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Eagle Rock Energy could sell mineral rights to private equity firm
By Lisa Kerner
Charlotte, N.C., Sept. 18 - Eagle Rock Energy Partners, LP said Natural Gas Partners VII, LP and its affiliates proposed a series of transactions that include buying Eagle Rock's mineral business.
Natural Gas Partners has a significant equity position in Eagle Rock Holdings, LP, which owns all of the equity interests in Eagle Rock's general partner, Eagle Rock Energy GP, LP. Because of this, the conflicts committee of Eagle Rock's board is expected to review the proposal with its advisers, according to an Eagle Rock news release.
In its proposal, Natural Gas Partners contemplates a commitment to participate in and back-stop a portion of a rights offering and an equity offering.
Eagle Rock is a Houston-based natural gas and natural gas liquids company.
Natural Gas Partners is an Irving, Texas-based private equity firm.
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