Kimbell Royalty Partners, LP, a Delaware limited partnership (the “Partnership”), entered into Amendment No. 2 (the “Second Amendment”) to the Partnership’s existing Credit Agreement, dated as of January 11, 2017 (as amended by that certain Amendment No. 1 to Credit Agreement, dated as of July 12, 2018, the “Existing Credit Agreement” and the Existing Credit Agreement, as amended by the Second Amendment, the “Amended Credit Agreement”), with certain subsidiaries of the Partnership, as guarantors, the lenders party thereto, Citibank, N.A. (“Citi”), as administrative agent, and, solely for purposes of Section 4, Section 11 and Section 13 therein, Frost Bank (“Frost”), as resigning administrative agent.

The Second Amendment amends the Existing Credit Agreement to, among other things, (i) increase commitments under the Amended Credit Agreement’s senior secured revolving credit facility (the “Credit Facility”) from $225.0 million to $265.0 million, the availability of which will equal the lesser of the aggregate maximum elected commitments of the lenders up to the Maximum Facility Amount (as defined below) and the borrowing base, which was set at $265.0 million under the Amended Credit Agreement, (ii) permit aggregate commitments under the Credit Facility to be increased up to $500.0 million (the “Maximum Facility Amount”), subject to the satisfaction of certain conditions and the election of existing lenders to increase commitments or the procurement of additional commitments from new lenders, (iii) extend the maturity date under the Existing Credit Agreement from February 8, 2022 to June 7, 2024, and (iv) reflect the change in administrative agent from Frost to Citi under the Amended Credit Agreement.

The Amended Credit Agreement contains various affirmative, negative and financial maintenance covenants. The Amended Credit Agreement also contains customary events of default, including non-payment, breach of covenants, materially incorrect representations, cross default, bankruptcy and change of control.