Investor Presentaiton

Process and Methodology Kimbell Process & Methodology Kimbell did not book any upside reserves in its year-end 2020 reserve report included in its Form 10-K filed with the SEC For purposes of this exercise, Kimbell's upside analysis was reviewed by Ryder Scott, a leading third-party independent international engineering firm. Based on the SPE-PRMS (1) reserve definitions, these locations fall under the general classifications of Proved Undeveloped (PUD), Probable and Possible reserves (2) Kimbell's upside development spacing utilizes geology, development trends by offset operators and current rig counts, and is consistent with our historically conservative underwriting approach Kimbell only focused on its major properties and upside locations on minor properties were not identified. With ownership in over 13 million gross acres, we believe that upside drilling locations on our minor properties, which generally have net revenue interests of 0.1% or below, can be significant in the aggregate, and potentially could add up to an additional 20% to Kimbell's net drilling inventory 40 (1) (2) Petroleum Resources Management System prepared by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers (SPE); reviewed and jointly sponsored by the World Petroleum Council (WPC), the American Association of Petroleum Geologists (AAPG), the Society of Petroleum Evaluation Engineers (SPEE), Society of Exploration Geophysicists (SEG), Society of Petrophysicists and Well Log Analysts (SPWLA), and European Association of Geoscientists & Engineers (EAGE), March 2007 and revised June 2018. PUD, Probable, and Possible reserves reflect estimates from internal reserves database as of 3/31/2021. KIMBELL ROYALTY PARTNERS

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