Kimbell Royalty Partners, LP Announces Increase in Borrowing Base and Elects Commitments from $400 Million to $550 Million
December 11, 2023 at 08:01 am EST
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Kimbell Royalty Partners, LP announced 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.
Kimbell Royalty Partners, LP is an oil and gas mineral and royalty company. It owns mineral and royalty interests in over 17 million gross acres in 28 states and in onshore basin in the continental United States, including ownership in more than 129,000 gross wells. Its properties include the Permian Basin, Mid-Continent, Appalachian, Eagle Ford, Bakken, Terryville/Cotton Valley/Haynesville, and DJ Basin/Rockies/Niobrara. The Permian Basin extends from southeastern New Mexico into West Texas. The Mid-Continent is an area containing fields in Arkansas, Kansas, Louisiana, New Mexico, Oklahoma, Nebraska and Texas and including the Granite Wash, Cleveland, and Mississippi Lime formations. The Appalachian Basin covers most of Pennsylvania, eastern Ohio, West Virginia, western Maryland, eastern Kentucky, central Tennessee, western Virginia, northwestern Georgia, and northern Alabama. The Williston Basin stretches through North Dakota, the northwest part of South Dakota, and eastern Montana.
KIMBELL ROYALTY PARTNERS, LP 
