04:51 PM EST, 01/07/2025 (MT Newswires) -- Kimbell Royalty Partners ( KRP ) said Tuesday it agreed to buy mineral and royalty assets from Boren Minerals in a cash-and-unit deal valued at about $231 million.

Kimbell said it has the option to pay in cash or via a combination of $207 million in cash and some 1.4 million in units. It expects to close the deal in Q1 of 2025.

The oil and natural gas royalty interests located under the Mabee Ranch in the Core of the Midland Basin on over 68,000 gross acres, the firm said. It expects the deal to be immediately accretive to distributable cash flow per unit.

Separately, Kimbell said it has started an underwritten public offering of 9 million units to raise funds for debt repayment under its revolving credit facility.

Underwriters will be given an option to buy up to 1.35 million additional units, with Citigroup, J.P. Morgan, and RBC Capital Markets as lead book-runners.