HOUSTON, Oct 17, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Natural Resource Partners L.P.
(NYSE: NRP) and (NYSE: NSP) today announced that the Board of Directors of its
general partner has declared a third quarter 2006 distribution of $0.85 per
unit for both NRP and NSP, an increase of $0.03 in its quarterly distribution.
This equates to an annualized distribution of $3.40 per unit. The
distribution will be paid on November 14, 2006 to unitholders of record on
November 1, 2006. This makes the thirteenth consecutive quarter that the
partnership has increased its distribution and represents a 15% increase over
the third quarter distribution last year.
In conjunction with the payment of the third quarter distribution, the
partnership also announced that effective at the close of business on November
14, 2006 there will be a mandatory and automatic conversion of one-third of
the subordinated units traded under the ticker symbol NSP into common units
traded under the ticker symbol NRP. Provided all terms of the conversion set
forth in the partnership agreement have been met, all remaining NSP units will
convert into NRP units in mid-November 2007.
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.
Kathy Hager of Natural Resource Partners L.P.,
+1-713-751-7555,
or
khager@nrplp.com
http://www.nrplp.com