Kimbell Royalty Partners Acquires Springbok's Mineral and Royalty Assets
Fort Worth-based mineral and royalty company Kimbell Royalty Partners LP has entered into an agreement to acquire the mineral and royalty interests held by Dallas-based Springbok Energy Partners LLC and Springbok Energy Partners II LLC, in a transaction valued at approximately US$175 million, subject to purchase price adjustments. The purchase price includes US$95 million in cash, plus approximately 2.2 million common units of Kimbell and approximately 2.5 million common units of Kimbell Royalty Operating LLC that are valued at approximately US$80 million. The acquired interests are located primarily across the Delaware, DJ, Haynesville, STACK and Eagle Ford Shale basins, and include 2,160 Net Royalty Acres that produced 2,533 barrels of oil equivalent (boe) per day as of October 1st, 2019 (the effective date for the acquisition). The transaction is expected to close in Q2-2020.