HOUSTON--(BUSINESS WIRE)--On October 16, 2009, Black Stone Minerals Company, L.P. and certain co-investors including the LeFrak Organization, made a proposal to the Board of Eagle Rock Energy Partners, L.P. to purchase Eagle Rock’s Minerals Business for $157.5 million, to provide an equity investment commitment to support a proposed public offering by Eagle Rock of common units at $3.40 per unit, and to grant Eagle Rock options to reacquire from Black Stone up to 2.8 million common units issued to Black Stone pursuant to its equity investment commitment and up to 15% of the Minerals Business sold to Black Stone. There are no fees associated with Black Stone’s proposal and it is not contingent upon obtaining financing.
Black Stone manages the largest asset in Eagle Rock’s Mineral Business and holds the executive rights. Black Stone believes that this offer is superior to any offer that has previously been made public.
Please contact Thomas L. Carter or Hallie A. Vanderhider for more information regarding this release. (713) 658-0647 or (713) 816-9453.