Lime Rock Resources Announces Strategic Acquisition of Permian Basin Mineral and Royalty Interests to Finalize Fund V Portfolio

Houston, Texas — May 8, 2025 — Lime Rock Resources (“Lime Rock”), a Houston-based energy private equity firm focused on acquiring, operating, and improving producing oil and gas properties in the United States, announced today that it has entered into a definitive agreement to acquire a portfolio of non-operated mineral and royalty interests located in Reeves, Ward, and Pecos Counties, Texas for up to $48.0 million. This transaction marks a strategic and appropriately sized addition to Lime Rock’s Fund V portfolio.

The asset package includes approximately 4,300 Net Royalty Acres (normalized to 1/8th royalty) within a high-quality development corridor. The properties are forecasted to produce approximately 530 barrels of oil equivalent per day in January 2025, with a production mix of 56% oil, 20% gas, and 24% NGLs. Based on internal engineering evaluations utilizing strip pricing as of February 27, 2025, Lime Rock estimates the total net unrisked proved reserves at 1.4 MMboe, of which 78% are classified as proved developed producing.

Lime Rock believes this investment offers mineral-like cash flow exposure with none of the capital expenditure or operating cost burdens typically associated with traditional working interest ownership. The acquisition was structured to capitalize on current market conditions, allowing Lime Rock to transact at an attractive valuation and capture meaningful upside through exposure to long-life, low-decline, liquids-rich assets in a proven, active development fairway.

“This investment is a great example of Lime Rock’s strategy to deploy capital into durable, cash-generative assets with low downside risk,” said Eric Mullins, Co-Founder of Lime Rock Resources. “It also reflects our continued ability to source value-oriented opportunities in the Permian Basin and execute quickly and efficiently.”

“This transaction checks all the boxes for us—low capital intensity, long inventory life, alignment with a strong operator, and an attractive risk-adjusted return profile,” said Jonathan Hickman, Chief Operating Officer of Lime Rock Resources. “It’s a compelling fit with our hands-on, value-driven approach to managing energy investments.”

About Lime Rock Resources
Founded in 2005, Lime Rock Resources is an energy-focused private equity firm that acquires, improves and operates producing oil and gas properties throughout the United States. Based in Houston, Lime Rock Resources applies a disciplined, long-term approach to asset ownership and optimization. Lime Rock Resources has built a strong track record of delivering returns to its investors by leveraging its technical and operational expertise. The firm is part of Lime Rock Management; a private equity investment platform focused on the energy sector. Since inception, Lime Rock Management has raised over $10.0 billion in private equity funds and affiliated co-investment vehicles. For more information, please visit www.limerockresources.com.