Fort Worth-based Kimbell Royalty Partners said last week it is acquiring mineral and royalty interests in Permian Basin and midcontinent from a private seller for $455 million. Bob Ravnaas, chairman and CEO, said Aug. 2 the deal is the largest in Kimbell’s history and will significantly enhance its position in Permian Basin. “The targeted portfolio of mineral and royalty interests complements our disciplined approach to M&A, combining excellent reservoir quality, near-term cash and long-term production growth. We … look forward to continuing our role as a major consolidator in the oil and gas royalty sector.”
Permian assets are comprised of 13,477 net royalty acres with net production of 2,362 boed (72 percent liquids) from 1,613 gross producing wells in Delaware and Midland basins, including “premier northern Delaware Basin acreage concentrated in Loving County.” Delaware acreage has 497 gross drilling locations, and Midland Basin position includes 920 gross locations. Permian acreage had 11 active rigs as of June 30.