AUSTIN, TEXAS: Brigham Minerals Inc. (NYSE: MNRL) has entered into a definitive purchase and sale agreement to acquire certain mineral and royalty interests in the Midland Basin from royalty funds managed by Avant Natural Resources, LLC and its affiliates for approximately $132.5 million in cash subject to certain closing adjustments.

MIDLAND ACQUISITION CONTINUES PERMIAN CONSOLIDATION AND VALUE CREATION

• Acquiring approximately 3,900 net royalty acres in the core of the Midland Basin in Martin and Midland Counties
• Well diversified position to be developed by highly active operators including Endeavor Energy Resources, Pioneer Natural Resources and ExxonMobil
  • 253 gross wells spud on acreage over last twelve months
• 2023 estimated production totaling between 750 – 950 boepd with 60% oil
• 2023 estimated mid-teens EBITDA yield
• 0.5 net DUCs and 0.5 net permits as of Q2 2022 resulting in 12.0 net pro forma activity wells as of June 30^th
• Brigham intends to finance the acquisition through a combination of cash on hand and borrowings under the Company’s revolving credit facility
• Post-close pro forma liquidity totaling ~$124 million⁽¹⁾ and less than 0.6x net debt / Adj. LQA EBITDA
• July 1, 2022 effective date with anticipated close in mid-October 2022, subject to continued diligence and closing conditions

Robert M. (“Rob”) Roosa, Chief Executive Officer, commented, “Our continued success consolidating core minerals is clearly demonstrated by our largest acquisition to date. Our patient and disciplined approach allowed us to capture the opportunity to significantly increase our Midland Basin footprint under highly active, top performing operators including Endeavor, Pioneer and ExxonMobil, who in total are operating more than 40 rigs in the basin.

I personally view this acquisition as the highest quality Midland Basin package we’ve evaluated to date given both the diversification across two of the most prolific geologic counties in the lower 48 and the high-quality operator composition. As a result, we anticipate this acquisition will generate industry leading activity as well as strong production and cash flow growth. We’ve purposefully maintained a conservative balance sheet and have continued to high grade our portfolio to maintain flexibility to capture these types of opportunities, and subsequent to closing the acquisition still maintain flexibility with net debt to LQA EBITDA at less than 0.6x.”