HOUSTON, March 16 /PRNewswire-FirstCall/ -- Natural Resource Partners L.P.
(NYSE: NRP) today reported the closing of its public offering of 5,250,000
common units. In conjunction with the closing of this offering, David B.
Peugh has resigned from the board of directors.
Prior to the offering, Arch Coal had the right to designate two directors
to the board of directors for so long as Arch continued to hold at least 10%
of the common units of Natural Resource Partners. Because a portion of the
proceeds from the offering were used to redeem 2,616,752 common units from
Arch, Arch currently holds approximately 2% of the common units outstanding.
Consequently, Arch no longer has the right to designate any directors, and
Mr. Peugh has resigned from the board. Mr. Robert B. Karn III, the
independent director originally designated by Arch, will remain on the board
and will continue to serve as chairman of NRP's audit committee.
"David Peugh has made a great contribution to the board of directors of
NRP, and as Arch is a major lessee, we will continue to enjoy a close
relationship," said Corbin J. Robertson, Chairman and Chief Executive Officer
of NRP.
Natural Resource Partners L.P. is headquartered in Houston, TX, with its
operations headquarters in Huntington, WV. NRP is a master limited
partnership that is principally engaged in the business of owning and managing
coal properties in the three major coal producing regions of the United
States: Appalachia, the Illinois Basin and the Powder River Basin.
For additional information, please contact Kathy Hager at 713-751-7555 or
khager@nrplp.com . Further information about NRP is available on the
partnership's website at http://www.nrplp.com .
SOURCE Natural Resource Partners L.P.
03/16/2004
CONTACT: Kathy Hager of Natural Resource Partners L.P., +1-713-751-7555,
or khager@nrplp.com
Web site: http://www.nrplp.com