Fort Worth-based Kimbell Royalty Partners said Nov. 9 it agreed to purchase mineral and royalty interests across multiple basins for $57 million. The assets will provide an estimated net production of 700 boed (34 percent oil) from more than 26,000 gross wells (39 percent in Permian Basin, 31 percent in Mid-Continent and 14 percent in Haynesville).
Bob Ravnaas, chairman and CEO, said, “The seller’s production profile is a natural fit with Kimbell’s existing portfolio and is supported by an attractive mix of conventional and unconventional asset positions located in the premier oil and gas basins in the lower 48… The seller’s portfolio also includes an attractive position in the Denver unit in Gaines County, which is historically one of the most prolific and stable units in the Permian Basin.”
The acquisition is expected to increase Kimbell’s production to 14,783 boed.