Kimbell Royalty Partners, LP (NYSE:KRP) Files An 8-K Other EventsItem 8.01. Other Events.
On April 21, 2017, Kimbell Royalty Partners, LP (the “Partnership”) completed the acquisition of 1.1 million gross acres (6,700 net royalty acres) of overriding royalty interests in the Anadarko Basin from Maxus Energy Corporation for $15.9 million. The acquisition primarily includes assets located in the panhandle of Texas and Northwest portion of Oklahoma. This assets, which are substantially all held by production, includes production from multiple stacked pay zones in over 2,600 producing wells located across 32 counties in five states throughout the Mid-Continent, including Texas, Oklahoma, Louisiana, Wyoming and New Mexico. A total of 145 wells have been drilled on the acquired interest since 2014. Management estimates that the average daily production is approximately 272 net Boe/d (6:1) for the first quarter of 2017 and total proved reserves are 1,873 MBoe (6:1) as of April 1, 2017, which consists of 74% natural gas, 16% natural gas liquids and 10% oil. The transaction was funded through the Partnership’s credit facility.