Kimbell Royalty Partners agreed in February 2019 to acquired oil and gas royalty assets from Phillips Energy Partners, Phillips II, and Phillips III for $151.3 million in a 100% equity transaction. The assets include royalty interest with over 64% of production from the Eagle Ford Shale, Permian Basin, Haynesville Shale, and Powder River Basin which add 1,600 boe/d of production. 17 rigs are actively drilling on 12,200 net royalty acres.
The purchase price is composed of 9.4 million newly issued equity units in Kimbell with an effective date of January 1, 2019. The transaction was expected to close late March and closed on schedule. Richardson Barr served as a financial advisor to EnCap.