ENCAP ENERGY CAPITAL FUND VII LP

SEC source: 0000899243-22-014968 · doc4.xml · derivative · entry 2

ENCAP ENERGY CAPITAL FUND VII LP · CIK 0001422885 · Director · 10% owner

EnCap Energy Capital Fund VIII, L.P. · CIK 0001504103 · Director · 10% owner

Bold Energy Holdings, LLC · CIK 0001707241 · Director · 10% owner

EnCap Energy Capital Fund IX, L.P. · CIK 0001565683 · Director · 10% owner

EnCap Energy Capital Fund XI, L.P. · CIK 0001693946 · Director · 10% owner

EnCap Partners GP, LLC · CIK 0001726182 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 220,000

Underlying: Class A Common Stock · Not disclosed shares

Expires not disclosed

F6 · derivative.exercise_price: On April 14, 2022, upon closing of the transactions contemplated by that certain Securities Purchase Agreement by and among the Issuer, Fund XI and Cypress, dated January 30, 2022, Fund XI purchased 220,000 shares of Preferred Stock at a price of $1,000.000 per share. The shares of Preferred Stock are held directly by Fund XI. Each share of Preferred Stock will automatically convert into 90.0900900900901 shares of Class A Common Stock at an initial conversion price of $11.10 per share of Class A Common Stock. The Preferred Stock will convert automatically upon the day immediately following the expiration of the 20th calendar day after the Issuer mails a definitive information statement to holders of its common stock notifying them that holders of a majority of the outstanding common stock have consented to the conversion feature of the Preferred Stock and the issuance of Class A Common Stock upon conversion of such Preferred Stock.

F6 · kind: On April 14, 2022, upon closing of the transactions contemplated by that certain Securities Purchase Agreement by and among the Issuer, Fund XI and Cypress, dated January 30, 2022, Fund XI purchased 220,000 shares of Preferred Stock at a price of $1,000.000 per share. The shares of Preferred Stock are held directly by Fund XI. Each share of Preferred Stock will automatically convert into 90.0900900900901 shares of Class A Common Stock at an initial conversion price of $11.10 per share of Class A Common Stock. The Preferred Stock will convert automatically upon the day immediately following the expiration of the 20th calendar day after the Issuer mails a definitive information statement to holders of its common stock notifying them that holders of a majority of the outstanding common stock have consented to the conversion feature of the Preferred Stock and the issuance of Class A Common Stock upon conversion of such Preferred Stock.

F6 · price: On April 14, 2022, upon closing of the transactions contemplated by that certain Securities Purchase Agreement by and among the Issuer, Fund XI and Cypress, dated January 30, 2022, Fund XI purchased 220,000 shares of Preferred Stock at a price of $1,000.000 per share. The shares of Preferred Stock are held directly by Fund XI. Each share of Preferred Stock will automatically convert into 90.0900900900901 shares of Class A Common Stock at an initial conversion price of $11.10 per share of Class A Common Stock. The Preferred Stock will convert automatically upon the day immediately following the expiration of the 20th calendar day after the Issuer mails a definitive information statement to holders of its common stock notifying them that holders of a majority of the outstanding common stock have consented to the conversion feature of the Preferred Stock and the issuance of Class A Common Stock upon conversion of such Preferred Stock.

F6 · derivative.exercise_date: On April 14, 2022, upon closing of the transactions contemplated by that certain Securities Purchase Agreement by and among the Issuer, Fund XI and Cypress, dated January 30, 2022, Fund XI purchased 220,000 shares of Preferred Stock at a price of $1,000.000 per share. The shares of Preferred Stock are held directly by Fund XI. Each share of Preferred Stock will automatically convert into 90.0900900900901 shares of Class A Common Stock at an initial conversion price of $11.10 per share of Class A Common Stock. The Preferred Stock will convert automatically upon the day immediately following the expiration of the 20th calendar day after the Issuer mails a definitive information statement to holders of its common stock notifying them that holders of a majority of the outstanding common stock have consented to the conversion feature of the Preferred Stock and the issuance of Class A Common Stock upon conversion of such Preferred Stock.

F6 · derivative.expiration_date: On April 14, 2022, upon closing of the transactions contemplated by that certain Securities Purchase Agreement by and among the Issuer, Fund XI and Cypress, dated January 30, 2022, Fund XI purchased 220,000 shares of Preferred Stock at a price of $1,000.000 per share. The shares of Preferred Stock are held directly by Fund XI. Each share of Preferred Stock will automatically convert into 90.0900900900901 shares of Class A Common Stock at an initial conversion price of $11.10 per share of Class A Common Stock. The Preferred Stock will convert automatically upon the day immediately following the expiration of the 20th calendar day after the Issuer mails a definitive information statement to holders of its common stock notifying them that holders of a majority of the outstanding common stock have consented to the conversion feature of the Preferred Stock and the issuance of Class A Common Stock upon conversion of such Preferred Stock.

F6 · derivative.underlying_shares: On April 14, 2022, upon closing of the transactions contemplated by that certain Securities Purchase Agreement by and among the Issuer, Fund XI and Cypress, dated January 30, 2022, Fund XI purchased 220,000 shares of Preferred Stock at a price of $1,000.000 per share. The shares of Preferred Stock are held directly by Fund XI. Each share of Preferred Stock will automatically convert into 90.0900900900901 shares of Class A Common Stock at an initial conversion price of $11.10 per share of Class A Common Stock. The Preferred Stock will convert automatically upon the day immediately following the expiration of the 20th calendar day after the Issuer mails a definitive information statement to holders of its common stock notifying them that holders of a majority of the outstanding common stock have consented to the conversion feature of the Preferred Stock and the issuance of Class A Common Stock upon conversion of such Preferred Stock.

F1 · ownership.nature: EnCap Partners GP, LLC ("EnCap Partners GP") is general partner of EnCap Partners, LP ("EnCap Partners"), which is managing member of EnCap Investments Holdings, LLC ("EnCap Holdings"), which is sole member of EnCap Investments GP, L.L.C. ("Investments GP"), which is general partner of EnCap Investments L.P. ("Investments LP"), which is general partner of EnCap Equity Fund VII GP, L.P. ("Fund VII GP"), EnCap Equity Fund VIII GP, L.P. ("Fund VIII GP") and EnCap Equity Fund IX GP, L.P. ("Fund IX GP"), which are general partner of EnCap Energy Capital Fund VII, L.P. ("Fund VII"), EnCap Energy Capital Fund VIII, L.P. ("Fund VIII") and EnCap Energy Capital Fund IX, L.P. ("Fund IX"), respectively. Fund IX directly owns 100% of the membership interests of Bolding Energy Holdings, LLC ("Bold").

F2 · ownership.nature: (Continued from footnote 1): Investments LP is the sole member of EnCap Equity Fund XI GP, LLC ("Fund XI LLC"), which is general partner of EnCap Equity Fund XI GP, L.P. ("Fund XI GP"), which is general partner of EnCap Energy Capital Fund XI, L.P. ("Fund XI"). Fund XI directly owns 220,000 shares of Series A Convertible Preferred Stock ("Preferred Stock").

F3 · ownership.nature: (Continued from footnote 2): Therefore, each EnCap Partners GP, EnCap Partners, EnCap Holdings, Investments GP, Investments LP, Fund VII GP, Fund VIII GP, Fund IX GP, Fund XI LLC or Fund XI GP may be deemed to beneficially own or to have beneficially owned the reported securities that are or were held of record by any reporting persons under its direct or indirect control. Each reporting person disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that such reporting person is a beneficial owner of the reported securities for purposes of Section 16 or for any other purpose.

F6 · ownership.nature: On April 14, 2022, upon closing of the transactions contemplated by that certain Securities Purchase Agreement by and among the Issuer, Fund XI and Cypress, dated January 30, 2022, Fund XI purchased 220,000 shares of Preferred Stock at a price of $1,000.000 per share. The shares of Preferred Stock are held directly by Fund XI. Each share of Preferred Stock will automatically convert into 90.0900900900901 shares of Class A Common Stock at an initial conversion price of $11.10 per share of Class A Common Stock. The Preferred Stock will convert automatically upon the day immediately following the expiration of the 20th calendar day after the Issuer mails a definitive information statement to holders of its common stock notifying them that holders of a majority of the outstanding common stock have consented to the conversion feature of the Preferred Stock and the issuance of Class A Common Stock upon conversion of such Preferred Stock.

SEC source: 0000899243-22-014968 · doc4.xml · nonDerivative · entry 1

ENCAP ENERGY CAPITAL FUND VII LP · CIK 0001422885 · Director · 10% owner

EnCap Energy Capital Fund VIII, L.P. · CIK 0001504103 · Director · 10% owner

Bold Energy Holdings, LLC · CIK 0001707241 · Director · 10% owner

EnCap Energy Capital Fund IX, L.P. · CIK 0001565683 · Director · 10% owner

EnCap Energy Capital Fund XI, L.P. · CIK 0001693946 · Director · 10% owner

EnCap Partners GP, LLC · CIK 0001726182 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 2,303,000

F4 · kind: On April 14, 2022, 4,611,808 shares of Class A Common Stock (the "Class A Common Stock") of Earthstone Energy, Inc. (the "Issuer") were directly held by Fund VII and transferred to Cypress Investments, LLC ("Cypress") for $11.10 per share (the "Transfer") upon closing of the transactions contemplated by that certain Securities Purchase Agreement by and between Fund VII and Cypress, dated January 30, 2022. As of immediately following the Transfer, Fund VII no longer directly owns any shares of Class A Common Stock.

F4 · shares: On April 14, 2022, 4,611,808 shares of Class A Common Stock (the "Class A Common Stock") of Earthstone Energy, Inc. (the "Issuer") were directly held by Fund VII and transferred to Cypress Investments, LLC ("Cypress") for $11.10 per share (the "Transfer") upon closing of the transactions contemplated by that certain Securities Purchase Agreement by and between Fund VII and Cypress, dated January 30, 2022. As of immediately following the Transfer, Fund VII no longer directly owns any shares of Class A Common Stock.

F1 · ownership.nature: EnCap Partners GP, LLC ("EnCap Partners GP") is general partner of EnCap Partners, LP ("EnCap Partners"), which is managing member of EnCap Investments Holdings, LLC ("EnCap Holdings"), which is sole member of EnCap Investments GP, L.L.C. ("Investments GP"), which is general partner of EnCap Investments L.P. ("Investments LP"), which is general partner of EnCap Equity Fund VII GP, L.P. ("Fund VII GP"), EnCap Equity Fund VIII GP, L.P. ("Fund VIII GP") and EnCap Equity Fund IX GP, L.P. ("Fund IX GP"), which are general partner of EnCap Energy Capital Fund VII, L.P. ("Fund VII"), EnCap Energy Capital Fund VIII, L.P. ("Fund VIII") and EnCap Energy Capital Fund IX, L.P. ("Fund IX"), respectively. Fund IX directly owns 100% of the membership interests of Bolding Energy Holdings, LLC ("Bold").

F2 · ownership.nature: (Continued from footnote 1): Investments LP is the sole member of EnCap Equity Fund XI GP, LLC ("Fund XI LLC"), which is general partner of EnCap Equity Fund XI GP, L.P. ("Fund XI GP"), which is general partner of EnCap Energy Capital Fund XI, L.P. ("Fund XI"). Fund XI directly owns 220,000 shares of Series A Convertible Preferred Stock ("Preferred Stock").

F3 · ownership.nature: (Continued from footnote 2): Therefore, each EnCap Partners GP, EnCap Partners, EnCap Holdings, Investments GP, Investments LP, Fund VII GP, Fund VIII GP, Fund IX GP, Fund XI LLC or Fund XI GP may be deemed to beneficially own or to have beneficially owned the reported securities that are or were held of record by any reporting persons under its direct or indirect control. Each reporting person disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that such reporting person is a beneficial owner of the reported securities for purposes of Section 16 or for any other purpose.

F4 · ownership.nature: On April 14, 2022, 4,611,808 shares of Class A Common Stock (the "Class A Common Stock") of Earthstone Energy, Inc. (the "Issuer") were directly held by Fund VII and transferred to Cypress Investments, LLC ("Cypress") for $11.10 per share (the "Transfer") upon closing of the transactions contemplated by that certain Securities Purchase Agreement by and between Fund VII and Cypress, dated January 30, 2022. As of immediately following the Transfer, Fund VII no longer directly owns any shares of Class A Common Stock.

F5 · ownership.nature: All 2,303,000 shares of Class A Common Stock are directly held by Fund VIII.

SEC source: 0000899243-22-013135 · doc4.xml · nonDerivative · entry 5

PEP I Holdings, LLC · CIK 0001772462 · 10% owner

PEP II Holdings, LLC · CIK 0001772472 · 10% owner

PEP III Holdings, LLC · CIK 0001772387 · 10% owner

ENCAP ENERGY CAPITAL FUND VI L P · CIK 0001366397 · 10% owner

EnCap VI-B Acquisitions, L.P. · CIK 0001494333 · 10% owner

ENCAP ENERGY CAPITAL FUND VII LP · CIK 0001422885 · 10% owner

EnCap Energy Capital Fund VIII, L.P. · CIK 0001504103 · 10% owner

EnCap Partners GP, LLC · CIK 0001726182 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 0

F3 · kind: On March 31, 2022, the Reporting Persons executed a block trade under Rule 144 pursuant to which an aggregate of 3,999,919 Common Units were sold for $15.035 per share (such sale, the "Block Trade"). As of immediately following the Block Trade, Phillips II directly owns 42,081 OpCo Common Units, and an equivalent number of Class B Units, which together are exchangeable for an equal number of Common Units.

F4 · ownership.nature: EnCap Partners GP, LLC ("EnCap Partners GP") is the sole general partner of EnCap Partners, LP, which is the managing member of EnCap Investments Holdings, LLC, which is the sole member of EnCap Investments GP, L.L.C. ("EnCap Investments GP"), which is the general partner of EnCap Investments L.P. ("EnCap Investments LP"), which is the general partner of EnCap Equity Fund VI GP, L.P. ("EnCap Fund VI GP"), EnCap Equity Fund VII GP, L.P. ("EnCap Fund VII GP") and EnCap Equity Fund VIII GP, L.P. ("EnCap Fund VIII GP"), which are the general partners of EnCap Energy Capital Fund VI, L.P. ("EnCap Fund VI"), EnCap Energy Capital Fund VII, L.P. ("EnCap Fund VII") and EnCap Energy Capital Fund VIII, L.P. ("EnCap Fund VIII"), respectively.

F5 · ownership.nature: (Continued from Footnote 4) Additionally, EnCap Fund VI GP is the general partner of EnCap Energy Capital Fund VI-B, L.P. ("EnCap Fund VI-B"), which is the sole member of EnCap VI-B Acquisitions GP, LLC ("EnCap VI-B GP"), which is the general partner of EnCap VI-B Acquisitions, L.P. ("EnCap VI-B").

F8 · ownership.nature: These securities may be deemed to be beneficially owned by Phillips II. EnCap Partners GP indirectly manages EnCap Fund VII, which is the managing member of Phillips II. Therefore, EnCap Partners GP and EnCap Fund VII may be deemed to share voting or dispositive power over these securities and may also be deemed to be indirect beneficial owners of these securities. None of the Reporting Persons other than EnCap Partners GP, EnCap Fund VII and Phillips II have or should be deemed to have any direct or indirect beneficial ownership interest in these securities, and all of the Reporting Persons disclaim beneficial ownership of these securities except to the extent of any such Reporting Person's pecuniary interest therein.

SEC source: 0000899243-22-013135 · doc4.xml · nonDerivative · entry 4

PEP I Holdings, LLC · CIK 0001772462 · 10% owner

PEP II Holdings, LLC · CIK 0001772472 · 10% owner

PEP III Holdings, LLC · CIK 0001772387 · 10% owner

ENCAP ENERGY CAPITAL FUND VI L P · CIK 0001366397 · 10% owner

EnCap VI-B Acquisitions, L.P. · CIK 0001494333 · 10% owner

ENCAP ENERGY CAPITAL FUND VII LP · CIK 0001422885 · 10% owner

EnCap Energy Capital Fund VIII, L.P. · CIK 0001504103 · 10% owner

EnCap Partners GP, LLC · CIK 0001726182 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 0

F3 · kind: On March 31, 2022, the Reporting Persons executed a block trade under Rule 144 pursuant to which an aggregate of 3,999,919 Common Units were sold for $15.035 per share (such sale, the "Block Trade"). As of immediately following the Block Trade, Phillips II directly owns 42,081 OpCo Common Units, and an equivalent number of Class B Units, which together are exchangeable for an equal number of Common Units.

F4 · ownership.nature: EnCap Partners GP, LLC ("EnCap Partners GP") is the sole general partner of EnCap Partners, LP, which is the managing member of EnCap Investments Holdings, LLC, which is the sole member of EnCap Investments GP, L.L.C. ("EnCap Investments GP"), which is the general partner of EnCap Investments L.P. ("EnCap Investments LP"), which is the general partner of EnCap Equity Fund VI GP, L.P. ("EnCap Fund VI GP"), EnCap Equity Fund VII GP, L.P. ("EnCap Fund VII GP") and EnCap Equity Fund VIII GP, L.P. ("EnCap Fund VIII GP"), which are the general partners of EnCap Energy Capital Fund VI, L.P. ("EnCap Fund VI"), EnCap Energy Capital Fund VII, L.P. ("EnCap Fund VII") and EnCap Energy Capital Fund VIII, L.P. ("EnCap Fund VIII"), respectively.

F5 · ownership.nature: (Continued from Footnote 4) Additionally, EnCap Fund VI GP is the general partner of EnCap Energy Capital Fund VI-B, L.P. ("EnCap Fund VI-B"), which is the sole member of EnCap VI-B Acquisitions GP, LLC ("EnCap VI-B GP"), which is the general partner of EnCap VI-B Acquisitions, L.P. ("EnCap VI-B").

F6 · ownership.nature: These securities may be deemed to be beneficially owned by Phillips I. EnCap Partners GP indirectly manages EnCap Fund VI and EnCap VI-B, which are the managing members of Phillips I. Therefore, EnCap Partners GP, EnCap Fund VI and EnCap VI-B may be deemed to share voting or dispositive power over these securities and may also be deemed to be indirect beneficial owners of these securities.

F7 · ownership.nature: (Continued from Footnote 6) None of the Reporting Persons other than EnCap Partners GP, EnCap Fund VI, EnCap VI-B and Phillips I have or should be deemed to have any direct or indirect beneficial ownership interest in these securities, and all of the Reporting Persons disclaim beneficial ownership of these securities except to the extent of any such Reporting Person's pecuniary interest therein.

SEC source: 0000899243-22-013135 · doc4.xml · derivative · entry 8

PEP I Holdings, LLC · CIK 0001772462 · 10% owner

PEP II Holdings, LLC · CIK 0001772472 · 10% owner

PEP III Holdings, LLC · CIK 0001772387 · 10% owner

ENCAP ENERGY CAPITAL FUND VI L P · CIK 0001366397 · 10% owner

EnCap VI-B Acquisitions, L.P. · CIK 0001494333 · 10% owner

ENCAP ENERGY CAPITAL FUND VII LP · CIK 0001422885 · 10% owner

EnCap Energy Capital Fund VIII, L.P. · CIK 0001504103 · 10% owner

EnCap Partners GP, LLC · CIK 0001726182 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 0

Underlying: Common Units · 5,358,000 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: The Class B units ("Class B Units") representing limited partner interests in Kimbell Royalty Partners, LP (the "Issuer") have no economic rights, but each entitles the holder thereof to one vote on all matters to be voted on by unitholders of the Issuer generally. Class B Units, together with an equivalent number of common units ("OpCo Common Units") representing limited liability company interests in Kimbell Royalty Operating, LLC ("OpCo"), are exchangeable from time to time by holders thereof for common units representing limited partner interests in the Issuer ("Common Units") on a one-for-one basis or, at OpCo's election, for cash. The OpCo Common Units do not expire.

F2 · kind: On March 30, 2022, PEP I Holdings, LLC ("Phillips I") requested that 723,800 OpCo Common Units and 723,800 Class B Units be redeemed, and such securities were accordingly redeemed for an aggregate of 723,800 Common Units; PEP II Holdings, LLC ("Phillips II") requested that 3,276,119 OpCo Common Units and 3,276,119 Class B Units be redeemed, and such securities were accordingly redeemed for an aggregate of 3,276,119 Common Units; and PEP III Holdings ("Phillips III") requested that 5,358,000 OpCo Common Units and 5,358,000 Class B Units be redeemed, and such securities were accordingly redeemed for an aggregate of 5,358,000 Common Units (such redemptions, the "Redemptions"). As of immediately following the Redemptions, Phillips II directly owns 42,081 Opco Common Units, and an equivalent number of Class B Units, which together are exchangeable for an equal number of Common Units.

F1 · derivative.exercise_date: The Class B units ("Class B Units") representing limited partner interests in Kimbell Royalty Partners, LP (the "Issuer") have no economic rights, but each entitles the holder thereof to one vote on all matters to be voted on by unitholders of the Issuer generally. Class B Units, together with an equivalent number of common units ("OpCo Common Units") representing limited liability company interests in Kimbell Royalty Operating, LLC ("OpCo"), are exchangeable from time to time by holders thereof for common units representing limited partner interests in the Issuer ("Common Units") on a one-for-one basis or, at OpCo's election, for cash. The OpCo Common Units do not expire.

F1 · derivative.expiration_date: The Class B units ("Class B Units") representing limited partner interests in Kimbell Royalty Partners, LP (the "Issuer") have no economic rights, but each entitles the holder thereof to one vote on all matters to be voted on by unitholders of the Issuer generally. Class B Units, together with an equivalent number of common units ("OpCo Common Units") representing limited liability company interests in Kimbell Royalty Operating, LLC ("OpCo"), are exchangeable from time to time by holders thereof for common units representing limited partner interests in the Issuer ("Common Units") on a one-for-one basis or, at OpCo's election, for cash. The OpCo Common Units do not expire.

F4 · ownership.nature: EnCap Partners GP, LLC ("EnCap Partners GP") is the sole general partner of EnCap Partners, LP, which is the managing member of EnCap Investments Holdings, LLC, which is the sole member of EnCap Investments GP, L.L.C. ("EnCap Investments GP"), which is the general partner of EnCap Investments L.P. ("EnCap Investments LP"), which is the general partner of EnCap Equity Fund VI GP, L.P. ("EnCap Fund VI GP"), EnCap Equity Fund VII GP, L.P. ("EnCap Fund VII GP") and EnCap Equity Fund VIII GP, L.P. ("EnCap Fund VIII GP"), which are the general partners of EnCap Energy Capital Fund VI, L.P. ("EnCap Fund VI"), EnCap Energy Capital Fund VII, L.P. ("EnCap Fund VII") and EnCap Energy Capital Fund VIII, L.P. ("EnCap Fund VIII"), respectively.

F5 · ownership.nature: (Continued from Footnote 4) Additionally, EnCap Fund VI GP is the general partner of EnCap Energy Capital Fund VI-B, L.P. ("EnCap Fund VI-B"), which is the sole member of EnCap VI-B Acquisitions GP, LLC ("EnCap VI-B GP"), which is the general partner of EnCap VI-B Acquisitions, L.P. ("EnCap VI-B").

F9 · ownership.nature: As of the date hereof, Phillips III directly owns 5,358,000 Common Units. These securities may be deemed to be beneficially owned by Phillips III. EnCap Partners GP indirectly manages EnCap Fund VIII, which is the managing member of Phillips III. Therefore, EnCap Partners GP and EnCap Fund VIII may be deemed to share voting or dispositive power over these securities and may also be deemed to be indirect beneficial owners of these securities. None of the Reporting Persons other than EnCap Partners GP, EnCap Fund VIII and Phillips III have or should be deemed to have any direct or indirect beneficial ownership interest in these securities, and all of the Reporting Persons disclaim beneficial ownership of these securities except to the extent of any such Reporting Person's pecuniary interest therein.

SEC source: 0000899243-22-013135 · doc4.xml · derivative · entry 7

PEP I Holdings, LLC · CIK 0001772462 · 10% owner

PEP II Holdings, LLC · CIK 0001772472 · 10% owner

PEP III Holdings, LLC · CIK 0001772387 · 10% owner

ENCAP ENERGY CAPITAL FUND VI L P · CIK 0001366397 · 10% owner

EnCap VI-B Acquisitions, L.P. · CIK 0001494333 · 10% owner

ENCAP ENERGY CAPITAL FUND VII LP · CIK 0001422885 · 10% owner

EnCap Energy Capital Fund VIII, L.P. · CIK 0001504103 · 10% owner

EnCap Partners GP, LLC · CIK 0001726182 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 42,081

Underlying: Common Units · 3,276,119 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: The Class B units ("Class B Units") representing limited partner interests in Kimbell Royalty Partners, LP (the "Issuer") have no economic rights, but each entitles the holder thereof to one vote on all matters to be voted on by unitholders of the Issuer generally. Class B Units, together with an equivalent number of common units ("OpCo Common Units") representing limited liability company interests in Kimbell Royalty Operating, LLC ("OpCo"), are exchangeable from time to time by holders thereof for common units representing limited partner interests in the Issuer ("Common Units") on a one-for-one basis or, at OpCo's election, for cash. The OpCo Common Units do not expire.

F2 · kind: On March 30, 2022, PEP I Holdings, LLC ("Phillips I") requested that 723,800 OpCo Common Units and 723,800 Class B Units be redeemed, and such securities were accordingly redeemed for an aggregate of 723,800 Common Units; PEP II Holdings, LLC ("Phillips II") requested that 3,276,119 OpCo Common Units and 3,276,119 Class B Units be redeemed, and such securities were accordingly redeemed for an aggregate of 3,276,119 Common Units; and PEP III Holdings ("Phillips III") requested that 5,358,000 OpCo Common Units and 5,358,000 Class B Units be redeemed, and such securities were accordingly redeemed for an aggregate of 5,358,000 Common Units (such redemptions, the "Redemptions"). As of immediately following the Redemptions, Phillips II directly owns 42,081 Opco Common Units, and an equivalent number of Class B Units, which together are exchangeable for an equal number of Common Units.

F1 · derivative.exercise_date: The Class B units ("Class B Units") representing limited partner interests in Kimbell Royalty Partners, LP (the "Issuer") have no economic rights, but each entitles the holder thereof to one vote on all matters to be voted on by unitholders of the Issuer generally. Class B Units, together with an equivalent number of common units ("OpCo Common Units") representing limited liability company interests in Kimbell Royalty Operating, LLC ("OpCo"), are exchangeable from time to time by holders thereof for common units representing limited partner interests in the Issuer ("Common Units") on a one-for-one basis or, at OpCo's election, for cash. The OpCo Common Units do not expire.

F1 · derivative.expiration_date: The Class B units ("Class B Units") representing limited partner interests in Kimbell Royalty Partners, LP (the "Issuer") have no economic rights, but each entitles the holder thereof to one vote on all matters to be voted on by unitholders of the Issuer generally. Class B Units, together with an equivalent number of common units ("OpCo Common Units") representing limited liability company interests in Kimbell Royalty Operating, LLC ("OpCo"), are exchangeable from time to time by holders thereof for common units representing limited partner interests in the Issuer ("Common Units") on a one-for-one basis or, at OpCo's election, for cash. The OpCo Common Units do not expire.

F4 · ownership.nature: EnCap Partners GP, LLC ("EnCap Partners GP") is the sole general partner of EnCap Partners, LP, which is the managing member of EnCap Investments Holdings, LLC, which is the sole member of EnCap Investments GP, L.L.C. ("EnCap Investments GP"), which is the general partner of EnCap Investments L.P. ("EnCap Investments LP"), which is the general partner of EnCap Equity Fund VI GP, L.P. ("EnCap Fund VI GP"), EnCap Equity Fund VII GP, L.P. ("EnCap Fund VII GP") and EnCap Equity Fund VIII GP, L.P. ("EnCap Fund VIII GP"), which are the general partners of EnCap Energy Capital Fund VI, L.P. ("EnCap Fund VI"), EnCap Energy Capital Fund VII, L.P. ("EnCap Fund VII") and EnCap Energy Capital Fund VIII, L.P. ("EnCap Fund VIII"), respectively.

F5 · ownership.nature: (Continued from Footnote 4) Additionally, EnCap Fund VI GP is the general partner of EnCap Energy Capital Fund VI-B, L.P. ("EnCap Fund VI-B"), which is the sole member of EnCap VI-B Acquisitions GP, LLC ("EnCap VI-B GP"), which is the general partner of EnCap VI-B Acquisitions, L.P. ("EnCap VI-B").

F8 · ownership.nature: These securities may be deemed to be beneficially owned by Phillips II. EnCap Partners GP indirectly manages EnCap Fund VII, which is the managing member of Phillips II. Therefore, EnCap Partners GP and EnCap Fund VII may be deemed to share voting or dispositive power over these securities and may also be deemed to be indirect beneficial owners of these securities. None of the Reporting Persons other than EnCap Partners GP, EnCap Fund VII and Phillips II have or should be deemed to have any direct or indirect beneficial ownership interest in these securities, and all of the Reporting Persons disclaim beneficial ownership of these securities except to the extent of any such Reporting Person's pecuniary interest therein.

SEC source: 0000899243-22-013135 · doc4.xml · derivative · entry 6

PEP I Holdings, LLC · CIK 0001772462 · 10% owner

PEP II Holdings, LLC · CIK 0001772472 · 10% owner

PEP III Holdings, LLC · CIK 0001772387 · 10% owner

ENCAP ENERGY CAPITAL FUND VI L P · CIK 0001366397 · 10% owner

EnCap VI-B Acquisitions, L.P. · CIK 0001494333 · 10% owner

ENCAP ENERGY CAPITAL FUND VII LP · CIK 0001422885 · 10% owner

EnCap Energy Capital Fund VIII, L.P. · CIK 0001504103 · 10% owner

EnCap Partners GP, LLC · CIK 0001726182 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 0

Underlying: Common Units · 723,800 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: The Class B units ("Class B Units") representing limited partner interests in Kimbell Royalty Partners, LP (the "Issuer") have no economic rights, but each entitles the holder thereof to one vote on all matters to be voted on by unitholders of the Issuer generally. Class B Units, together with an equivalent number of common units ("OpCo Common Units") representing limited liability company interests in Kimbell Royalty Operating, LLC ("OpCo"), are exchangeable from time to time by holders thereof for common units representing limited partner interests in the Issuer ("Common Units") on a one-for-one basis or, at OpCo's election, for cash. The OpCo Common Units do not expire.

F2 · kind: On March 30, 2022, PEP I Holdings, LLC ("Phillips I") requested that 723,800 OpCo Common Units and 723,800 Class B Units be redeemed, and such securities were accordingly redeemed for an aggregate of 723,800 Common Units; PEP II Holdings, LLC ("Phillips II") requested that 3,276,119 OpCo Common Units and 3,276,119 Class B Units be redeemed, and such securities were accordingly redeemed for an aggregate of 3,276,119 Common Units; and PEP III Holdings ("Phillips III") requested that 5,358,000 OpCo Common Units and 5,358,000 Class B Units be redeemed, and such securities were accordingly redeemed for an aggregate of 5,358,000 Common Units (such redemptions, the "Redemptions"). As of immediately following the Redemptions, Phillips II directly owns 42,081 Opco Common Units, and an equivalent number of Class B Units, which together are exchangeable for an equal number of Common Units.

F1 · derivative.exercise_date: The Class B units ("Class B Units") representing limited partner interests in Kimbell Royalty Partners, LP (the "Issuer") have no economic rights, but each entitles the holder thereof to one vote on all matters to be voted on by unitholders of the Issuer generally. Class B Units, together with an equivalent number of common units ("OpCo Common Units") representing limited liability company interests in Kimbell Royalty Operating, LLC ("OpCo"), are exchangeable from time to time by holders thereof for common units representing limited partner interests in the Issuer ("Common Units") on a one-for-one basis or, at OpCo's election, for cash. The OpCo Common Units do not expire.

F1 · derivative.expiration_date: The Class B units ("Class B Units") representing limited partner interests in Kimbell Royalty Partners, LP (the "Issuer") have no economic rights, but each entitles the holder thereof to one vote on all matters to be voted on by unitholders of the Issuer generally. Class B Units, together with an equivalent number of common units ("OpCo Common Units") representing limited liability company interests in Kimbell Royalty Operating, LLC ("OpCo"), are exchangeable from time to time by holders thereof for common units representing limited partner interests in the Issuer ("Common Units") on a one-for-one basis or, at OpCo's election, for cash. The OpCo Common Units do not expire.

F4 · ownership.nature: EnCap Partners GP, LLC ("EnCap Partners GP") is the sole general partner of EnCap Partners, LP, which is the managing member of EnCap Investments Holdings, LLC, which is the sole member of EnCap Investments GP, L.L.C. ("EnCap Investments GP"), which is the general partner of EnCap Investments L.P. ("EnCap Investments LP"), which is the general partner of EnCap Equity Fund VI GP, L.P. ("EnCap Fund VI GP"), EnCap Equity Fund VII GP, L.P. ("EnCap Fund VII GP") and EnCap Equity Fund VIII GP, L.P. ("EnCap Fund VIII GP"), which are the general partners of EnCap Energy Capital Fund VI, L.P. ("EnCap Fund VI"), EnCap Energy Capital Fund VII, L.P. ("EnCap Fund VII") and EnCap Energy Capital Fund VIII, L.P. ("EnCap Fund VIII"), respectively.

F5 · ownership.nature: (Continued from Footnote 4) Additionally, EnCap Fund VI GP is the general partner of EnCap Energy Capital Fund VI-B, L.P. ("EnCap Fund VI-B"), which is the sole member of EnCap VI-B Acquisitions GP, LLC ("EnCap VI-B GP"), which is the general partner of EnCap VI-B Acquisitions, L.P. ("EnCap VI-B").

F6 · ownership.nature: These securities may be deemed to be beneficially owned by Phillips I. EnCap Partners GP indirectly manages EnCap Fund VI and EnCap VI-B, which are the managing members of Phillips I. Therefore, EnCap Partners GP, EnCap Fund VI and EnCap VI-B may be deemed to share voting or dispositive power over these securities and may also be deemed to be indirect beneficial owners of these securities.

F7 · ownership.nature: (Continued from Footnote 6) None of the Reporting Persons other than EnCap Partners GP, EnCap Fund VI, EnCap VI-B and Phillips I have or should be deemed to have any direct or indirect beneficial ownership interest in these securities, and all of the Reporting Persons disclaim beneficial ownership of these securities except to the extent of any such Reporting Person's pecuniary interest therein.

SEC source: 0000899243-22-013135 · doc4.xml · nonDerivative · entry 3

PEP I Holdings, LLC · CIK 0001772462 · 10% owner

PEP II Holdings, LLC · CIK 0001772472 · 10% owner

PEP III Holdings, LLC · CIK 0001772387 · 10% owner

ENCAP ENERGY CAPITAL FUND VI L P · CIK 0001366397 · 10% owner

EnCap VI-B Acquisitions, L.P. · CIK 0001494333 · 10% owner

ENCAP ENERGY CAPITAL FUND VII LP · CIK 0001422885 · 10% owner

EnCap Energy Capital Fund VIII, L.P. · CIK 0001504103 · 10% owner

EnCap Partners GP, LLC · CIK 0001726182 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 5,358,000

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: The Class B units ("Class B Units") representing limited partner interests in Kimbell Royalty Partners, LP (the "Issuer") have no economic rights, but each entitles the holder thereof to one vote on all matters to be voted on by unitholders of the Issuer generally. Class B Units, together with an equivalent number of common units ("OpCo Common Units") representing limited liability company interests in Kimbell Royalty Operating, LLC ("OpCo"), are exchangeable from time to time by holders thereof for common units representing limited partner interests in the Issuer ("Common Units") on a one-for-one basis or, at OpCo's election, for cash. The OpCo Common Units do not expire.

F2 · kind: On March 30, 2022, PEP I Holdings, LLC ("Phillips I") requested that 723,800 OpCo Common Units and 723,800 Class B Units be redeemed, and such securities were accordingly redeemed for an aggregate of 723,800 Common Units; PEP II Holdings, LLC ("Phillips II") requested that 3,276,119 OpCo Common Units and 3,276,119 Class B Units be redeemed, and such securities were accordingly redeemed for an aggregate of 3,276,119 Common Units; and PEP III Holdings ("Phillips III") requested that 5,358,000 OpCo Common Units and 5,358,000 Class B Units be redeemed, and such securities were accordingly redeemed for an aggregate of 5,358,000 Common Units (such redemptions, the "Redemptions"). As of immediately following the Redemptions, Phillips II directly owns 42,081 Opco Common Units, and an equivalent number of Class B Units, which together are exchangeable for an equal number of Common Units.

F1 · price: The Class B units ("Class B Units") representing limited partner interests in Kimbell Royalty Partners, LP (the "Issuer") have no economic rights, but each entitles the holder thereof to one vote on all matters to be voted on by unitholders of the Issuer generally. Class B Units, together with an equivalent number of common units ("OpCo Common Units") representing limited liability company interests in Kimbell Royalty Operating, LLC ("OpCo"), are exchangeable from time to time by holders thereof for common units representing limited partner interests in the Issuer ("Common Units") on a one-for-one basis or, at OpCo's election, for cash. The OpCo Common Units do not expire.

F4 · ownership.nature: EnCap Partners GP, LLC ("EnCap Partners GP") is the sole general partner of EnCap Partners, LP, which is the managing member of EnCap Investments Holdings, LLC, which is the sole member of EnCap Investments GP, L.L.C. ("EnCap Investments GP"), which is the general partner of EnCap Investments L.P. ("EnCap Investments LP"), which is the general partner of EnCap Equity Fund VI GP, L.P. ("EnCap Fund VI GP"), EnCap Equity Fund VII GP, L.P. ("EnCap Fund VII GP") and EnCap Equity Fund VIII GP, L.P. ("EnCap Fund VIII GP"), which are the general partners of EnCap Energy Capital Fund VI, L.P. ("EnCap Fund VI"), EnCap Energy Capital Fund VII, L.P. ("EnCap Fund VII") and EnCap Energy Capital Fund VIII, L.P. ("EnCap Fund VIII"), respectively.

F5 · ownership.nature: (Continued from Footnote 4) Additionally, EnCap Fund VI GP is the general partner of EnCap Energy Capital Fund VI-B, L.P. ("EnCap Fund VI-B"), which is the sole member of EnCap VI-B Acquisitions GP, LLC ("EnCap VI-B GP"), which is the general partner of EnCap VI-B Acquisitions, L.P. ("EnCap VI-B").

F9 · ownership.nature: As of the date hereof, Phillips III directly owns 5,358,000 Common Units. These securities may be deemed to be beneficially owned by Phillips III. EnCap Partners GP indirectly manages EnCap Fund VIII, which is the managing member of Phillips III. Therefore, EnCap Partners GP and EnCap Fund VIII may be deemed to share voting or dispositive power over these securities and may also be deemed to be indirect beneficial owners of these securities. None of the Reporting Persons other than EnCap Partners GP, EnCap Fund VIII and Phillips III have or should be deemed to have any direct or indirect beneficial ownership interest in these securities, and all of the Reporting Persons disclaim beneficial ownership of these securities except to the extent of any such Reporting Person's pecuniary interest therein.

SEC source: 0000899243-22-013135 · doc4.xml · nonDerivative · entry 2

PEP I Holdings, LLC · CIK 0001772462 · 10% owner

PEP II Holdings, LLC · CIK 0001772472 · 10% owner

PEP III Holdings, LLC · CIK 0001772387 · 10% owner

ENCAP ENERGY CAPITAL FUND VI L P · CIK 0001366397 · 10% owner

EnCap VI-B Acquisitions, L.P. · CIK 0001494333 · 10% owner

ENCAP ENERGY CAPITAL FUND VII LP · CIK 0001422885 · 10% owner

EnCap Energy Capital Fund VIII, L.P. · CIK 0001504103 · 10% owner

EnCap Partners GP, LLC · CIK 0001726182 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 3,276,119

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: The Class B units ("Class B Units") representing limited partner interests in Kimbell Royalty Partners, LP (the "Issuer") have no economic rights, but each entitles the holder thereof to one vote on all matters to be voted on by unitholders of the Issuer generally. Class B Units, together with an equivalent number of common units ("OpCo Common Units") representing limited liability company interests in Kimbell Royalty Operating, LLC ("OpCo"), are exchangeable from time to time by holders thereof for common units representing limited partner interests in the Issuer ("Common Units") on a one-for-one basis or, at OpCo's election, for cash. The OpCo Common Units do not expire.

F2 · kind: On March 30, 2022, PEP I Holdings, LLC ("Phillips I") requested that 723,800 OpCo Common Units and 723,800 Class B Units be redeemed, and such securities were accordingly redeemed for an aggregate of 723,800 Common Units; PEP II Holdings, LLC ("Phillips II") requested that 3,276,119 OpCo Common Units and 3,276,119 Class B Units be redeemed, and such securities were accordingly redeemed for an aggregate of 3,276,119 Common Units; and PEP III Holdings ("Phillips III") requested that 5,358,000 OpCo Common Units and 5,358,000 Class B Units be redeemed, and such securities were accordingly redeemed for an aggregate of 5,358,000 Common Units (such redemptions, the "Redemptions"). As of immediately following the Redemptions, Phillips II directly owns 42,081 Opco Common Units, and an equivalent number of Class B Units, which together are exchangeable for an equal number of Common Units.

F1 · price: The Class B units ("Class B Units") representing limited partner interests in Kimbell Royalty Partners, LP (the "Issuer") have no economic rights, but each entitles the holder thereof to one vote on all matters to be voted on by unitholders of the Issuer generally. Class B Units, together with an equivalent number of common units ("OpCo Common Units") representing limited liability company interests in Kimbell Royalty Operating, LLC ("OpCo"), are exchangeable from time to time by holders thereof for common units representing limited partner interests in the Issuer ("Common Units") on a one-for-one basis or, at OpCo's election, for cash. The OpCo Common Units do not expire.

F4 · ownership.nature: EnCap Partners GP, LLC ("EnCap Partners GP") is the sole general partner of EnCap Partners, LP, which is the managing member of EnCap Investments Holdings, LLC, which is the sole member of EnCap Investments GP, L.L.C. ("EnCap Investments GP"), which is the general partner of EnCap Investments L.P. ("EnCap Investments LP"), which is the general partner of EnCap Equity Fund VI GP, L.P. ("EnCap Fund VI GP"), EnCap Equity Fund VII GP, L.P. ("EnCap Fund VII GP") and EnCap Equity Fund VIII GP, L.P. ("EnCap Fund VIII GP"), which are the general partners of EnCap Energy Capital Fund VI, L.P. ("EnCap Fund VI"), EnCap Energy Capital Fund VII, L.P. ("EnCap Fund VII") and EnCap Energy Capital Fund VIII, L.P. ("EnCap Fund VIII"), respectively.

F5 · ownership.nature: (Continued from Footnote 4) Additionally, EnCap Fund VI GP is the general partner of EnCap Energy Capital Fund VI-B, L.P. ("EnCap Fund VI-B"), which is the sole member of EnCap VI-B Acquisitions GP, LLC ("EnCap VI-B GP"), which is the general partner of EnCap VI-B Acquisitions, L.P. ("EnCap VI-B").

F8 · ownership.nature: These securities may be deemed to be beneficially owned by Phillips II. EnCap Partners GP indirectly manages EnCap Fund VII, which is the managing member of Phillips II. Therefore, EnCap Partners GP and EnCap Fund VII may be deemed to share voting or dispositive power over these securities and may also be deemed to be indirect beneficial owners of these securities. None of the Reporting Persons other than EnCap Partners GP, EnCap Fund VII and Phillips II have or should be deemed to have any direct or indirect beneficial ownership interest in these securities, and all of the Reporting Persons disclaim beneficial ownership of these securities except to the extent of any such Reporting Person's pecuniary interest therein.

SEC source: 0000899243-22-013135 · doc4.xml · nonDerivative · entry 1

PEP I Holdings, LLC · CIK 0001772462 · 10% owner

PEP II Holdings, LLC · CIK 0001772472 · 10% owner

PEP III Holdings, LLC · CIK 0001772387 · 10% owner

ENCAP ENERGY CAPITAL FUND VI L P · CIK 0001366397 · 10% owner

EnCap VI-B Acquisitions, L.P. · CIK 0001494333 · 10% owner

ENCAP ENERGY CAPITAL FUND VII LP · CIK 0001422885 · 10% owner

EnCap Energy Capital Fund VIII, L.P. · CIK 0001504103 · 10% owner

EnCap Partners GP, LLC · CIK 0001726182 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 723,000

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: The Class B units ("Class B Units") representing limited partner interests in Kimbell Royalty Partners, LP (the "Issuer") have no economic rights, but each entitles the holder thereof to one vote on all matters to be voted on by unitholders of the Issuer generally. Class B Units, together with an equivalent number of common units ("OpCo Common Units") representing limited liability company interests in Kimbell Royalty Operating, LLC ("OpCo"), are exchangeable from time to time by holders thereof for common units representing limited partner interests in the Issuer ("Common Units") on a one-for-one basis or, at OpCo's election, for cash. The OpCo Common Units do not expire.

F2 · kind: On March 30, 2022, PEP I Holdings, LLC ("Phillips I") requested that 723,800 OpCo Common Units and 723,800 Class B Units be redeemed, and such securities were accordingly redeemed for an aggregate of 723,800 Common Units; PEP II Holdings, LLC ("Phillips II") requested that 3,276,119 OpCo Common Units and 3,276,119 Class B Units be redeemed, and such securities were accordingly redeemed for an aggregate of 3,276,119 Common Units; and PEP III Holdings ("Phillips III") requested that 5,358,000 OpCo Common Units and 5,358,000 Class B Units be redeemed, and such securities were accordingly redeemed for an aggregate of 5,358,000 Common Units (such redemptions, the "Redemptions"). As of immediately following the Redemptions, Phillips II directly owns 42,081 Opco Common Units, and an equivalent number of Class B Units, which together are exchangeable for an equal number of Common Units.

F1 · price: The Class B units ("Class B Units") representing limited partner interests in Kimbell Royalty Partners, LP (the "Issuer") have no economic rights, but each entitles the holder thereof to one vote on all matters to be voted on by unitholders of the Issuer generally. Class B Units, together with an equivalent number of common units ("OpCo Common Units") representing limited liability company interests in Kimbell Royalty Operating, LLC ("OpCo"), are exchangeable from time to time by holders thereof for common units representing limited partner interests in the Issuer ("Common Units") on a one-for-one basis or, at OpCo's election, for cash. The OpCo Common Units do not expire.

F4 · ownership.nature: EnCap Partners GP, LLC ("EnCap Partners GP") is the sole general partner of EnCap Partners, LP, which is the managing member of EnCap Investments Holdings, LLC, which is the sole member of EnCap Investments GP, L.L.C. ("EnCap Investments GP"), which is the general partner of EnCap Investments L.P. ("EnCap Investments LP"), which is the general partner of EnCap Equity Fund VI GP, L.P. ("EnCap Fund VI GP"), EnCap Equity Fund VII GP, L.P. ("EnCap Fund VII GP") and EnCap Equity Fund VIII GP, L.P. ("EnCap Fund VIII GP"), which are the general partners of EnCap Energy Capital Fund VI, L.P. ("EnCap Fund VI"), EnCap Energy Capital Fund VII, L.P. ("EnCap Fund VII") and EnCap Energy Capital Fund VIII, L.P. ("EnCap Fund VIII"), respectively.

F5 · ownership.nature: (Continued from Footnote 4) Additionally, EnCap Fund VI GP is the general partner of EnCap Energy Capital Fund VI-B, L.P. ("EnCap Fund VI-B"), which is the sole member of EnCap VI-B Acquisitions GP, LLC ("EnCap VI-B GP"), which is the general partner of EnCap VI-B Acquisitions, L.P. ("EnCap VI-B").

F6 · ownership.nature: These securities may be deemed to be beneficially owned by Phillips I. EnCap Partners GP indirectly manages EnCap Fund VI and EnCap VI-B, which are the managing members of Phillips I. Therefore, EnCap Partners GP, EnCap Fund VI and EnCap VI-B may be deemed to share voting or dispositive power over these securities and may also be deemed to be indirect beneficial owners of these securities.

F7 · ownership.nature: (Continued from Footnote 6) None of the Reporting Persons other than EnCap Partners GP, EnCap Fund VI, EnCap VI-B and Phillips I have or should be deemed to have any direct or indirect beneficial ownership interest in these securities, and all of the Reporting Persons disclaim beneficial ownership of these securities except to the extent of any such Reporting Person's pecuniary interest therein.

SEC source: 0000899243-21-041718 · doc4.xml · nonDerivative · entry 1

ENCAP ENERGY CAPITAL FUND VII LP · CIK 0001422885 · 10% owner

EnCap Energy Capital Fund VIII, L.P. · CIK 0001504103 · 10% owner

Bold Energy Holdings, LLC · CIK 0001707241 · 10% owner

EnCap Energy Capital Fund IX, L.P. · CIK 0001565683 · 10% owner

EnCap Partners GP, LLC · CIK 0001726182 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnotes

Disclosed balance after: 6,914,808

F3 · kind: These shares of Class A Common Stock were acquired and are held directly by Fund VIII. Fund VIII is a member of Tracker Resource Development III, LLC ("Tracker") and received these shares, at Tracker's direction, upon closing of the transactions contemplated by that certain Purchase and Sale Agreement, dated March 31, 2021, by and among the Issuer, Earthstone Energy Holdings, LLC ("EEH"), Tracker and TRD III Royalty Holdings (TX), LP (together with Tracker, the "Tracker Sellers"), pursuant to which, among other things, the Issuer acquired certain interests from the Tracker Sellers for aggregate consideration consisting of (i) $22.5 million in cash, net of preliminary and customary purchase price adjustments and subject to final post-closing settlement between the parties, and (ii) 4,700,000 million shares of Class A Common Stock.

F3 · shares: These shares of Class A Common Stock were acquired and are held directly by Fund VIII. Fund VIII is a member of Tracker Resource Development III, LLC ("Tracker") and received these shares, at Tracker's direction, upon closing of the transactions contemplated by that certain Purchase and Sale Agreement, dated March 31, 2021, by and among the Issuer, Earthstone Energy Holdings, LLC ("EEH"), Tracker and TRD III Royalty Holdings (TX), LP (together with Tracker, the "Tracker Sellers"), pursuant to which, among other things, the Issuer acquired certain interests from the Tracker Sellers for aggregate consideration consisting of (i) $22.5 million in cash, net of preliminary and customary purchase price adjustments and subject to final post-closing settlement between the parties, and (ii) 4,700,000 million shares of Class A Common Stock.

F3 · price: These shares of Class A Common Stock were acquired and are held directly by Fund VIII. Fund VIII is a member of Tracker Resource Development III, LLC ("Tracker") and received these shares, at Tracker's direction, upon closing of the transactions contemplated by that certain Purchase and Sale Agreement, dated March 31, 2021, by and among the Issuer, Earthstone Energy Holdings, LLC ("EEH"), Tracker and TRD III Royalty Holdings (TX), LP (together with Tracker, the "Tracker Sellers"), pursuant to which, among other things, the Issuer acquired certain interests from the Tracker Sellers for aggregate consideration consisting of (i) $22.5 million in cash, net of preliminary and customary purchase price adjustments and subject to final post-closing settlement between the parties, and (ii) 4,700,000 million shares of Class A Common Stock.

F1 · balance_after: EnCap Partners GP, LLC ("EnCap Partners GP") is general partner of EnCap Partners, LP ("EnCap Partners"), which is managing member of EnCap Investments Holdings, LLC ("EnCap Holdings"), which is sole member of EnCap Investments GP, L.L.C. ("Investments GP"), which is general partner of EnCap Investments L.P. ("Investments LP"), which is general partner of EnCap Equity Fund VII GP, L.P. ("Fund VII GP"), EnCap Equity Fund VIII GP, L.P. ("Fund VIII GP") and EnCap Equity Fund IX GP, L.P. ("Fund IX GP"), which are general partner of EnCap Energy Capital Fund VII, L.P. ("Fund VII"), EnCap Energy Capital Fund VIII, L.P. ("Fund VIII") and EnCap Energy Capital Fund IX, L.P. ("Fund IX"), respectively. Fund IX directly owns 100% of the membership interests of Bolding Energy Holdings, LLC ("Bold").

F2 · balance_after: (Continued from footnote 1): Therefore, each EnCap Partners GP, EnCap Partners, EnCap Holdings, Investments GP, Investments LP, Fund VII GP, Fund VIII GP or Fund IX GP may be deemed to beneficially own or to have beneficially owned the reported securities that are or were held of record by any reporting persons under its direct or indirect control. Each reporting person disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that such reporting person is a beneficial owner of the reported securities for purposes of Section 16 or for any other purpose.

F4 · balance_after: Of these shares of Class A Common Stock, 4,611,808 are directly held by Fund VII and 2,303,000 are directly held by Fund VIII.

F1 · ownership.direct: EnCap Partners GP, LLC ("EnCap Partners GP") is general partner of EnCap Partners, LP ("EnCap Partners"), which is managing member of EnCap Investments Holdings, LLC ("EnCap Holdings"), which is sole member of EnCap Investments GP, L.L.C. ("Investments GP"), which is general partner of EnCap Investments L.P. ("Investments LP"), which is general partner of EnCap Equity Fund VII GP, L.P. ("Fund VII GP"), EnCap Equity Fund VIII GP, L.P. ("Fund VIII GP") and EnCap Equity Fund IX GP, L.P. ("Fund IX GP"), which are general partner of EnCap Energy Capital Fund VII, L.P. ("Fund VII"), EnCap Energy Capital Fund VIII, L.P. ("Fund VIII") and EnCap Energy Capital Fund IX, L.P. ("Fund IX"), respectively. Fund IX directly owns 100% of the membership interests of Bolding Energy Holdings, LLC ("Bold").

F2 · ownership.direct: (Continued from footnote 1): Therefore, each EnCap Partners GP, EnCap Partners, EnCap Holdings, Investments GP, Investments LP, Fund VII GP, Fund VIII GP or Fund IX GP may be deemed to beneficially own or to have beneficially owned the reported securities that are or were held of record by any reporting persons under its direct or indirect control. Each reporting person disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that such reporting person is a beneficial owner of the reported securities for purposes of Section 16 or for any other purpose.

F4 · ownership.direct: Of these shares of Class A Common Stock, 4,611,808 are directly held by Fund VII and 2,303,000 are directly held by Fund VIII.

F1 · ownership.nature: EnCap Partners GP, LLC ("EnCap Partners GP") is general partner of EnCap Partners, LP ("EnCap Partners"), which is managing member of EnCap Investments Holdings, LLC ("EnCap Holdings"), which is sole member of EnCap Investments GP, L.L.C. ("Investments GP"), which is general partner of EnCap Investments L.P. ("Investments LP"), which is general partner of EnCap Equity Fund VII GP, L.P. ("Fund VII GP"), EnCap Equity Fund VIII GP, L.P. ("Fund VIII GP") and EnCap Equity Fund IX GP, L.P. ("Fund IX GP"), which are general partner of EnCap Energy Capital Fund VII, L.P. ("Fund VII"), EnCap Energy Capital Fund VIII, L.P. ("Fund VIII") and EnCap Energy Capital Fund IX, L.P. ("Fund IX"), respectively. Fund IX directly owns 100% of the membership interests of Bolding Energy Holdings, LLC ("Bold").

F2 · ownership.nature: (Continued from footnote 1): Therefore, each EnCap Partners GP, EnCap Partners, EnCap Holdings, Investments GP, Investments LP, Fund VII GP, Fund VIII GP or Fund IX GP may be deemed to beneficially own or to have beneficially owned the reported securities that are or were held of record by any reporting persons under its direct or indirect control. Each reporting person disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that such reporting person is a beneficial owner of the reported securities for purposes of Section 16 or for any other purpose.

F4 · ownership.nature: Of these shares of Class A Common Stock, 4,611,808 are directly held by Fund VII and 2,303,000 are directly held by Fund VIII.

SEC source: 0000899243-21-001388 · doc4.xml · nonDerivative · entry 1

EnCap Energy Capital Fund V L P · CIK 0001302312 · 10% owner

EnCap V-B Acquisitions, L.P. · CIK 0001376869 · 10% owner

ENCAP ENERGY CAPITAL FUND VI L P · CIK 0001366397 · 10% owner

EnCap VI-B Acquisitions, L.P. · CIK 0001494333 · 10% owner

ENCAP ENERGY CAPITAL FUND VII LP · CIK 0001422885 · 10% owner

Bold Energy Holdings, LLC · CIK 0001707241 · 10% owner

EnCap Energy Capital Fund IX, L.P. · CIK 0001565683 · 10% owner

EnCap Partners GP, LLC · CIK 0001726182 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 4,611,808

F1 · security: EnCap Partners GP, LLC ("EnCap Partners GP") is general partner of EnCap Partners, LP ("EnCap Partners"), which is managing member of EnCap Investments Holdings, LLC ("EnCap Holdings"), which is sole member of EnCap Investments GP, L.L.C. ("Investments GP"), which is general partner of EnCap Investments L.P. ("Investments LP"), which is general partner of EnCap Equity Fund V GP, L.P. ("Fund V GP"), EnCap Equity Fund VI GP, L.P. ("Fund VI GP"), EnCap Equity Fund VII GP, L.P. ("Fund VII GP") and EnCap Equity Fund IX GP, L.P. ("Fund IX GP"), which are general partner of EnCap Energy Capital Fund V, L.P. ("Fund V"), EnCap Energy Capital Fund VI, L.P. ("Fund VI"), EnCap Energy Capital Fund VII, L.P. ("Fund VII") and EnCap Energy Capital Fund IX, L.P. ("Fund IX"), respectively. Fund V GP is general partner of EnCap Energy Capital Fund V-B, L.P., which is sole member of EnCap V-B Acquisitions GP, LLC, which is general partner of EnCap V-B Acquisitions, L.P. ("Fund V-B").

F2 · security: (Continued from footnote 1): Fund VI GP is also general partner of EnCap Energy Capital Fund VI-B, L.P., which is sole member of EnCap VI-B Acquisitions GP, LLC, which is general partner of EnCap VI-B Acquisitions, L.P. ("Fund VI-B"). Fund IX directly owns 100% of the membership interests of Bolding Energy Holdings, LLC ("Bold"). Therefore, each EnCap Partners GP, EnCap Partners, EnCap Holdings, Investments GP, Investments LP, Fund V GP, Fund VI GP, Fund VII GP or Fund IX GP may be deemed to beneficially own or to have beneficially owned the reported securities that are or were held of record by any reporting persons under its direct or indirect control. Each reporting person disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that such reporting person is a beneficial owner of the reported securities for purposes of Section 16 or for any other purpose.

F3 · kind: These shares of Class A Common Stock were directly held by Fund V, Fund V-B, Fund VI and Fund VI-B (collectively, the "Seller Funds") and transferred to Independence Resources Holdings, LLC on January 7, 2021, upon closing of the transactions contemplated by that certain Securities Purchase Agreement, dated December 17, 2020 (the "Transactions").

F3 · shares: These shares of Class A Common Stock were directly held by Fund V, Fund V-B, Fund VI and Fund VI-B (collectively, the "Seller Funds") and transferred to Independence Resources Holdings, LLC on January 7, 2021, upon closing of the transactions contemplated by that certain Securities Purchase Agreement, dated December 17, 2020 (the "Transactions").

F4 · balance_after: These shares of Class A Common Stock are directly held by Fund VII.

F1 · ownership.nature: EnCap Partners GP, LLC ("EnCap Partners GP") is general partner of EnCap Partners, LP ("EnCap Partners"), which is managing member of EnCap Investments Holdings, LLC ("EnCap Holdings"), which is sole member of EnCap Investments GP, L.L.C. ("Investments GP"), which is general partner of EnCap Investments L.P. ("Investments LP"), which is general partner of EnCap Equity Fund V GP, L.P. ("Fund V GP"), EnCap Equity Fund VI GP, L.P. ("Fund VI GP"), EnCap Equity Fund VII GP, L.P. ("Fund VII GP") and EnCap Equity Fund IX GP, L.P. ("Fund IX GP"), which are general partner of EnCap Energy Capital Fund V, L.P. ("Fund V"), EnCap Energy Capital Fund VI, L.P. ("Fund VI"), EnCap Energy Capital Fund VII, L.P. ("Fund VII") and EnCap Energy Capital Fund IX, L.P. ("Fund IX"), respectively. Fund V GP is general partner of EnCap Energy Capital Fund V-B, L.P., which is sole member of EnCap V-B Acquisitions GP, LLC, which is general partner of EnCap V-B Acquisitions, L.P. ("Fund V-B").

F2 · ownership.nature: (Continued from footnote 1): Fund VI GP is also general partner of EnCap Energy Capital Fund VI-B, L.P., which is sole member of EnCap VI-B Acquisitions GP, LLC, which is general partner of EnCap VI-B Acquisitions, L.P. ("Fund VI-B"). Fund IX directly owns 100% of the membership interests of Bolding Energy Holdings, LLC ("Bold"). Therefore, each EnCap Partners GP, EnCap Partners, EnCap Holdings, Investments GP, Investments LP, Fund V GP, Fund VI GP, Fund VII GP or Fund IX GP may be deemed to beneficially own or to have beneficially owned the reported securities that are or were held of record by any reporting persons under its direct or indirect control. Each reporting person disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that such reporting person is a beneficial owner of the reported securities for purposes of Section 16 or for any other purpose.

SEC source: 0000899243-18-016479 · doc4.xml · nonDerivative · entry 1

ENCAP ENERGY CAPITAL FUND VI L P · CIK 0001366397 · 10% owner

EnCap VI-B Acquisitions, L.P. · CIK 0001494333 · 10% owner

ENCAP ENERGY CAPITAL FUND VII LP · CIK 0001422885 · 10% owner

EnCap Energy Capital Fund VIII, L.P. · CIK 0001504103 · 10% owner

EnCap Energy Capital Fund VIII Co-Investors, L.P. · CIK 0001537403 · 10% owner

EnCap Partners GP, LLC · CIK 0001726182 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 33,106,166

F1 · kind: Pursuant to the company agreement of Forge Energy, LLC ("Forge Energy"), on June 11, 2018, Forge Energy made a distribution of the securities of the issuer to its sole member, Forge Energy Holdings, LLC ("Forge Energy Holdings"). Pursuant to the company agreement of Forge Energy Holdings, on the same date, Forge Energy Holdings made a pro rata distribution of the securities of the issuer to all of its members, of which EnCap Energy Capital Fund VIII, L.P. ("EnCap Fund VIII") and EnCap Energy Capital Fund VIII Co-Investors, L.P. ("EnCap Fund VIII Co-Invest") are members.

F2 · shares: As a result of the foregoing distributions by Forge Energy and Forge Energy Holdings, EnCap Fund VIII directly owns 18,774,504 shares of common stock of the issuer and EnCap Fund VIII Co-Invest directly owns 7,046,909 shares of common stock of the issuer. As described below, EnCap Fund VIII and EnCap Fund VIII Co-Invest are each under common control with EnCap Energy Capital Fund VI, L.P. ("EnCap Fund VI"), EnCap VI-B Acquisitions, L.P. ("EnCap VI-B") and EnCap Energy Capital Fund VII, L.P. ("EnCap Fund VII" and, together with EnCap Fund VI, EnCap VI-B, EnCap Fund VIII and EnCap Fund VIII Co-Invest, the "EnCap Funds"),

F2 · balance_after: As a result of the foregoing distributions by Forge Energy and Forge Energy Holdings, EnCap Fund VIII directly owns 18,774,504 shares of common stock of the issuer and EnCap Fund VIII Co-Invest directly owns 7,046,909 shares of common stock of the issuer. As described below, EnCap Fund VIII and EnCap Fund VIII Co-Invest are each under common control with EnCap Energy Capital Fund VI, L.P. ("EnCap Fund VI"), EnCap VI-B Acquisitions, L.P. ("EnCap VI-B") and EnCap Energy Capital Fund VII, L.P. ("EnCap Fund VII" and, together with EnCap Fund VI, EnCap VI-B, EnCap Fund VIII and EnCap Fund VIII Co-Invest, the "EnCap Funds"),

F3 · ownership.direct: The EnCap Funds are controlled indirectly by EnCap Partners GP, LLC ("EnCap Partners GP"). EnCap Partners GP is the general partner of EnCap Partners, LP ("EnCap Partners LP"), which is the sole member of EnCap Investments Holdings, LLC ("EnCap Investments Holdings"), which is the sole member of EnCap Investments Holdings Blocker, LLC ("EnCap Investments Holdings Blocker"), which is the sole member of EnCap Investments GP, L.L.C. ("EnCap Investments GP"), which is the general partner of EnCap Investments L.P. ("EnCap Investments LP"), which is the sole member of each of (i) EnCap Equity Fund VI GP, LLC ("EnCap Fund VI GP LLC"), which is the sole general partner of EnCap Equity Fund VI GP, L.P. ("EnCap Fund VI GP"), (ii) EnCap Equity Fund VII GP, LLC ("EnCap Fund VII GP LLC"),

F4 · ownership.direct: (Continued from footnote 3) which is the sole general partner of EnCap Equity Fund VII GP, L.P. ("EnCap Fund VII GP") and (iii) EnCap Equity Fund VIII GP, LLC ("EnCap Fund VIII GP LLC"), which is the sole general partner of EnCap Equity Fund VIII GP, L.P. ("Equity Fund VIII GP").

F5 · ownership.direct: EnCap Fund VI GP is the sole general partner of EnCap Fund VI and EnCap Fund VI-B, EnCap Fund VII GP is the sole general partner of EnCap Fund VII and EnCap Fund VIII GP is the sole general partner of each of EnCap Fund VIII and EnCap Fund VIII Co-Invest. Therefore EnCap Partners GP, EnCap Partners LP, EnCap Investments Holdings, EnCap Investments Holdings Blocker, EnCap Investments GP, EnCap Investments LP, EnCap Fund VI GP LLC, EnCap Fund VI GP, EnCap Fund VII GP LLC, EnCap Fund VII GP, EnCap Fund VIII GP LLC and EnCap Fund VIII GP may be deemed to beneficially own the reported securities.

F6 · ownership.direct: The reporting persons disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest therein, and this report shall not be deemed an admission that the reporting persons are the beneficial owners of the reported securities for purposes of Section 16 or for any other purpose.