FORT WORTH, Texas, May 28, 2019 /PRNewswire/ -- Kimbell Royalty Partners, LP (NYSE: KRP) ("Kimbell" or the "Company"), a leading owner of oil and natural gas mineral and royalty interests in more than 92,000 gross producing wells across 28 states, today is pleased to announce the increase of the borrowing base and total commitments under the Company's revolving credit facility. In connection with the May 2019 redetermination under the revolving credit facility, the borrowing base was increased 50% from $200 million to $300 million and total commitments were increased from $200 million to $225 million (or up to $300 million if the accordion feature is exercised). Based on the increased amounts of the borrowing base and total commitments, the Company can borrow up to $225 million under the revolving credit facility. At March 31, 2019, the Company had $87.3 million outstanding and $112.7 million of undrawn capacity under its revolving credit facility. If the increases in the borrowing base and commitments had been effective on March 31, 2019, the Company's undrawn capacity under the revolving credit facility would have been $137.7 million (or $212.7 million if the accordion feature had been exercised). Increases in commitments pursuant to the revolving credit facility's accordion feature are subject to the satisfaction of certain conditions, including obtaining additional commitments from new or existing lenders.
Davis Ravnaas, President and Chief Financial Officer of the Company's general partner, said, "We are pleased with the increase of the borrowing base and total commitments under our revolving credit facility, which enhances our flexibility and liquidity. We are also appreciative of the continued support from the eight banks in our credit facility syndicate. We view these banks as our long-term partners and believe they have played a key role in facilitating our substantial growth over the last year."
Kimbell Royalty Partners, LP
Kimbell (NYSE: KRP) is an oil and gas mineral and royalty limited partnership based in Fort Worth, Texas. Kimbell is managed by its general partner, Kimbell Royalty GP, LLC. Kimbell owns mineral and royalty interests in approximately 13 million gross acres in 28 states and in every major onshore basin in the continental United States, including ownership in more than 92,000 gross producing wells with over 40,000 wells in the Permian Basin. To learn more, visit http://www.kimbellrp.com.
Dennard Lascar Investor Relations
SOURCE Kimbell Royalty Partners, LP