Exhibit 99.1

Desert Peak Minerals and Falcon Minerals Corporation to Combine in $1.9

Billion All-Stock Merger, Creating a Premier, Shareholder Returns-Driven

Mineral and Royalty Consolidation Company

Combined Company will own over 139,000 Net Royalty Acres, normalized to a 1/8^th royalty

equivalent, over 105,000 of which are located in the Permian Basin

Projected to produce approximately 13,50014,500 barrels of oil equivalent per day in 1H 2022 on

a combined basis

Summary:

 

Combination creates a leading mineral and royalty company in the U.S., positioned to become consolidator of choice for large-scale, high-quality mineral and royalty positions, while returning significant capital to shareholders

 

Under the terms of the definitive agreement, Falcon will issue 235 million shares of Class C common stock to Desert Peaks equityholders

 

Falcons existing shareholders will own approximately 27% of the combined company, and Desert Peaks equityholders will own approximately 73%; transaction is expected to be accretive to Falcon shareholders on a cash flow per share basis for 2022

 

Combined company to be managed by the Desert Peak team, and will be headquartered in Denver, Colorado

DENVER, Colorado and HOUSTON, Texas(January 12, 2022)Desert Peak Minerals (Desert Peak) and Falcon Minerals Corporation (NASDAQ: FLMN, FLMNW) (Falcon) announced today that they have entered into a definitive agreement to combine in an all-stock transaction which values the combined enterprise at $1.9 billion. The combination is expected to create a premier mineral and royalty company at the front end of operators cost curves, with low leverage, an emphasis on shareholder returns and a significant footprint in the Permian Basin and Eagle Ford.

The combined company will remain focused on consolidating high-quality mineral and royalty positions in the Permian Basin while optimizing its existing asset base. It is positioned to become a leading consolidator in the space through increased scale and an experienced Board of Directors and management team with a track record of consummating large, accretive acquisitions.

Governance Model and Alignment with Stakeholders

The combined company will adopt an industry-leading governance and compensation model. The components include a capital allocation model balanced between return of capital to shareholders and reinvestment for growth; aligning management with shareholders through compensation and other factors; a strong balance sheet; a culture of diversity and inclusion; and a commitment to acting as responsible stewards for the environment. Management will not receive cash incentive compensation, and the majority of equity incentive compensation will be determined by absolute total shareholder return over a three-year period.

The combined company will be managed by the Desert Peak team and led by Desert Peaks current Chief Executive Officer, Christopher Conoscenti. Noam Lockshin, a Partner at Kimmeridge, Desert Peaks and the combined companys largest equityholder, will serve as Chairman of the Board of Directors. Following closing, the new Board of Directors will consist of eight members, who are currently expected to be: Noam Lockshin, Christopher Conoscenti, Erik Belz, Allen Li, Claire Harvey, Steven Jones, Morris Clark and Alice Gould.