713) 529-6600
View original
content:https://www.prnewswire.com/news-releases/kimbell-royalty-partners-announces-increase-in-borrowing-base-and-elected-commitments-from-400-million-to-550-million-302010487.html
SOURCE Kimbell Royalty Partners, LP