Kimbell Royalty Partners, LP (NYSE:KRP) agreed to acquire certain oil and gas royalty assets from Phillips Energy Partners LLC and Phillips Energy Partners II, LLC and Phillips Energy Partners III, LLC, funds managed by Encap Investments LP. for approximately $150 million on February 6, 2019. Kimbell Royalty Partners will issue 9.4 million new shares in Kimbell Royalty Operating, LLC as consideration. The transaction includes diversified package of royalty interests with over 64% of production (6:1) from the Eagle Ford Shale, Permian Basin, Haynesville Shale and Powder River Basin. The purchase agreement may be terminated if the acquisition has not closed by April 24, 2019. The transaction is subject to certain closing conditions and is expected to close in late March 2019 and be immediately accretive to distributable cash flow per unit. Baker Botts L.L.P. acted as legal advisor to Kimbell Royalty Partners. RBC Richardson Barr acted as financial advisor to Phillips Energy Partners LLC and EnCap Investments L.P. Bryan Loocke, David Oelman, Thomas Zentner, James Garrett, Joclynn Townsend, Andrew Schulte, Ayman Haq, Ali Choate, Bassam Chain, Tukeni Obasi, Jing Tong, John Daywalt, Todd Way, John Lynch, Julia Pashin, Megan James and Emily Fawcett of Vinson & Elkins LLP acted as legal advisors to Phillips Energy Partners LLC and Encap Investments. Kimbell Royalty Partners, LP (NYSE:KRP) completed the acquisition of certain oil and gas royalty assets from Phillips Energy Partners LLC and Phillips Energy Partners II, LLC and Phillips Energy Partners III, LLC, funds managed by Encap Investments LP. on March 25, 2019. The acquisition of the transaction is expected to be immediately accretive to distributable cash flow per unit.