FORT WORTH, Texas, Sept. 24, 2018 /PRNewswire/ -- Kimbell Royalty Partners, LP (NYSE: KRP), a leading owner of oil and natural gas mineral and royalty interests across twenty-eight states, announced that its federal income tax status change from that of a pass-through partnership to that of a taxable entity via a "check-the-box" election became effective today, September 24, 2018.
Holders of Kimbell's common units will receive a final Schedule K-1 for the period from January 1, 2018 through the day prior to the effective date of the tax election. Beginning September 24, 2018, holders will receive a Form 1099-DIV. After the effectiveness of the tax status election and the completion of related transactions, Kimbell's minerals and royalty business will continue to be conducted through Kimbell Royalty Operating, LLC, its wholly owned subsidiary, which will be taxed as a partnership for federal and state income tax purposes.
Kimbell Royalty Partners, LP
Kimbell (NYSE: KRP) is an oil and gas mineral and royalty variable rate master limited partnership based in Fort Worth, Texas, and is managed by its general partner, Kimbell Royalty GP, LLC. Kimbell owns mineral and royalty interests in approximately 11.1 million gross acres in 28 states and in nearly every major onshore basin in the continental United States, including ownership in more than 84,000 gross producing wells, with over 38,000 wells in the Permian Basin. To learn more, visit www.kimbellrp.com.
This news release includes forward-looking statements. These forward-looking statements involve risks and uncertainties, including risks relating to Kimbell's change to a taxable entity. Except as required by law, Kimbell undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this news release. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in Kimbell's filings with the Securities and Exchange Commission ("SEC"). These include risks that the anticipated benefits of the election to change to a taxable entity are not realized and other risks described in Kimbell's Annual Report on Form 10-K and other filings with the SEC, available at the SEC's website at www.sec.gov. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release.
Dennard Lascar Investor Relations
SOURCE Kimbell Royalty Partners, LP