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Fort Worth-based Kimbell Royalty Partners, LP (NYSE: KRP) announced on Thursday that it has closed on the purchase of mineral and royalty interests in the Permian Basin held by Austin-based Hatch Royalty LLC at approximately $270.7 million.
The acquisition was comprised of $150.4 million in cash and approximately 7.3 million common units of Kimbell Royalty Operating, LLC, which are valued at $120.3 million, according to a press release.
Kimbell is entitled to all cash flow from production attributable to the acquired assets since Oct. 1. Revenues and certain other operating statistics under generally accepted accounting principles will be recorded for the Acquisition beginning on the closing date of Dec. 15.
Kimbell is a leading owner of oil and gas mineral and royalty interests in over 16 million gross acres in 28 states and in every major onshore basin in the continental United States, including ownership in more than 123,000 gross wells with more than 47,000 wells in the Permian Basin.